Figures & data
Table 1. Describe variables.
Table 2. Variables description.
Table 3. Correlations between variables.
Table 4. Results of cross-sectional dependence tests by Pesaran CD test.
Table 5. Results of the panel stationarity tests.
Table 6. The results of models.
Table 7. Robustness checks with financial crisis.
Table 8. Robustness checks with institutional quality.
Table 9. Robustness checks with considering subsamples.
Table 10. The result of regressions – FEM, REM, and GMM system.