Liberalization and FDI Performance: Evidence from ASEAN and SAFTA Member Countries

Ullah, Muhammad Shariat; Inaba, Kazuo

doi:10.1186/s40008-014-0006-z

Journal of Economic Structures

The Official Journal of the Pan-Pacific Association of Input-Output Studies (PAPAIOS)

Table 7 Empirical results

From: Liberalization and FDI Performance: Evidence from ASEAN and SAFTA Member Countries

Variables	I	II	III	IV	V	VI	VII	VIII	IX
$ln {GDP}_{i}$	0.33^∗∗∗	0.34^∗∗∗	0.33^∗∗∗	0.34^∗∗∗	0.33^∗∗∗	0.40^∗∗∗	0.43^∗∗∗	0.43^∗∗∗	0.43^∗∗∗
$ln {GDP}_{i}$	(0.003)	(0.001)	(0.002)	(0.001)	(0.004)	(0.001)	(0.000)	(0.000)	(0.000)
$ln {GDP}_{j}$	0.78^∗∗∗	0.76^∗∗∗	0.78^∗∗∗	0.79^∗∗∗	0.79^∗∗∗	0.87^∗∗∗	1.14^∗∗∗	1.19^∗∗∗	1.19^∗∗∗
$ln {GDP}_{j}$	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)
$ln {GDPPC}_{i}$	0.40^∗∗∗	0.41^∗∗∗	0.41^∗∗∗	0.42^∗∗∗	0.41^∗∗∗	0.44^∗∗∗	0.67^∗∗∗	0.66^∗∗∗	0.66^∗∗∗
$ln {GDPPC}_{i}$	(0.007)	(0.004)	(0.005)	(0.004)	(0.006)	(0.002)	(0.000)	(0.000)	(0.000)
$ln {GDPPC}_{j}$	−0.39	−0.44^∗	−0.43^∗	−0.45^∗	−0.45^∗	−0.52^∗∗	−0.93^∗∗∗	−0.96^∗∗∗	−0.95^∗∗∗
$ln {GDPPC}_{j}$	(0.102)	(0.068)	(0.077)	(0.067)	(0.066)	(0.032)	(0.001)	(0.000)	(0.000)
$ln {DIST}_{i j}$	−0.72^∗∗∗	−0.73^∗∗∗	−0.73^∗∗∗	−0.68^∗∗∗	−0.65^∗∗∗	−0.75^∗∗∗	−0.67^∗∗∗	−0.70^∗∗∗	−0.69^∗∗∗
$ln {DIST}_{i j}$	(0.002)	(0.001)	(0.001)	(0.003)	(0.006)	(0.002)	(0.007)	(0.005)	(0.006)
$ln {HD}_{j}$		0.78^∗∗	0.66^∗	0.63^∗	0.62	0.53	1.61^∗∗∗	1.86^∗∗∗	1.76^∗∗∗
$ln {HD}_{j}$		(0.039)	(0.085)	(0.099)	(0.104)	(0.163)	(0.005)	(0.001)	(0.004)
$ln {RAILPC}_{j}$		0.62^∗∗∗	0.65^∗∗∗	0.65^∗∗∗	0.64^∗∗∗	0.66^∗∗∗	0.76^∗∗∗	0.88^∗∗∗	0.86^∗∗∗
$ln {RAILPC}_{j}$		(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)
${BTA}_{i j} (- 2)$			0.68	0.69	0.68	0.66	0.60	0.54	0.55
${BTA}_{i j} (- 2)$			(0.184)	(0.182)	(0.183)	(0.200)	(0.232)	(0.289)	(0.278)
${BIT}_{i j} (- 2)$			0.28	0.29	0.29	0.30	0.28	0.29	0.28
${BIT}_{i j} (- 2)$			(0.132)	(0.128)	(0.121)	(0.115)	(0.162)	(0.144)	(0.153)
${ASEAN}_{i j}$				0.26	0.27	0.31	0.59	0.54	0.56
${ASEAN}_{i j}$				(0.462)	(0.450)	(0.390)	(0.153)	(0.195)	(0.173)
${ASEANJPN}_{i j}$					0.23	0.01	0.09	0.11	0.12
${ASEANJPN}_{i j}$					(0.708)	(0.991)	(0.886)	(0.862)	(0.850)
${SAFTAJPN}_{i j}$						−1.52^∗	−1.61^∗∗	−1.65^∗∗	−1.65^∗∗
${SAFTAJPN}_{i j}$						(0.062)	(0.039)	(0.036)	(0.034)
$ln {LAW}_{j}$							0.70^∗∗
$ln {LAW}_{j}$							(0.023)
$ln {CORRUP}_{j}$								−0.07
$ln {CORRUP}_{j}$								(0.791)
$ln {CONFLICT}_{j}$									0.17
$ln {CONFLICT}_{j}$									(0.723)
Constant	−19.46^∗∗∗	−23.11^∗∗∗	−22.92^∗∗∗	−23.83^∗∗∗	−23.53^∗∗∗	−26.20^∗∗∗	−39.08^∗∗∗	−40.08^∗∗∗	−40.03^∗∗∗
	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)
TD Chi 2(14)	46.1^∗∗∗	41.4^∗∗∗	41.4^∗∗∗	41.4^∗∗∗	41.5^∗∗∗	41.5^∗∗∗	28.2^∗∗∗	30.3^∗∗∗	32.6^∗∗∗
AR(1), F	41.4^∗∗∗	42.6^∗∗∗	44.6^∗∗∗	44.5^∗∗∗	44.5^∗∗∗	44.5^∗∗∗	43.0^∗∗∗	42.9^∗∗∗	43.2^∗∗∗
Wald Chi	145^∗∗∗	162^∗∗∗	165^∗∗∗	167^∗∗∗	167^∗∗∗	173^∗∗∗	168^∗∗∗	160^∗∗∗	162^∗∗∗
RESET test p values	0.914	0.314	0.267	0.229	0.247	0.150	0.456	0.140	0.148
$R^{2}$	0.36	0.43	0.44	0.45	0.45	0.47	0.52	0.52	0.52
Mean of VIF	1.9	1.9	1.9	1.9	1.9	1.9	2.0	2.1	2.1
N	1,266	1,230	1,157	1,157	1,157	1,157	1,024	1,024	1,024

Note: i and j indicate home and host country, respectively. TD implies Time Dummies. AR(1) stands for the Wooldridge test of autocorrelation. Due to significant auto-correlated errors, estimations are carried with AR(1) corrections

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