The effect of bank market power on economic growth in Africa: The role of institutions

Figures & data

Table 1. Variables and their descriptions

Variable	Description
GDP Per Capita Growth Rate (G)	This is the standard measure of economic growth of countries. The GDP per capita growth rate measures the extent to which the average income per person in an economy has grown over a period. High growth is an indication that an economy is expanding and for that matter, businesses have more incentives to expand. Rising income also implies that banks and other financial institutions can create more credit from the result of increasing deposits. All other things being equal, we expect the level of bank market power to have a positive impact on economic growth through the effective allocation of credits. It is calculated by subtracting the GDP year’s GDP per capita from the Current Year’s GDP per Capita (at 2010 U.S. dollar constant price) as a ratio of the previous year’s GDP per capita. Source: World Bank (2017b).
Human Capital (H.C.)	Human capital is key to the transformation of many economies. The knowledge of the people in a particular country is a determinant of their ability to generate and utilize technology toward the improvement of capital accumulation into economic growth. Human capital is measured by the average year of schooling. Source: Pen World Table Version 9.0.
Government Expenditure (GEX)	The Keynesian view holds that the government can stimulate economic growth through her expansion of fiscal policy that raises expenditure without having to raise tax revenue. If the government wants to increase economic activities but does not want to do so through increased tax revenue, the government can resort to bond financing from the banking sector. Such an act can have a dual effect on economic growth. If the amount raised through the issue of debt instruments are used to finance capital expenditure, it will boost investment and capital accumulation and then economic growth. On the other hand, acquired funds that are used to finance government consumption can harm economic growth if consumption does not necessarily lead to the expansion of the business sector or consumption is on imported products. This is calculated as general government expenditure as a ratio of GDP. Source: World Bank (2017b)
Inflation (INF)	Inflation fundamentally reduces the purchasing power of consumers. In this case, inflation will reduce the general patronage of goods and services which can affect the expansion of the private sector. Inflation can also increase costs of production which can have a downward effect on intermediate productivity. However, inflation can also be a result of an expansionary monetary policy which increases the money supply and therefore makes more credits available to businesses for their expansion at a cheaper cost. In this case, the effect of inflation on output can be positive. It is calculated as the annual change in the consumer price index. Source: World Bank (2017b).
Foreign Direct Investment (FDI)	Foreign direct investment is a measure of capital inflow and at the same time the level of financial integration at a point in time. Foreign direct investments have the most direct impact on the real sector. The banking system can facilitate the flow of foreign direct investments but the attraction of FDI also depends on the performance of the real economy and the institutional framework within a jurisdiction. On the surface, FDI should have a positive impact on economic growth but if a country’s local conditions such as the level of education, institutions and financial systems have no absorptive capacity to accommodate FDI into productivity, then FDI can be counter-productive. Source: World Bank (2017b).
Boone Indicator (B.I.)	This is our measurement of bank market power. It is estimated by regressing bank marginal cost on bank market share or any measure of profitability. The coefficient of the estimates is used to define the level of market power. This measurement has a direct implication on bank efficiency as its estimations signify that efficient banks (banks with increasing marginal costs) stand the risk of reducing their market share. In a competitive banking system, the Boone Indicator is negative and large in magnitude. When the Boone Indicator is negative and smaller is an indication of rising bank market power. According to the relationship banking hypothesis, large banks can effectively channel credit into productive sectors than smaller firms. Source: World bank (2018).
Lerner Index (LI)	Alternatively, we measured bank market power by the Lerner Index. The Lerner Index, which defines the relative divergence between price and marginal cost. The larger the Lerner Index, the higher the level of bank market power and vice versa. We expect the Lerner Index to have a positive effect on economic growth in Africa. Source: Global Financial Development Database (2018).
Economic Freedom (EFREE)	The Heritage Foundation (2018) constructed the economic freedom index by finding the equal-weighted index of 12indicators: property rights, judicial effectiveness, government spending, fiscal health, business freedom, labour freedom, monetary freedom, trade freedom, investment freedom and financial freedom to form a single that defines a country’s level of economic freedom. The score ranges from 0 to 100 with a score of o implying the most repressed regime and a maximum score of 100 reflecting the freest regime. The index also group countries into clubs of economic freedom. The first club (Free) includes countries which record scores between 80 and 100; the second club (mostly free) includes countries with scores between 70 and 79.9; and the third club (moderately free) includes countries with scores between 60 and 69.9. Also, countries in which record scores between 50 and 59.9 are classified as “Mostly Unfree” whilst countries in which record scores 49.9 or below are classified a repressed. Even though African countries have made significant advancements in the rankings since 2011, the 2018 edition of the Economic Freedom Index report classified 32 African countries as either mostly unfree or repressed. In the report, 8 African countries (Botswana, Rwanda, South Africa Ivory Coast, Uganda, Seychelles, Burkina Faso and Cape Verde) were classified as “Moderately Free” countries. Only Mauritius qualified to be included in the “Mostly Free” but no country in Africa was considered “Free”. This means that there is much room for improvement in terms of the deregulation of African Economies. Source: Heritage Foundation
Control of Corruption (COR)	The next sets of variables and their definition were culled from Kaufmann and Kraay (2010). COR is control of corruption and it measures on a scale −2.5 to 2.5, “perceptions of the extent to which public power is exercised for private gain, including both petty and grand forms of corruption, as well as “capture” of the state by elites and private interests”.
Government Effectiveness (G.E.)	G.E. is government effectiveness. It measures on a scale −2.5 to 2.5, the perceptions of the quality of public services, the quality of the civil service and the degree of its independence from political pressures, the quality of policy formulation and implementation, and the credibility of the government’s commitment to such policies.
Mobile Phones Penetration (MOB)	We used this indicator to measure the level of technological innovations that can facilitate information flow, transactions, development of new financial products and allocation of funds. It is especially a useful indicator when measuring the impact of mobile money, mobile banking, electronic payment, internet banking, SMS banking since access to cellular technology facilitates the diffusion of these products in Africa. This is calculated as the number of mobile phones subscription per 100 of the population. We expect technological innovation to have a positive impact on economic growth. Source: World Bank (2017b)
Trade Openness (TRADE)	Trade among countries facilitates the flow of resources from more resource endowed economies to less endowed economies. Trade enables countries to also sell their output in other countries, which has a positive effect on aggregate demand. In this direction, we expect trade openness to have a positive impact on capital accumulation towards growth. However, trade openness can have a crowding effect on capital accumulation in it results in the net importation of consumption products since the acceleration effect of imported consumption is smaller than the acceleration effect of imported investment. This calculated as the sum of annual exports and imports as a ratio of GDP. Source: World Bank (2017b).
Regulation Quality (R.Q.)	R.Q. is regulation quality (it measures on a scale −2.5 to 2.5), which captures perceptions of the ability of the government to formulate and implement sound policies and regulations that permit and promote private sector development. Source: World Bank (2017b).
Political Stability and Absence of Violence (P.S.)	P.S. is political stability and absence of violence/terrorism. It captures, on a scale of −2.5 to 2.5, the perceptions of the likelihood that the government will be destabilized or overthrown by unconstitutional or violent means, including politically-motivated violence and terrorism. Source: World Bank (2017b)
Rule of Law (ROL)	ROL is the rule of law. It captures on a scale of −2.5 to 2.5, perceptions of the extent to which agents have confidence in and abide by the rules of society, and in particular the quality of contract enforcement, property rights, the police, and the courts, as well as the likelihood of crime and violence. Source: World Bank (2017b)
Voice and Accountability (VOICE)	VOICE is voice and accountability, which measure on a scale of −2.5 to 2.5, capturing perceptions of the extent to which a country’s citizens can participate in selecting their government, as well as freedom of expression, freedom of association, and a free media. Source: World Bank (2017b)

Source: Author (2018)

Table 2. Summary statistics of the variables

	Mean	Median	Maximum	Minimum	Std. Dev.	Observations
GDPG	2.26	2.36	32.25	−36.83	4.53	615
HC	1.74	1.66	2.68	1.09	0.39	481
GEX	14.89	14.29	38.41	2.74	5.56	579
INF	6.94	5.57	44.39	−35.84	6.63	610
FDI	5.27	3.18	89.48	−4.02	7.88	613
BI	−0.07	−0.04	1.13	−3.20	0.24	529
LI	0.29	0.30	0.64	−1.15	0.16	388
EFREE	55.24	55.60	77.00	31.50	6.75	579
COR	−0.58	−0.66	1.25	−1.84	0.58	615
GE	−0.67	−0.67	1.04	−1.87	0.59	615
PS	−0.52	−0.36	1.18	−1.69	0.88	615
ROL	−0.61	−0.62	1.06	−1.86	0.59	615
RQ	−0.58	−0.55	1.12	−2.24	0.55	615
VOICE	−0.58	−0.71	0.97	−2.00	0.70	615

The table shows the summary statistics of the variables in this paper. GDPG is the growth of per capita gross domestic product (GDP), a measure of economic growth. H.C. is human capital, measured by the Barro-Lee (2014) average age of schooling published by Penn World Table Version 9.0. GEX is government expenditure measured by government final consumption expenditure as a ratio of GDP. INF is Inflation measured by the annual changes in the consumer price index. FDI is foreign direct investment measured by the inflow of foreign direct investment as a ratio of GDP. B.I. is Boone Indicator, a measure for bank market power, calculated in the GFDD (2017) as the coefficient of the regression between bank market share and bank market share aggregated at the country-level. LI is the Lerner Index, a measure of bank market power, calculated as the price of a bank minus marginal cost as a ratio of price aggregated at the country-level. TRADE is trade openness measured as the sum of export and imports as a ratio of GDP. EFREE is economic freedom, which is an index of twelve indicators, property rights, judicial effectiveness, government spending, fiscal health, business freedom, labor freedom, monetary freedom, trade freedom, investment freedom and financial freedom. The next sets of variables and their definition were culled from Kaufmann and Kraay (2010). COR is control of corruption and it measures on a scale −2.5 to 2.5, “perceptions of the extent to which public power is exercised for private gain, including both petty and grand forms of corruption, as well as ‘capture’ of the state by elites and private interests.” G.E. is government effectiveness. It measures on a scale −2.5 to 2.5, the perceptions of the quality of public services, the quality of the civil service and the degree of its independence from political pressures, the quality of policy formulation and implementation, and the credibility of the government’s commitment to such policies. R.Q. is regulation quality (it measures on a scale −2.5 to 2.5), which captures perceptions of the ability of the government to formulate and implement sound policies and regulations that permit and promote private sector development.PS is political stability and absence of violence/terrorism. It captures, on a scale of −2.5 to 2.5, the perceptions of the likelihood that the government will be destabilized or overthrown by unconstitutional or violent means, including politically-motivated violence and terrorism. ROL is the rule of law. It captures on a scale of −2.5–2.5, perceptions of the extent to which agents have confidence in and abide by the rules of society, and in particular the quality of contract enforcement, property rights, the police, and the courts, as well as the likelihood of crime and violence. And, VOICE is voice and accountability which measure on a scale of −2.5 to 2.5, capturing perceptions of the extent to which a country’s citizens can participate in selecting their government, as well as freedom of expression, freedom of association, and a free media.

Source: Author: Calculated from World Bank, Heritage Foundation and the Penn World Table Version 9.0 Data.

Table 3. Correlation matrix of the variables

	GDPG	HC	GEX	INF	FDI	BI	LI	EFREE	COR	GE	PS	ROL	RQ	VOICE
GDPG	1.00
HC	0.04	1.00
GEX	−0.04	−0.09	1.00
INF	0.14	0.09	−0.22	1.00
FDI	0.10	−0.08	−0.07	0.14	1.00
BI	−0.18	−0.03	0.17	−0.12	−0.01	1.00
LI	0.01	0.02	0.15	−0.03	−0.03	0.06	1.00
EFREE	−0.03	0.47	−0.03	−0.04	−0.02	0.05	0.05	1.00
COR	0.03	0.31	0.23	−0.15	−0.04	0.09	0.16	0.66	1.00
GE	0.07	0.49	0.20	−0.13	−0.13	0.04	0.20	0.73	0.85	1.00
PS	0.00	0.06	0.11	−0.22	0.02	0.18	0.05	0.40	0.62	0.57	1.00
ROL	0.02	0.39	0.14	−0.16	−0.07	0.13	0.11	0.71	0.83	0.88	0.71	1.00
RQ	0.00	0.44	0.19	−0.16	−0.04	0.06	0.07	0.80	0.78	0.87	0.62	0.86	1.00
VOICE	0.01	0.21	0.10	−0.07	−0.11	−0.01	0.05	0.51	0.50	0.56	0.59	0.63	0.65	1.00

Source: Author: Calculated from World Bank, Heritage Foundation and the Penn World Table Version 9.0 Data

Table 4. Bank market power, institutions and economic growth in Africa

Eq Name:	01	02	03	04	05	06	07	08	09
GDPG(−1)	−0.047	0.029	−0.001	0.092	0.100	0.089	0.032	0.048	−0.026
	(0.015)***	(0.012)**	(0.011)	(0.009)***	(0.015)***	(0.012)***	(0.022)	(0.012)***	(0.019)
HC	−13.430	−4.945	−8.349	−1.985	0.924	−2.993	−5.790	−6.321	−10.189
	(2.044)***	(1.632)***	(2.161)***	(1.636)	(3.007)	(1.826)	(3.280)	(1.464)***	(4.053)**
GEX	0.261	−0.152	0.056	0.303	−0.104	0.406	0.407	0.384	0.221
	(0.033)***	(0.021)***	(0.031)	(0.053)***	(0.045)**	(0.049)***	(0.054)***	(0.041)***	(0.069)***
INF	0.028	0.016	0.004	0.028	0.021	0.020	0.065	0.115	0.054
	(0.011)***	(0.005)***	(0.010)	(0.017)	(0.016)	(0.024)	(0.032)**	(0.015)***	(0.029)
FDI	−0.125	−0.139	0.037	−0.115	−0.135	−0.120	−0.088	−0.141	−0.071
	(0.028)***	(0.019)***	(0.031)	(0.010)***	(0.045)***	(0.014)***	(0.013)***	(0.015)***	(0.040)
TRADE	0.117	0.067	0.055	0.030	0.019	0.036	0.045	0.030	0.035
	(0.012)***	(0.007)***	(0.011)***	(0.002)***	(0.005)***	(0.002)***	(0.003)***	(0.002)***	(0.004)***
BI	0.325
	(0.182)
LI		2.404
		(0.774)***
EFREE			−0.025
			(0.039)
COR				5.312
				(0.302)***
GE					11.677
					(1.000)***
RQ						6.693
						(0.572)***
PS							5.578
							(0.490)***
ROL								9.896
								(0.255)***
VOICE									10.986
									(1.010)***
Observations:	348	292	361	386	386	386	386	386	386
AR(2):	0.985	0.195	0.607	0.998	0.997	0.975	0.937	0.937	0.503
Sargan Test:	0.303	0.281	0.342	0.260	0.386	0.303	0.343	0.274	0.381
No. of Cross Section	35	31	36	37	37	37	37	37	37

The dependent variable is GDPG. GDPG is the growth of per capita gross domestic product (GDP), a measure of economic growth. HC is human capital, measured by the Barro-Lee (2014) average age of schooling published by Penn World Table Version 9.0. GEX is government expenditure measured by government final consumption expenditure as a ratio of GDP. INF is Inflation measured by the annual changes in the consumer price index. FDI is foreign direct investment measured by the inflow of foreign direct investment as a ratio of GDP. BI is Boone Indicator, a measure for bank market power, calculated in the GFDD (2017) as the coefficient of the regression between bank market share and bank market share aggregated at the country-level. LI is the Lerner Index, a measure of bank market power, calculated as the price of a bank minus marginal cost as a ratio of price aggregated at the country-level. TRADE is trade openness measured as the sum of export and imports as a ratio of GDP. EFREE is economic freedom, which is an index of twelve indicators, property rights, judicial effectiveness, government spending, fiscal health, business freedom, labour freedom, monetary freedom, trade freedom, investment freedom and financial freedom. The next sets of variables and their definition were culled from Kaufmann and Kraay (2010). COR is control of corruption and it measures on a scale −2.5–2.5, “perceptions of the extent to which public power is exercised for private gain, including both petty and grand forms of corruption, as well as ‘capture’ of the state by elites and private interests.” GE is government effectiveness. It measures on a scale −2.5–2.5, the perceptions of the quality of public services, the quality of the civil service and the degree of its independence from political pressures, the quality of policy formulation and implementation, and the credibility of the government’s commitment to such policies. RQ is regulation quality (it measures on a scale −2.5–2.5), which captures perceptions of the ability of the government to formulate and implement sound policies and regulations that permit and promote private sector development.PS is political stability and absence of violence/terrorism. It captures, on a scale of −2.5–2.5, the perceptions of the likelihood that the government will be destabilized or overthrown by unconstitutional or violent means, including politically-motivated violence and terrorism. ROL is the rule of law. It captures on a scale of −2.5–2.5, perceptions of the extent to which agents have confidence in and abide by the rules of society, and in particular the quality of contract enforcement, property rights, the police, and the courts, as well as the likelihood of crime and violence. And, VOICE is voice and accountability which measure on a scale of −2.5–2.5, capturing perceptions of the extent to which a country’s citizens can participate in selecting their government, as well as freedom of expression, freedom of association, and a free media. All equations were estimated using the first difference GMM econometric procedure. The language origins of African countries were used as transformed instruments. Other instruments include the lagged values of both the dependent, the independent and control variables. All estimations were done with the help of EVIEWS Version 9.0. AR(2) tests the Arellano and Bond second-order serial correlation and Saran Test tests the hypothesis that the instruments correlate with the error term. ***significant at 0.01 level and **significant at 0.05 level.

Source: Author: Calculated from World Bank, Heritage Foundation and the Penn World Table Version 9.0 Data

Table 5. The interaction effect of bank market power, institutions and economic growth in Africa

Eq Name:	01	02	03	04	05	06	07
GDPG(−1)	−0.059	−0.054	−0.042	0.019	−0.069	−0.063	−0.068
	(0.014)***	(0.007)***	(0.017)**	(0.035)	(0.019)***	(0.014)***	(0.018)***
HC	−13.159	−5.466	−11.704	−1.823	−12.761	−14.047	−10.039
	(2.091)***	(0.880)***	(2.446)***	(5.309)	(2.499)***	(2.013)***	(2.082)***
GEX	0.275		0.292	−0.243	0.263	0.238	0.268
	(0.038)***		(0.040)***	(0.054)***	(0.096)***	(0.054)***	(0.044)***
INF	0.029		0.012	0.045	0.043	0.022	0.116
	(0.011)**		(0.010)	(0.010)***	(0.010)***	(0.014)	(0.015)***
FDI	−0.112	−0.004	−0.126	−0.110	−0.127	−0.144	−0.141
	(0.029)***	(0.014)	(0.031)***	(0.036)***	(0.039)***	(0.028)***	(0.025)***
TRADE	0.118		0.109	0.045	0.100	0.136	0.084
	(0.013)***		(0.012)***	(0.011)***	(0.013)***	(0.014)***	(0.014)***
BI	4.800	−26.641	−1.843	17.735	−8.544	6.903	−0.560
	(1.231)***	(1.439)***	(1.567)	(2.626)***	(2.847)***	(2.461)***	(2.040)
BI*COR	4.086
	(1.112)***
BI*EFREE		0.474
		(0.027)***
BI*GE			−1.825
			(1.303)
BI*RQ				24.914
				(3.608)***
BI*PS					−4.570
					(1.440)***
BI*ROL						5.568
						(1.989)***
BI*VOICE							−0.961
							(2.452)
Observations:	348	334	348	348	348	342	348
AR(2):	0.947	0.987	0.977	0.995	0.979	0.874	0.997
Sargan Test:	0.364	0.313	0.250	0.431	0.262	0.230	0.369
Number of Cross Section	35	33	35	35	35	34	35

*** significant at 0.01 level and **significant at 0.05 level.

Source: Author: Calculated from World Bank, Heritage Foundation and the Penn World Table Version 9.0 Data

Table 6. The interaction effect of bank market power, regional integration and economic growth in Africa

Eq Name:	01	02	03	04	05	06
GDPG(−1)	−0.048	−0.035	−0.006	−0.055	−0.050	−0.037
	(0.023)**	(0.013)***	(0.025)	(0.017)***	(0.016)***	(0.019)
HC	−9.057	−12.512	−7.322	−12.272	−12.077	−15.122
	(3.302)***	(2.240)***	(2.932)**	(1.709)***	(2.210)***	(3.109)***
GEX	0.072	0.272	0.219	0.234	0.260	0.292
	(0.123)	(0.039)***	(0.062)***	(0.045)***	(0.044)***	(0.082)***
INF	−0.003	0.005	−0.034	0.011	0.013	0.016
	(0.023)	(0.013)	(0.022)	(0.013)	(0.010)	(0.015)
FDI	−0.186	−0.093	−0.202	−0.125	−0.115	−0.122
	(0.051)***	(0.037)**	(0.041)***	(0.026)***	(0.027)***	(0.034)***
TRADE	0.134	0.107	0.129	0.104	0.106	0.099
	(0.021)**	(0.011)**	(0.024)**	(0.010)**	(0.014)**	(0.011)**
BI	−34.858	0.354	0.588	0.226	0.269	0.304
	(6.657)***	(0.172)**	(0.284)**	(0.211)	(0.148)	(0.237)
BI*ECOWAS	35.574
	(6.747)***
BI*EAC		−38.136
		(11.526)***
BI*ECCAS			−65.366
			(23.344)***
BI*COMESA				−27.784
				(6.544)***
BI*ARABMAG					−35.466
					(9.132)***
BI*SADC						−16.621
						(12.340)
Observations:	348	348	348	348	348	348
AR(2):	0.999	0.847	0.624	0.818	0.867	0.927
Sargan Test:	0.575	0.340	0.480	0.279	0.259	0.238
Number of Cross section	35	35	35	35	35	35

ECOWAS is a dummy which ascribes “1” if a country in African belongs to the Economic Community of the West African States and “0” otherwise. EAC is a dummy which ascribes “1” if a country in African belongs to the East African Countries and “0” otherwise. ECCAS is a dummy which attributes “1” if a country in African belongs to the Economic Community of the Central African States and “0” otherwise. COMESA is a dummy which ascribes “1” if a country in African belongs to the Economic Community of the West African States and “0” otherwise. ARABMAG is a dummy that ascribes “1” if a country in Africa belongs to Arabmaghreb Union and “0” otherwise. SADC is a dummy which attributes “1” if a country in African belongs to the Southern African Development Community and “0” otherwise.

Source: Author: Calculated from World Bank, Heritage Foundation and the Penn World Table Version 9.0 Data.

Table

Eq Name:	01	02	03	04	05	06	07	08
Dep. Var:	GDPG	GDPG	GDPG	GDPG	GDPG	GDPG	GDPG	GDPG
C	0.885	1.842	1.724	1.458	−0.205	1.385	0.590	1.067
	(1.015)	(1.469)	(1.288)	(1.445)	(1.298)	(1.256)	(1.308)	(1.356)
GDPG(−1)	0.123	0.192	0.125	0.116	0.121	0.116	0.119	0.121
	(0.044)***	(0.059)***	(0.073)	(0.051)**	(0.049)**	(0.049)**	(0.052)**	(0.048)**
HC	−0.057	−0.144	0.185	−0.428	0.615	−0.420	0.168	−0.155
	(0.542)	(0.524)	(0.683)	(0.618)	(0.651)	(0.538)	(0.582)	(0.563)
GEX	0.020	−0.036		0.006	0.052	0.008	0.024	0.012
	(0.038)	(0.052)		(0.047)	(0.046)	(0.045)	(0.046)	(0.047)
INF	0.085	0.077		0.086	0.081	0.090	0.081	0.086
	(0.028)***	(0.038)**		(0.031)***	(0.030)***	(0.030)***	(0.031)***	(0.031)***
FDI	0.040	0.033	0.057	0.037	0.056	0.032	0.045	0.039
	(0.036)	(0.045)	(0.032)	(0.025)	(0.024)**	(0.026)	(0.023)	(0.025)
TRADE	0.006	0.005		0.008	−0.000	0.008	0.005	0.007
	(0.009)	(0.009)		(0.009)	(0.010)	(0.009)	(0.009)	(0.009)
BI	2.379		−38.903	−5.105	9.791	−5.128	6.195	0.072
	(3.425)		(7.462)***	(4.918)	(4.342)**	(3.398)	(5.679)	(2.809)
BI*COR	4.012
	(3.138)
LI		−3.459
		(3.792)
LI*EFREE		0.070
		(0.061)
BI*EFREE			0.686
			(0.135)***
BI*GE				−2.952
				(4.876)
BI*RQ					14.547
					(5.097)***
BI*PS						−1.735
						(1.850)
BI*ROL							6.785
							(4.544)
BI*VOICE								2.571
								(4.167)
Observations:	386	310	390	386	386	386	386	386
R-squared:	0.086	0.090	0.088	0.084	0.151	0.085	0.095	0.084
F-statistic:	4.422	3.743	7.455	4.340	8.384	4.365	4.920	4.319
Hausman Test	1.000	1.000	1.000	1.000	1.000	1.000	1.000	1.000

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