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Table 15 Voice and Accountability and FDI

From: Institutions and FDI: evidence from developed and developing countries

Variables Low Income Countries Lower Middle income Countries High Income countries Upper Middle income countries
FEM GMM FEM GMM FEM GMM FEM GMM
(lnFDI)t − 1   0.568a (0.000)   0.682a (0.000)   0.302a (0.000)   0.606a (0.001)
Trade 0.010 (0.200) 0.310c (0.053) 0.073a (0.000) 0.019a (0.003) 0.134a (0.000) 0.019a (0.000) 0.360 (0.411) 0.051a (0.002)
lnMobile 0.397 (0.228) 0.334c (0.107) 0.044 (0.669) 0.130 (0.212) 0.813a (0.000) 0.154 (0.318) 3.176b (0.015) 0.492 (0.135)
LnGDP per capita 12.321 (0.211) 7.917a (0.001) 0.377 (0.748) 2.199a (0.001) -8.834 (0.210) 5.303 (0.120) 8.467 (0.331) 12.889 (0.112)
Inflation -0.002c (0.063) 0.000 (0.868) -0.018 (0.317) -0.070b (0.045) 0.000 (0.946) -0.002 (0.930) 0.375 (0.214) -0.149b (0.044)
Agriculture value added -0.498b (0.014) 0.038 (0.316) -0.100b (0.032) 0.065c (0.072) -0.169c (0.072) -0.017 (0.778) 0.116 (0.930) 0.012 (0.959)
Voice and accountability 2.267 (0.508) 3.128 (0.274) -1.910 (0.107) 5.839 (0.116) 0.275 (0.739) 5.950a (0.006) 1.458b (0.040) 2.763b (0.037)
Constant 55.536 (0.341) 18.696b (0.040) 1.821 (0.842) 11.202b (0.024) 8.148a (0.000) 5.236b (0.023) 8.319 (0.423) 7.347 (0.695)
AR(1)   0.000   0.000 0.385 0.000   0.000
AR(2)   0.340   0.093   0.389   0.224
Sargan   0.333   0.345   0.257   0.119
  1. Note: a, b and c denote significance at 1%, 5% and 10% level respectively. Parenthesis show P-values