Table 2 Estimation Results for Developed Countries

lnFDI(t-1)

0.581^a (0.001)

0.387^a (0.000)

Trade openness

0.042 (0.344)

0.640^b (0.014)

0.133^a (0.000)

0.221^a (0.000)

lnMobile

2.949^b (0.022)

0.120^b (0.016)

0.869^a (0.000)

0.003^b (0.022)

lnGDP per capita

−6.580 (0.443)

−4.981^c (0.108)

−9.227^a (0.000)

−8.355^c (0.074)

Inflation

−0.346 (0.252)

−0.230^c (0.071)

0.0002 (0.966)

−0.021 (0.269)

Agriculture value added

−0.379 (0.290)

− 0.369 (0.241)

−0.142 (0.132)

− 0.120 (0.115)

Institutional Index

5.774 (0.141)

4.853^b (0.019)

0.911^b (0.033)

2.693^b (0.055)

Constant

5.674^b (0.036)

10.270^a (0.000)

7.512^a (0.000)

21.726^a (0.002)

0.218

0.388

0.000

AR(1)

0.041

0.342

AR(2)

0.222

0.262

Sargan

0.357

0.371