Variables | Q-Model (Eq. 2) | Euler Equation (Eq. 6) | Q-Model (Eq. 3) | Euler Equation (Eq. 7) | Q-Model (Eq. 4) | Euler Equation (Eq. 11) |
---|---|---|---|---|---|---|
(1) | (2) | (3) | (4) | (5) | (6) | |
Constant | 0.0314 (1.21) | 0.0415* (1.91) | 0.0517* (1.91) | 0.0782*(1.94) | 0.0616** (2.15) | 0.0811** (2.42) |
\( {\left(\raisebox{1ex}{$I$}\!\left/ \!\raisebox{-1ex}{$K$}\right.\right)}_{it-1} \) | 0.0619** (2.16) | 0.0811** (2.12) | 0.0583** (2.18) | 0.0911* (1.89) | 0.0558** (2.11) | 0.0716** (2.35) |
Q it | 0.0368*** (5.68) | – | 0.0511*** (4.88) | – | 0.0617** (2.12) | – |
\( {\left(\raisebox{1ex}{$S$}\!\left/ \!\raisebox{-1ex}{$K$}\right.\right)}_{it} \) | – | 0.0981** (2.51) | – | 0.1158** (2.10) | – | 0.1192** (2.33) |
\( {\left(\raisebox{1ex}{$ CF$}\!\left/ \!\raisebox{-1ex}{$K$}\right.\right)}_{it} \) | 0.1154** (2.34) | 0.1018** (2.15) | 0.1054** (2.47) | 0.1067** (2.06) | 0.0918** (2.13) | 0.0811** (2.39) |
\( {\left(\raisebox{1ex}{$ CF$}\!\left/ \!\raisebox{-1ex}{$K$}\right.\right)}_{it}\kern0.5em \times \kern0.5em {FDI}_t \) | – | – | −0.0615** (−2.35) | − 0.0618** (− 2.38) | −0.0498** (− 2.16) | −0.0419** (− 2.15) |
FDI t | – | – | – | – | 0.1153** (2.01) | 0.1315** (2.15) |
m1 (p) | (0.00) | (0.00) | (0.00) | (0.00) | (0.00) | (0.00) |
m2 (p) | (0.71) | (0.56) | (0.64) | (0.29) | (0.39) | (0.21) |
Sargan Test | (0.26) | (0.29) | (0.34) | (0.36) | (0.31) | (0.38) |
Hansen-J Test | (0.42) | (0.47) | (0.21) | (0.28) | (0.44) | (0.51) |
Wald Test | χ2 (04) = 521.66 (0.0000) | χ2 (04) = 885.35 (0.0000) | χ2 (05) = 489.11 (0.0000) | χ2(05) = 636.19 (0.0000) | χ2 (06) = 694.36 (0.0000) | χ2(06) = 721.35 (0.0000) |