Table 1 Estimation Results for Developing Countries

lnFDI(t-1)

0.471^a (0.000)

0.596^a (0.000)

Trade

0.005 (0.927)

0.037^b (0.020)

0.074^a (0.000)

0.021^a (0.000)

lnMobile

0.306 (0.285)

0.384^c (0.060)

0.078 (0.449)

0.096^c (0.101)

LnGDP per capita

10.776 (0.191)

15.527^b (0.023)

0.841^b (0.047)

8.603^b (0.048)

Inflation

−0.0002 (0.087)

− 0.003 (0.977)

− 0.017 (0.343)

−0.008 (0.567)

Agriculture value added

0.466^b (0.011)

0.043 (0.248)

0.101^b (0.031)

0.009^a (0.001)

Institutional Index

0.354^b (0.816)

2.027^b (0.022)

0.471^b (0.339)

2.580^b (0.021)

Constant

45.263^b (0.039)

17.879^b (0.044)

6.254^b (0.048)

7.658^b (0.018)

AR(1)

0.000

0.000

AR(2)

0.120

0.117

Sargan

0.234

0.721