Table 6 Correlated panel corrected standard error regression results

Constant

87.12502

69.07159

76.56989

118.8824

 t-sta

1.43

1.08

1.14

2.08

 p-val

(0.152)

(0.280)

(0.253)

(0.038)**

IVAR1

0.1873287

0.2623537

0.2421315

0.0484742

 t-sta

0.43

0.55

0.48

0.10

 p-val

(0.668)

(0.584)

(0.628)

(0.922)

IVAR2

0.0687848

− 0.0937154

0.1468298

0.1701754

 t-sta

0.58

− 0.59

1.33

1.20

 p-val

(0.560)

(0.554)

(0.184)

(0.231)

IVAR3

− 1.143517

− 1.098328

− 1.083762

− 1.31312

 t-sta

− 2.41

− 2.52

− 2.27

− 2.37

 p-val

(0.016)**

(0.012)**

(0.023)**

(0.018)**

IVAR4

0.0245317

0.1683423

− 0.0064358

− 0.0870715

 t-sta

0.07

0.41

− 0.01

− 0.23

 p-val

(0.941)

(0.684)

(0.988)

(0.817)

IVAR5

0.2238076

0.1905711

0.2838033

0.1902578

 t-sta

1.72

1.24

2.34

1.04

 p-val

(0.086)*

(0.215)

(0.019)**

(0.300)

IVAR6

0.3483261

0.4218057

0.2582443

0.3526852

 t-sta

3.05

3.84

1.75

2.31

 p-val

(0.002)***

(0.0)****

(0.080)*

(0.021)**

Included countries: Norway, Switzerland, Ireland, Germany, Iceland, Sweden, Australia, Hong Kong (China, SAR), Netherlands, Denmark, Finland, Singapore, United Kingdom, Belgium, United States, Austria, Israel, Japan, Republic of Korea, Slovenia, Spain, France, Czechia, Italy, Estonia, Greece, Cyprus, United Arab Emirates, Lithuania, and Poland

Constant

− 8.891795

− 13.72212

− 7.255755

2.04772

 t-sta

− 0.77

− 1.10

2.14

0.18

 p-val

(0.438)

(0.270)

(0.032)**

(0.854)

IVAR1

0.1297192

0.1251712

0.1342337

0.1296719

 t-sta

2.07

1.65

2.14

1.84

 p-val

(0.039)**

(0.099)*

(0.032)**

(0.065)*

IVAR2

− 0.0449595

− 0.0214193

− 0.0436452

− 0.0817002

 t-sta

− 0.37

− 0.13

− 0.52

− 0.90

 p-val

(0.708)

(0.893)

(0.606)

(0.370)

IVAR3

0.0747578

0.1309323

0.0378115

− 0.038533

 t-sta

0.66

1.00

0.30

− 0.34

 p-val

(0.509)

(0.318)

(0.763)

(0.735)

IVAR4

0.2516691

0.1502157

0.3186227

0.2786484

 t-sta

2.56

1.24

3.00

3.18

 p-val

(0.010)**

(0.213)

(0.003)***

(0.001)***

IVAR5

− 0.0315787

0.0547889

− 0.0553894

− 0.0993579

 t-sta

− 0.48

0.74

− 0.72

− 1.46

 p-val

(0.630)

(0.459)

(0.474)

(0.143)

IVAR6

0.1079288

0.1427088

0.1017216

0.1125428

 t-sta

1.70

3.21

1.33

2.69

 p-val

(0.089)*

(0.001)***

(0.183)

(0.007)***

Included countries: Chad, Mozambique, Burkina Faso, Sierra Leone, Mali, Burundi, Liberia, Ethiopia, Malawi, Senegal, Mauritania, Benin, Uganda, Rwanda, Nigeria, Côte d’Ivoire, United Republic of Tanzania, Madagascar, Cameroon, Pakistan, Angola, Zambia, Kenya, Ghana, Namibia, India, Honduras, Bangladesh, and Nicaragua