Table 6 Results from fixed and random effects estimation—higher recipient countries panel estimations—[Higher recipient countries]

Independent variables

(D) REM

−0.3017

0.1131

0.1532**

0.1015

0.1122*

0.1429*

[−1.05]

[1.07]

[2.00]

[0.40]

[1.20]

[0.74]

(D) LOGGDP

−15.3153

−11.9440***

−5.1925*

−11.4134

−7.7320**

−9.626**

[−4.32]

[‘−3.57]

[−1.66]

[−1.10]

[−2.03]

[−2.43]

(D) PCGDP

0.0678***

0.0015**

−0.0017*

0.0039*

0.0018

0.0004

[17.63]

[2.05]

[‘−1.66]

[0.24]

[0.14]

[1.98]

INF

−0.0383

−0.0746***

−0.0369***

−0.0426*

−0.0656***

−0.0787***

[−1.17]

[−6.11]

[−4.21]

[−1.30]

[−5.34]

[−7.07]

FDI

0.2153

0.0257

0.0308

−0.2771**

0.0051

0.0254

[1.63]

[0.85]

[0.87]

[−2.05]

[0.01]

[0.57]

EXPORTS

0.0636

0.01855

0.0081

0.0311

−0.0047

0.0057

[1.59]

[0.73]

[0.76]

[0.41]

[‘−0.08]

[0.42]

Constant

9.8354***

0.97447

0.8845

30.2127***

1.4434**

1.4571***

[6.81]

[1.22]

[2.29]

[6.87]

[2.40]

[2.97]

R-squared

0.2947

0.3618

0.4035

0.3513

0.5204

0.5025

Number of observations

444

424

444

444

424

444

Number of countries

24

24

24

48

24

48

F-statistic

67.95

13.67

6.56

Prob (F-statistic)

0.0001

0.0000

0.0000

Wald chi 2

7.33

38.49

67.81

Prob > chi 2

0.0001

0.0000

0.0000