OLS Regression Analysis by Country (EFW Index)

Dependent variable:
TFP_index
(1) (2) (3) (4) (5)
ZAF1.lm KEN1.lm VEN1.lm BRA1.lm CAN1.lm
Economic_Freedom_Summary_Index 55.991*** 17.943*** -42.470*** 52.497*** 50.318
(14.625) (1.721) (5.217) (8.830) (29.985)
t = 3.828 t = 10.425 t = -8.141 t = 5.945 t = 1.678
p = 0.002 p = 0.000 p = 0.00000 p = 0.00002 p = 0.111
Constant -207.403** 19.070 448.797*** -88.112 -250.166
(96.525) (11.188) (26.452) (51.141) (239.904)
t = -2.149 t = 1.705 t = 16.967 t = -1.723 t = -1.043
p = 0.046 p = 0.106 p = 0.000 p = 0.103 p = 0.311
Observations 20 20 20 20 20
R2 0.449 0.858 0.786 0.663 0.135
Adjusted R2 0.418 0.850 0.775 0.644 0.087
Residual Std. Error (df = 18) 32.203 6.383 23.380 38.024 31.187
F Statistic (df = 1; 18) 14.656*** (p = 0.002) 108.677*** (p = 0.000) 66.277*** (p = 0.00000) 35.346*** (p = 0.00002) 2.816 (p = 0.111)
Note: p<0.1; p<0.05; p<0.01

Dependent variable:
TFP_index
(1) (2) (3) (4) (5)
USA1.lm JPN1.lm SGP1.lm TWN1.lm IDN1.lm
Economic_Freedom_Summary_Index -20.860 26.585 370.540*** 81.126*** 38.480***
(24.232) (32.835) (94.225) (7.117) (4.514)
t = -0.861 t = 0.810 t = 3.933 t = 11.399 t = 8.524
p = 0.401 p = 0.429 p = 0.001 p = 0.000 p = 0.00000
Constant 340.209 -24.880 -2,470.925*** -318.491*** -66.190**
(197.393) (249.282) (793.400) (51.791) (28.037)
t = 1.724 t = -0.100 t = -3.114 t = -6.150 t = -2.361
p = 0.102 p = 0.922 p = 0.006 p = 0.00001 p = 0.030
Observations 20 20 20 20 20
R2 0.040 0.035 0.462 0.878 0.801
Adjusted R2 -0.014 -0.018 0.432 0.872 0.790
Residual Std. Error (df = 18) 32.052 35.670 242.953 17.450 13.808
F Statistic (df = 1; 18) 0.741 (p = 0.401) 0.656 (p = 0.429) 15.465*** (p = 0.001) 129.937*** (p = 0.000) 72.661*** (p = 0.00000)
Note: p<0.1; p<0.05; p<0.01

Dependent variable:
TFP_index
(1) (2) (3) (4) (5)
MYS1.lm THA1.lm PAK1.lm FIN1.lm FRA1.lm
Economic_Freedom_Summary_Index 88.256 53.337** 26.359*** 35.018*** 48.766***
(54.132) (19.092) (3.336) (6.035) (8.570)
t = 1.630 t = 2.794 t = 7.902 t = 5.802 t = 5.690
p = 0.121 p = 0.012 p = 0.00000 p = 0.00002 p = 0.00003
Constant -308.859 -180.088 22.559 -121.276** -182.856***
(370.299) (124.818) (18.835) (45.342) (60.547)
t = -0.834 t = -1.443 t = 1.198 t = -2.675 t = -3.020
p = 0.416 p = 0.167 p = 0.247 p = 0.016 p = 0.008
Observations 20 20 20 20 20
R2 0.129 0.302 0.776 0.652 0.643
Adjusted R2 0.080 0.264 0.764 0.632 0.623
Residual Std. Error (df = 18) 80.691 28.857 11.504 13.902 18.555
F Statistic (df = 1; 18) 2.658 (p = 0.121) 7.805** (p = 0.012) 62.447*** (p = 0.00000) 33.668*** (p = 0.00002) 32.377*** (p = 0.00003)
Note: p<0.1; p<0.05; p<0.01

Dependent variable:
TFP_index
(1) (2) (3) (4) (5)
DEU1.lm IRL1.lm NLD1.lm NOR1.lm SWE1.lm
Economic_Freedom_Summary_Index 125.743*** 19.027*** 38.332 9.515*** 25.799***
(38.670) (2.962) (22.863) (2.267) (2.464)
t = 3.252 t = 6.423 t = 1.677 t = 4.197 t = 10.470
p = 0.005 p = 0.00001 p = 0.111 p = 0.001 p = 0.000
Constant -743.462** -5.435 -96.027 46.813** -42.974**
(290.733) (22.625) (172.886) (16.300) (17.517)
t = -2.557 t = -0.240 t = -0.555 t = 2.872 t = -2.453
p = 0.020 p = 0.813 p = 0.586 p = 0.011 p = 0.025
Observations 20 20 20 20 20
R2 0.370 0.696 0.135 0.495 0.859
Adjusted R2 0.335 0.679 0.087 0.467 0.851
Residual Std. Error (df = 18) 39.033 8.701 33.676 6.556 8.069
F Statistic (df = 1; 18) 10.574*** (p = 0.005) 41.257*** (p = 0.00001) 2.811 (p = 0.111) 17.615*** (p = 0.001) 109.621*** (p = 0.000)
Note: p<0.1; p<0.05; p<0.01

Dependent variable:
TFP_index
(1) (2) (3) (4) (5)
GBR1.lm GRC1.lm ITA1.lm PRT1.lm ESP1.lm
Economic_Freedom_Summary_Index 13.287*** 25.080*** 58.922*** 13.980*** 85.762***
(2.565) (5.969) (12.226) (3.525) (15.679)
t = 5.180 t = 4.201 t = 4.820 t = 3.966 t = 5.470
p = 0.0001 p = 0.001 p = 0.0002 p = 0.001 p = 0.00004
Constant 42.830** -6.133 -189.160** 15.252 -375.948***
(20.157) (40.135) (84.365) (24.360) (112.469)
t = 2.125 t = -0.153 t = -2.242 t = 0.626 t = -3.343
p = 0.048 p = 0.881 p = 0.038 p = 0.540 p = 0.004
Observations 20 20 20 20 20
R2 0.598 0.495 0.563 0.466 0.624
Adjusted R2 0.576 0.467 0.539 0.437 0.604
Residual Std. Error (df = 18) 8.207 16.214 32.750 14.984 37.308
F Statistic (df = 1; 18) 26.828*** (p = 0.0001) 17.652*** (p = 0.001) 23.228*** (p = 0.0002) 15.731*** (p = 0.001) 29.919*** (p = 0.00004)
Note: p<0.1; p<0.05; p<0.01

Dependent variable:
TFP_index
(1) (2) (3) (4) (5)
TUN1.lm ISR1.lm AUS1.lm NZL1.lm NGA1.lm
Economic_Freedom_Summary_Index 33.869*** 58.542*** 43.890*** 21.062*** 14.564***
(3.036) (7.258) (7.644) (3.493) (2.352)
t = 11.158 t = 8.066 t = 5.742 t = 6.029 t = 6.191
p = 0.000 p = 0.00000 p = 0.00002 p = 0.00002 p = 0.00001
Constant -8.406 -28.091 -164.927** -13.171 35.720**
(18.624) (47.168) (59.253) (27.855) (12.911)
t = -0.451 t = -0.596 t = -2.783 t = -0.473 t = 2.767
p = 0.658 p = 0.559 p = 0.013 p = 0.643 p = 0.014
Observations 20 20 20 20 19
R2 0.874 0.783 0.647 0.669 0.693
Adjusted R2 0.867 0.771 0.627 0.650 0.675
Residual Std. Error 11.361 (df = 18) 42.657 (df = 18) 18.258 (df = 18) 13.430 (df = 18) 10.648 (df = 17)
F Statistic 124.492*** (df = 1; 18) (p = 0.000) 65.059*** (df = 1; 18) (p = 0.00000) 32.972*** (df = 1; 18) (p = 0.00002) 36.353*** (df = 1; 18) (p = 0.00002) 38.332*** (df = 1; 17) (p = 0.00001)
Note: p<0.1; p<0.05; p<0.01

Dependent variable:
TFP_index
(1) (2) (3) (4) (5)
MEX1.lm ARG1.lm CHL1.lm KOR1.lm PHL1.lm
Economic_Freedom_Summary_Index 27.400*** 3.812 29.658*** 83.082*** 22.716***
(7.839) (2.356) (4.514) (6.889) (4.285)
t = 3.495 t = 1.618 t = 6.570 t = 12.061 t = 5.302
p = 0.003 p = 0.125 p = 0.00001 p = 0.000 p = 0.0001
Constant 3.782 116.050*** -16.382 -298.240*** 7.179
(50.593) (13.550) (33.256) (48.299) (28.616)
t = 0.075 t = 8.565 t = -0.493 t = -6.175 t = 0.251
p = 0.942 p = 0.00000 p = 0.629 p = 0.00002 p = 0.805
Observations 19 19 19 19 19
R2 0.418 0.133 0.717 0.895 0.623
Adjusted R2 0.384 0.082 0.701 0.889 0.601
Residual Std. Error (df = 17) 19.972 11.122 23.376 21.980 13.524
F Statistic (df = 1; 17) 12.217*** (p = 0.003) 2.617 (p = 0.125) 43.170*** (p = 0.00001) 145.467*** (p = 0.000) 28.108*** (p = 0.0001)
Note: p<0.1; p<0.05; p<0.01

Dependent variable:
TFP_index
(1) (2) (3) (4) (5)
IND1.lm DNK1.lm ISL1.lm CHE1.lm TUR1.lm
Economic_Freedom_Summary_Index 23.900*** 62.882*** -5.345*** 27.109* 21.717***
(3.680) (11.693) (1.597) (14.936) (2.353)
t = 6.494 t = 5.378 t = -3.348 t = 1.815 t = 9.230
p = 0.00001 p = 0.0001 p = 0.004 p = 0.088 p = 0.00000
Constant 1.898 -274.211*** 118.735*** -94.902 28.949*
(22.475) (88.029) (11.441) (123.387) (14.222)
t = 0.084 t = -3.115 t = 10.378 t = -0.769 t = 2.035
p = 0.934 p = 0.007 p = 0.000 p = 0.453 p = 0.058
Observations 19 19 19 19 19
R2 0.713 0.630 0.397 0.162 0.834
Adjusted R2 0.696 0.608 0.362 0.113 0.824
Residual Std. Error (df = 17) 11.190 29.843 7.289 15.860 10.371
F Statistic (df = 1; 17) 42.173*** (p = 0.00001) 28.918*** (p = 0.0001) 11.209*** (p = 0.004) 3.294* (p = 0.088) 85.189*** (p = 0.00000)
Note: p<0.1; p<0.05; p<0.01

Dependent variable:
TFP_index
(1) (2) (3) (4) (5)
CMR1.lm COG1.lm GAB1.lm BDI1.lm TZA1.lm
Economic_Freedom_Summary_Index 72.475*** -2.159 6.678* -5.968* 5.587***
(20.719) (6.414) (3.568) (3.175) (1.425)
t = 3.498 t = -0.337 t = 1.872 t = -1.880 t = 3.920
p = 0.003 p = 0.741 p = 0.080 p = 0.079 p = 0.002
Constant -294.623** 104.029*** 48.894** 116.141*** 81.119***
(123.338) (29.978) (20.067) (16.076) (8.575)
t = -2.389 t = 3.470 t = 2.437 t = 7.224 t = 9.460
p = 0.030 p = 0.004 p = 0.027 p = 0.00001 p = 0.00000
Observations 18 18 18 18 18
R2 0.433 0.007 0.180 0.181 0.490
Adjusted R2 0.398 -0.055 0.128 0.130 0.458
Residual Std. Error (df = 16) 21.430 5.219 5.044 6.435 5.578
F Statistic (df = 1; 16) 12.236*** (p = 0.003) 0.113 (p = 0.741) 3.503* (p = 0.080) 3.534* (p = 0.079) 15.366*** (p = 0.002)
Note: p<0.1; p<0.05; p<0.01

Dependent variable:
TFP_index
(1) (2) (3) (4) (5)
MLI1.lm NER1.lm SEN1.lm MWI1.lm ZMB1.lm
Economic_Freedom_Summary_Index 23.919*** 15.983*** 2.568 35.025*** 19.308***
(8.090) (3.600) (1.944) (6.698) (4.704)
t = 2.956 t = 4.439 t = 1.321 t = 5.229 t = 4.104
p = 0.010 p = 0.0005 p = 0.206 p = 0.0001 p = 0.001
Constant 9.702 5.635 62.944*** -42.333 43.526
(47.337) (19.508) (11.225) (37.598) (30.292)
t = 0.205 t = 0.289 t = 5.607 t = -1.126 t = 1.437
p = 0.841 p = 0.777 p = 0.00004 p = 0.277 p = 0.171
Observations 18 18 18 18 18
R2 0.353 0.552 0.098 0.631 0.513
Adjusted R2 0.313 0.524 0.042 0.608 0.482
Residual Std. Error (df = 16) 13.585 7.461 3.998 16.467 25.468
F Statistic (df = 1; 16) 8.741*** (p = 0.010) 19.709*** (p = 0.0005) 1.745 (p = 0.206) 27.345*** (p = 0.0001) 16.845*** (p = 0.001)
Note: p<0.1; p<0.05; p<0.01

Dependent variable:
TFP_index
(1) (2) (3) (4) (5)
ZWE1.lm BEN1.lm GHA1.lm TGO1.lm DOM1.lm
Economic_Freedom_Summary_Index -0.571 35.095*** 14.569*** 2.775 17.424***
(1.546) (5.101) (1.530) (2.331) (4.086)
t = -0.369 t = 6.879 t = 9.520 t = 1.190 t = 4.264
p = 0.717 p = 0.00001 p = 0.00000 p = 0.253 p = 0.001
Constant 124.612*** -64.298** 28.247*** 74.596*** 4.595
(6.745) (29.897) (9.313) (13.137) (26.357)
t = 18.476 t = -2.151 t = 3.033 t = 5.678 t = 0.174
p = 0.000 p = 0.050 p = 0.008 p = 0.00005 p = 0.864
Observations 18 16 18 17 18
R2 0.008 0.772 0.850 0.086 0.532
Adjusted R2 -0.054 0.755 0.841 0.025 0.503
Residual Std. Error 5.388 (df = 16) 8.836 (df = 14) 7.654 (df = 16) 4.699 (df = 15) 12.084 (df = 16)
F Statistic 0.136 (df = 1; 16) (p = 0.717) 47.327*** (df = 1; 14) (p = 0.00001) 90.630*** (df = 1; 16) (p = 0.00000) 1.417 (df = 1; 15) (p = 0.253) 18.185*** (df = 1; 16) (p = 0.001)
Note: p<0.1; p<0.05; p<0.01

Dependent variable:
TFP_index
(1) (2) (3) (4) (5)
JAM1.lm TTO1.lm CRI1.lm GTM1.lm HND1.lm
Economic_Freedom_Summary_Index 6.794** -1.521 100.762*** 46.834*** 34.743***
(2.641) (1.354) (13.931) (9.143) (5.113)
t = 2.572 t = -1.124 t = 7.233 t = 5.122 t = 6.795
p = 0.021 p = 0.278 p = 0.00001 p = 0.0002 p = 0.00001
Constant 63.787*** 79.442*** -377.251*** -109.497 -79.316**
(18.402) (9.307) (100.423) (63.546) (35.333)
t = 3.466 t = 8.536 t = -3.757 t = -1.723 t = -2.245
p = 0.004 p = 0.00000 p = 0.002 p = 0.105 p = 0.041
Observations 18 18 18 18 17
R2 0.293 0.073 0.766 0.621 0.755
Adjusted R2 0.248 0.015 0.751 0.598 0.738
Residual Std. Error 10.771 (df = 16) 4.673 (df = 16) 38.333 (df = 16) 23.976 (df = 16) 11.561 (df = 15)
F Statistic 6.616** (df = 1; 16) (p = 0.021) 1.263 (df = 1; 16) (p = 0.278) 52.317*** (df = 1; 16) (p = 0.00001) 26.240*** (df = 1; 16) (p = 0.0002) 46.167*** (df = 1; 15) (p = 0.00001)
Note: p<0.1; p<0.05; p<0.01

Dependent variable:
TFP_index
(1) (2) (3) (4) (5)
PAN1.lm BOL1.lm COL1.lm ECU1.lm PER1.lm
Economic_Freedom_Summary_Index -14.587*** 8.192* 42.521*** 25.898** 10.448***
(3.532) (4.460) (3.579) (9.823) (2.457)
t = -4.130 t = 1.837 t = 11.879 t = 2.636 t = 4.252
p = 0.001 p = 0.085 p = 0.000 p = 0.018 p = 0.001
Constant 223.981*** 104.014*** -53.715** -5.837 63.974***
(25.809) (27.698) (21.249) (57.596) (16.882)
t = 8.678 t = 3.755 t = -2.528 t = -0.101 t = 3.790
p = 0.00000 p = 0.002 p = 0.023 p = 0.921 p = 0.002
Observations 18 18 18 18 18
R2 0.516 0.174 0.898 0.303 0.531
Adjusted R2 0.486 0.123 0.892 0.259 0.501
Residual Std. Error (df = 16) 5.900 16.490 9.013 14.947 16.007
F Statistic (df = 1; 16) 17.053*** (p = 0.001) 3.374* (p = 0.085) 141.114*** (p = 0.000) 6.950** (p = 0.018) 18.082*** (p = 0.001)
Note: p<0.1; p<0.05; p<0.01

Dependent variable:
TFP_index
(1) (2) (3) (4) (5)
URY1.lm BGD1.lm LKA1.lm AUT1.lm EGY1.lm
Economic_Freedom_Summary_Index 54.845*** 9.324*** 6.317** 49.396*** 40.626***
(8.747) (3.031) (2.664) (8.680) (6.999)
t = 6.271 t = 3.076 t = 2.371 t = 5.691 t = 5.804
p = 0.00002 p = 0.008 p = 0.031 p = 0.00004 p = 0.00003
Constant -200.465*** 58.791*** 90.715*** -197.406*** -41.712
(61.079) (17.552) (16.312) (64.952) (42.762)
t = -3.282 t = 3.350 t = 5.561 t = -3.039 t = -0.975
p = 0.005 p = 0.005 p = 0.00005 p = 0.008 p = 0.344
Observations 18 18 18 18 18
R2 0.711 0.372 0.260 0.669 0.678
Adjusted R2 0.693 0.332 0.214 0.649 0.658
Residual Std. Error (df = 16) 12.148 11.690 7.470 15.997 21.314
F Statistic (df = 1; 16) 39.319*** (p = 0.00002) 9.462*** (p = 0.008) 5.622** (p = 0.031) 32.387*** (p = 0.00004) 33.691*** (p = 0.00003)
Note: p<0.1; p<0.05; p<0.01

Dependent variable:
TFP_index
(1) (2) (3) (4) (5)
MAR1.lm IRN1.lm JOR1.lm SYR1.lm ARE1.lm
Economic_Freedom_Summary_Index 66.237*** 33.483*** 43.887*** 15.041** -7.477
(10.610) (8.081) (5.827) (5.431) (12.571)
t = 6.243 t = 4.144 t = 7.532 t = 2.769 t = -0.595
p = 0.00002 p = 0.001 p = 0.00001 p = 0.014 p = 0.561
Constant -192.618*** 59.234 -161.243*** 110.371*** 184.227*
(64.578) (46.004) (41.791) (29.197) (95.624)
t = -2.983 t = 1.288 t = -3.858 t = 3.780 t = 1.927
p = 0.009 p = 0.217 p = 0.002 p = 0.002 p = 0.074
Observations 18 18 18 18 17
R2 0.709 0.518 0.780 0.324 0.023
Adjusted R2 0.691 0.487 0.766 0.282 -0.042
Residual Std. Error 24.621 (df = 16) 31.307 (df = 16) 19.995 (df = 16) 22.008 (df = 16) 25.775 (df = 15)
F Statistic 38.970*** (df = 1; 16) (p = 0.00002) 17.170*** (df = 1; 16) (p = 0.001) 56.725*** (df = 1; 16) (p = 0.00001) 7.670** (df = 1; 16) (p = 0.014) 0.354 (df = 1; 15) (p = 0.561)
Note: p<0.1; p<0.05; p<0.01

Dependent variable:
TFP_index
(1) (2) (3) (4) (5)
CAF1.lm UGA1.lm BWA1.lm MDG1.lm MUS1.lm
Economic_Freedom_Summary_Index 14.597** -0.604 5.624 5.889*** -2.650**
(5.008) (1.342) (6.868) (1.372) (1.064)
t = 2.914 t = -0.450 t = 0.819 t = 4.292 t = -2.490
p = 0.011 p = 0.659 p = 0.426 p = 0.001 p = 0.026
Constant 32.837 112.103*** 78.943 71.393*** 119.596***
(25.660) (8.926) (47.517) (8.146) (7.988)
t = 1.280 t = 12.559 t = 1.661 t = 8.764 t = 14.972
p = 0.221 p = 0.000 p = 0.118 p = 0.00000 p = 0.000
Observations 17 17 17 17 17
R2 0.362 0.013 0.043 0.551 0.292
Adjusted R2 0.319 -0.052 -0.021 0.521 0.245
Residual Std. Error (df = 15) 5.237 7.899 13.564 3.913 2.448
F Statistic (df = 1; 15) 8.494** (p = 0.011) 0.203 (p = 0.659) 0.671 (p = 0.426) 18.420*** (p = 0.001) 6.198** (p = 0.026)
Note: p<0.1; p<0.05; p<0.01

Dependent variable:
TFP_index
(1) (2) (3) (4) (5)
CIV1.lm SLE1.lm BHS1.lm SLV1.lm NIC1.lm
Economic_Freedom_Summary_Index 25.265*** 13.884*** 47.607*** 3.569 10.049***
(5.513) (2.889) (6.739) (2.478) (2.978)
t = 4.583 t = 4.806 t = 7.064 t = 1.440 t = 3.374
p = 0.0004 p = 0.0003 p = 0.00001 p = 0.171 p = 0.005
Constant -19.378 27.232 -160.662*** 101.621*** 45.477**
(31.446) (15.851) (48.160) (17.773) (19.909)
t = -0.616 t = 1.718 t = -3.336 t = 5.718 t = 2.284
p = 0.547 p = 0.107 p = 0.005 p = 0.00005 p = 0.038
Observations 17 17 17 17 17
R2 0.583 0.606 0.769 0.122 0.432
Adjusted R2 0.556 0.580 0.753 0.063 0.394
Residual Std. Error (df = 15) 5.977 9.615 11.807 9.632 18.749
F Statistic (df = 1; 15) 21.005*** (p = 0.0004) 23.101*** (p = 0.0003) 49.900*** (p = 0.00001) 2.075 (p = 0.171) 11.387*** (p = 0.005)
Note: p<0.1; p<0.05; p<0.01

Dependent variable:
TFP_index
(1) (2) (3) (4) (5)
CHN1.lm PNG1.lm CYP1.lm MLT1.lm HUN1.lm
Economic_Freedom_Summary_Index 73.089*** 4.239** 25.726*** 19.287** 3.272*
(8.951) (1.495) (5.888) (6.667) (1.586)
t = 8.166 t = 2.835 t = 4.369 t = 2.893 t = 2.063
p = 0.00000 p = 0.013 p = 0.001 p = 0.012 p = 0.057
Constant -183.549*** 74.495*** 45.796 21.213 112.223***
(53.035) (9.557) (42.311) (47.339) (10.866)
t = -3.461 t = 7.795 t = 1.082 t = 0.448 t = 10.328
p = 0.004 p = 0.00001 p = 0.297 p = 0.661 p = 0.00000
Observations 17 17 17 17 17
R2 0.816 0.349 0.560 0.358 0.221
Adjusted R2 0.804 0.306 0.531 0.315 0.169
Residual Std. Error (df = 15) 23.031 2.654 17.058 19.566 5.413
F Statistic (df = 1; 15) 66.682*** (p = 0.00000) 8.039** (p = 0.013) 19.088*** (p = 0.001) 8.369** (p = 0.012) 4.254* (p = 0.057)
Note: p<0.1; p<0.05; p<0.01

Dependent variable:
TFP_index
(1) (2) (3) (4) (5)
POL1.lm BHR1.lm KWT1.lm OMN1.lm TCD1.lm
Economic_Freedom_Summary_Index 6.454*** 18.701 13.656 33.092*** 5.733
(1.263) (16.038) (11.599) (7.973) (3.356)
t = 5.108 t = 1.166 t = 1.177 t = 4.151 t = 1.708
p = 0.0002 p = 0.262 p = 0.258 p = 0.001 p = 0.110
Constant 70.460*** -18.795 38.560 -96.903 71.753***
(8.209) (120.187) (82.958) (58.348) (17.807)
t = 8.583 t = -0.156 t = 0.465 t = -1.661 t = 4.029
p = 0.00000 p = 0.878 p = 0.649 p = 0.118 p = 0.002
Observations 17 17 17 17 16
R2 0.635 0.083 0.085 0.535 0.172
Adjusted R2 0.611 0.022 0.024 0.504 0.113
Residual Std. Error 5.855 (df = 15) 20.272 (df = 15) 33.251 (df = 15) 11.628 (df = 15) 3.963 (df = 14)
F Statistic 26.096*** (df = 1; 15) (p = 0.0002) 1.360 (df = 1; 15) (p = 0.262) 1.386 (df = 1; 15) (p = 0.258) 17.229*** (df = 1; 15) (p = 0.001) 2.918 (df = 1; 14) (p = 0.110)
Note: p<0.1; p<0.05; p<0.01

Dependent variable:
TFP_index
(1) (2) (3) (4) (5)
NAM1.lm HTI1.lm PRY1.lm BGR1.lm DZA1.lm
Economic_Freedom_Summary_Index -0.179 -0.612 30.864* 7.389** 29.127**
(2.916) (3.422) (16.622) (3.228) (10.386)
t = -0.062 t = -0.179 t = 1.857 t = 2.289 t = 2.804
p = 0.952 p = 0.861 p = 0.085 p = 0.039 p = 0.015
Constant 89.788*** 116.350*** -71.678 72.598*** 12.231
(18.953) (22.513) (109.393) (21.492) (52.560)
t = 4.737 t = 5.168 t = -0.655 t = 3.378 t = 0.233
p = 0.0004 p = 0.0002 p = 0.523 p = 0.005 p = 0.820
Observations 16 15 16 16 16
R2 0.0003 0.002 0.198 0.272 0.360
Adjusted R2 -0.071 -0.074 0.140 0.220 0.314
Residual Std. Error 4.733 (df = 14) 5.950 (df = 13) 16.282 (df = 14) 12.724 (df = 14) 23.787 (df = 14)
F Statistic 0.004 (df = 1; 14) (p = 0.952) 0.032 (df = 1; 13) (p = 0.861) 3.448* (df = 1; 14) (p = 0.085) 5.239** (df = 1; 14) (p = 0.039) 7.865** (df = 1; 14) (p = 0.015)
Note: p<0.1; p<0.05; p<0.01

Dependent variable:
TFP_index
(1) (2) (3) (4) (5)
RWA1.lm BLZ1.lm FJI1.lm NPL1.lm ALB1.lm
Economic_Freedom_Summary_Index 6.170* 42.699*** -5.073** 16.986*** 21.893***
(3.055) (10.305) (2.022) (4.710) (6.161)
t = 2.019 t = 4.144 t = -2.508 t = 3.606 t = 3.554
p = 0.067 p = 0.002 p = 0.027 p = 0.004 p = 0.004
Constant 75.827*** -18.955 98.432*** 19.061 -3.900
(19.773) (70.430) (13.807) (28.637) (42.799)
t = 3.835 t = -0.269 t = 7.129 t = 0.666 t = -0.091
p = 0.003 p = 0.793 p = 0.00001 p = 0.518 p = 0.929
Observations 14 15 15 15 15
R2 0.254 0.569 0.326 0.500 0.493
Adjusted R2 0.191 0.536 0.274 0.462 0.454
Residual Std. Error 10.407 (df = 12) 13.276 (df = 13) 3.313 (df = 13) 6.938 (df = 13) 14.694 (df = 13)
F Statistic 4.077* (df = 1; 12) (p = 0.067) 17.169*** (df = 1; 13) (p = 0.002) 6.291** (df = 1; 13) (p = 0.027) 13.006*** (df = 1; 13) (p = 0.004) 12.629*** (df = 1; 13) (p = 0.004)
Note: p<0.1; p<0.05; p<0.01

Dependent variable:
TFP_index
(1) (2) (3) (4) (5)
GNB1.lm GUY1.lm MMR1.lm MOZ1.lm VNM1.lm
Economic_Freedom_Summary_Index 13.217*** 15.401 31.086** 31.284 52.924**
(2.194) (15.645) (10.469) (17.074) (16.479)
t = 6.026 t = 0.984 t = 2.969 t = 1.832 t = 3.212
p = 0.0001 p = 0.345 p = 0.012 p = 0.101 p = 0.011
Constant 37.108*** 29.792 56.052 -81.116 -138.991
(11.296) (97.873) (43.232) (97.305) (102.984)
t = 3.285 t = 0.304 t = 1.297 t = -0.834 t = -1.350
p = 0.007 p = 0.767 p = 0.220 p = 0.427 p = 0.211
Observations 14 14 14 11 11
R2 0.752 0.075 0.424 0.272 0.534
Adjusted R2 0.731 -0.002 0.375 0.191 0.482
Residual Std. Error 4.064 (df = 12) 13.797 (df = 12) 22.121 (df = 12) 10.061 (df = 9) 11.973 (df = 9)
F Statistic 36.309*** (df = 1; 12) (p = 0.0001) 0.969 (df = 1; 12) (p = 0.345) 8.817** (df = 1; 12) (p = 0.012) 3.357 (df = 1; 9) (p = 0.101) 10.314** (df = 1; 9) (p = 0.011)
Note: p<0.1; p<0.05; p<0.01

Dependent variable:
TFP_index
(1) (2) (3) (4) (5)
MNG1.lm ETH1.lm BFA1.lm MRT1.lm AGO1.lm
Economic_Freedom_Summary_Index -9.038 -3.126 3.607 -6.140 23.643***
(8.830) (9.410) (21.276) (3.858) (6.582)
t = -1.024 t = -0.332 t = 0.170 t = -1.592 t = 3.592
p = 0.336 p = 0.750 p = 0.871 p = 0.156 p = 0.009
Constant 155.296** 121.833* 115.419 143.901*** -8.238
(61.850) (52.705) (125.991) (22.961) (31.878)
t = 2.511 t = 2.312 t = 0.916 t = 6.267 t = -0.258
p = 0.037 p = 0.055 p = 0.391 p = 0.0005 p = 0.804
Observations 10 9 9 9 9
R2 0.116 0.016 0.004 0.266 0.648
Adjusted R2 0.005 -0.125 -0.138 0.161 0.598
Residual Std. Error 4.205 (df = 8) 5.169 (df = 7) 4.912 (df = 7) 4.806 (df = 7) 9.786 (df = 7)
F Statistic 1.048 (df = 1; 8) (p = 0.336) 0.110 (df = 1; 7) (p = 0.750) 0.029 (df = 1; 7) (p = 0.871) 2.533 (df = 1; 7) (p = 0.156) 12.903*** (df = 1; 7) (p = 0.009)
Note: p<0.1; p<0.05; p<0.01

Dependent variable:
TFP_index
(1) (2) (3) (4) (5)
LSO1.lm CPV1.lm GMB1.lm SWZ1.lm SUR1.lm
Economic_Freedom_Summary_Index 50.988** -6.575 -13.129 12.709 17.204
(15.979) (28.095) (10.732) (46.881) (38.274)
t = 3.191 t = -0.234 t = -1.223 t = 0.271 t = 0.450
p = 0.016 p = 0.837 p = 0.346 p = 0.812 p = 0.698
Constant -203.789* 191.825 142.619 133.761 78.559
(98.151) (187.351) (76.130) (313.532) (256.859)
t = -2.076 t = 1.024 t = 1.873 t = 0.427 t = 0.306
p = 0.077 p = 0.414 p = 0.202 p = 0.712 p = 0.789
Observations 9 4 4 4 4
R2 0.593 0.027 0.428 0.035 0.092
Adjusted R2 0.534 -0.460 0.142 -0.447 -0.362
Residual Std. Error 6.272 (df = 7) 12.002 (df = 2) 2.674 (df = 2) 6.542 (df = 2) 9.041 (df = 2)
F Statistic 10.182** (df = 1; 7) (p = 0.016) 0.055 (df = 1; 2) (p = 0.837) 1.497 (df = 1; 2) (p = 0.346) 0.073 (df = 1; 2) (p = 0.812) 0.202 (df = 1; 2) (p = 0.698)
Note: p<0.1; p<0.05; p<0.01

Dependent variable:
TFP_index
(1) (2) (3) (4) (5)
BRN1.lm KHM1.lm LBN1.lm QAT1.lm SAU1.lm
Economic_Freedom_Summary_Index -15.186 24.352 69.301 37.454 -82.666
(151.826) (42.639) (28.821) (70.351) (56.098)
t = -0.100 t = 0.571 t = 2.405 t = 0.532 t = -1.474
p = 0.930 p = 0.626 p = 0.139 p = 0.648 p = 0.279
Constant 821.889 -46.294 -116.678 -118.494 968.619
(1,083.698) (301.268) (208.045) (537.728) (392.880)
t = 0.758 t = -0.154 t = -0.561 t = -0.220 t = 2.465
p = 0.528 p = 0.892 p = 0.632 p = 0.847 p = 0.133
Observations 4 4 4 4 4
R2 0.005 0.140 0.743 0.124 0.521
Adjusted R2 -0.493 -0.290 0.614 -0.314 0.281
Residual Std. Error (df = 2) 18.887 7.943 7.250 17.443 12.924
F Statistic (df = 1; 2) 0.010 (p = 0.930) 0.326 (p = 0.626) 5.782 (p = 0.139) 0.283 (p = 0.648) 2.171 (p = 0.279)
Note: p<0.1; p<0.05; p<0.01

Dependent variable:
TFP_index
(1) (2) (3) (4) (5)
YEM1.lm SYC1.lm GIN1.lm BTN1.lm LBY1.lm
Economic_Freedom_Summary_Index 25.806
(49.896)
t = 0.517
p = 0.657
Constant -38.661 107.000 87.000 82.000 714.000
(319.339)
t = -0.121
p = 0.915
Observations 4 1 1 1 1
R2 0.118 0.000 0.000 0.000 0.000
Adjusted R2 -0.323 0.000 0.000 0.000 0.000
Residual Std. Error 3.929 (df = 2)
F Statistic 0.268 (df = 1; 2) (p = 0.657)
Note: p<0.1; p<0.05; p<0.01





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