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Table 9 Augmented Mean Group test result

From: Financial sector development and Investment in selected countries of the Economic Community of West African States: empirical evidence using heterogeneous panel data method

Variables Full Benin Burkina Faso Mali Nigeria Senegal Sierra Leone Togo
DC 0.0341 (0.236) 0.0059 (0.495) −0.0004 (0.971) 0.0098 (0.454) −0.0004 (0.973) 0.0100 (0.449) 0.2063** (0.044) 0.0072* (0.078)
BE −0.0026** (0.026) −0.0016 (0.324) 0.0001 (0.941) −0.0027 (0.249) 0.0021 (0.482) −0.0062*** (0.000) − 0.0036 (0.817) −0.0063*** (0.003)
BM −0.0061* (0.055) −0.0023 (0.311) − 0.0009 (0.654) −0.0062** (0.014) − 0.0002 (0.886) −0.0017 (0.594) − 0.0243*** (0.000) −0.0071*** (0.000)
GDP 2.6044*** (0.000) 2.9453*** (0.000) 2.4521*** (0.000) 1.7825*** (0.000) −0.1049 (0.741) 4.1340*** (0.000) 2.9955*** (0.002) 4.0263*** (0.000)
REM −0.0139 (0.627) 0.0101 (0.762) 0.0501* (0.060) 0.0213 (0.520) 0.0069 (0.751) −0.0962** (0.016) −0.1433 (0.364) 0.0537*** (0.000)
C −11.7882*** (0.001) −14.2658*** (0.000) −10.5937*** (0.000) −6.6709*** (0.000) 6.6039*** (0.007) −22.5664*** (0.001) −14.1633** (0.014) − 20.8612*** (0.000)
Wald p-value 0.0000        
Observations 231 32 32 32 32 32 32 32
  1. Source: Authors’ computation
  2. Note: Dependent variable was domestic investment (I). Coefficient averages were computed as outlier-robust means. ***, ** and * represent statistical significance at the 1%, 5% and 10% levels, respectively. The common dynamic process was implemented with unit coefficient by subtracting it from the dependent variable