Health capital and economic performance in selected Southern African development Community (SADC) countries

Figures & data

Figure 1. Map of the 14 Selected SADC Member States.

Source: Google Maps, (2022).

Table 1. Correlations.

	HC_INST	HE	LF	TR
HC_INST	1	0.398916	0.019816	−0.295880
HE	0.398916	1	−0.509512	0.319171
LF	0.019816	−0.509512	1	−0.360031
TR	−0.295880	0.319171	−0.360031	1

Source: Author’s computation based on Eviews 9.

Table 2. Descriptive statistics.

Description	HC_INSTI	HE	LF	TR	GDP_PER
Mean	23.18306	6.031656	6964501.	80.77410	2.113442
Median	4.902500	5.470630	914956.0	79.49990	2.153124
Maximum	93.97309	11.26946	48.46000	32.23984	18.06588
Minimum	−9.241448	2.395750	48.46000	32.23894	−9.442021
Std.Dev.	30.23278	2.172696	8461403.	30.23405	3.366668
Skewness	0.842029	0.366653	1.135254	0.497653	0.458856
Kurtosis	2.015437	2.069400	3.185240	2.637365	7.001992
Jarque-Bera	31.39466	11.58097	42.81351	9.257626	139.0796
Probability	0.000000	0.003057	0.000000	0.009766	0.000000
Sum	4590.246	1194.268	1.380.000	15993.27	414.4615
Sum Sq. Dev.	180062.1	929.9595	14.100.000	180077.2	2232.887
Observations	198	198	198	198	198

Author’s computation based on Eviews 9.

Table 3. Unit root tests.

Variable	Levin, Lin and Chu		Lm, Pesaran and Shin W-stat
	Stat	Prob	Stat	Prob
LF	4.0238	1.000	7.2013	1.0000
HC_Inst	1.4041	0.0801	3.3622	0.0000
HE	4.1441	0.0000	−2.3608	0.0091
GDP_PC	−3.0797	0.0010	−4.8443	0.0000
TR	−1.1532	0.1244	−1.09044	0.1378

Note. *, ** and *** denotes 10*, 5* and 1% respectively.Source: Author’s computation based on Eviews 9.

Table 4. Cointegration test (Pedroni).

Alternative hypothesis: common AR coefs. (within-dimension)
				Weighted
		Statistic	Prob	Statistic	Prob
Panel v-Statistic		3.399754	0.0033	−0.643219	0.0000
Panel rho-Statistic		0.129382	0.5014	1.167293	0.5318
Panel PP-Statistic		−7.402867	0.0000	−3.32187	0.0000
Panel ADF-Statistic		−4.347412	0.0000	−4.85231	0.0000
Alternative hypothesis: individual AR coefs. (between-dimension)
		Statistic	Prob.
Group rho-Statistic		2.749233	0.3109
Group PP-Statistic		−7.712955	0.0136
Group ADF-Statistic		−4.492345	0.0000

Source: Author’s computation based on Eviews 9.

Table 5. Kao residual cointegration test.

ADF	t-statistic	Prob
	−2.250064	0.0122

Source: Author’s computation based on Eviews 9.

Table 6. Pooled mean group (PMG) results.

Variable	Coefficient	Standard errors	t-statistic	p-value
HC	0.0754	0.0446	1.6890	0.0940
HE	−0.2068	0.1164	−1.7766	0.0784
LF	−3.3100	1.3400	−2.4682	0.0151
TR	0.0211	0.0087	2.4254	0.0169

Source: Author’s computation based on Eviews 9.

Table 7. Panel short-run ARDL results.

Variable	Coefficient	Standard errors	t-statistic	p-value
ECT	−0.8748	0.1022	−8.5527	0.0000
HC	0.0181	0.0574	0.3164	0.7524
HE	−0.8847	0.4058	−2.1799	0.0314
LF	−0.0679	0.0493	−1.3773	0.1712
TR	0.0910	0.0364	2.4962	0.0140

Source: Author’s computation based on Eviews 9.

Table 8. FMOLS results.

Variable	Coefficient	Standard errors	t-statistic	p-value
HC	0.0996	0.0653	1.5247	0.1292
HE	−0.7526	0.3495	−2.1530	0.0328
LF	−3.7900	1.9600	−1.9336	0.0549
TR	0.0756	0.0203	3.7235	0.0003

Source: Author’s computation based on Eviews 9.

Table 9. Fixed effects.

Variable	Coefficient	Standard errors	t-statistic	p-value
HC	0.0412	0.0121	3.3828	0.0009
HE	−0.4915	0.1792	−2.7421	0.0067
LF	−1.7600	4.42000	−0.0397	0.9683
TR	0.0499	1.3645	4.4694	0.0000

Source: Author’s computation based on Eviews 9.

Table 10. Diagnostic tests.

Kurtosis	3.3085
Skewness	0.3095
Jarque-Bera P-value	3.9463 0.1390

Source: Author’s computation based on Eviews 9.