Table 3 Dynamic panel data estimation, one-step system GMM: Interaction effect of OFFCR and FD on HEWE

L1 HEWE

1.012***(0.057)

1.073***(0.094)

0.918***(0.174)

0.937***(0.123)

0.943***(0.107)

OFFCR

−0.010(0.007)

−0.011(0.009)

0.042(0.049)

−0.010(0.011)

− 0.068(0.576)

L1 OFFCR

0.010(0.010)

0.012(0.011)

−0.007(0.39)

0.013*(0.007)

0.077(0.396)

DOMCR

–

0.129(0.104)

0.346*(0.188)

–

–

L1 DOMCR

–

−0.260(0.162)

−0.253**(0.123)

–

–

MS

–

–

–

0.377***(0.109)

0.387***(0.127)

L1 MS

–

–

–

−0.255(0.352)

−0.283(0.260)

OFFCR*DOMCR

–

–

−0.016(0.015)

–

–

L1 OFFCR*DOMCR

–

–

0.007(0.014)

–

–

OFFCR*MS

–

–

–

–

0.016(0.164)

L1 OFFCR*MS

–

–

–

–

−0.019(0.115)

Openness

0.017(0.145)

−0.023(0.179)

0.150(0.290)

0.084(0.150)

0.081(0.122)

Inflation

−.014***(0.003)

−0.015***(0.002)

0.002(0.005)

−0.001(0.004)

−0.001(0.004)

AR 1

0.158

0.178

0.062

0.079

0.073

AR 2

0.261

0.292

0.295

0.274

0.121

Hansen

0.035

0.166

0.276

0.124

0.221