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Table 7.

Mundlak Estimates of the Main Variables

	ROY_INT			RD_INT
Variable	Coefficient	t-statistics	Variable	Coefficient	t-statistics
FY2004–2005 to FY2007–2008
DFOR50	0.451	3.91^***	DFOR50	−0.336	−1.34
DFOR25	0.467	2.15^**	DFOR25	−0.054	−0.18
DFOR10	−0.023	−0.40	DFOR10	−0.172	−0.49
DFOR_EXP	−0.042	−0.89	DFOR_EXP	−0.164	−0.42
FY2008–2009 to FY2013–2014
DFOR50	0.525	6.61^***	DFOR50	0.073	0.36
DFOR25	0.240	2.07^**	DFOR25	0.004	0.02
DFOR10	0.029	0.26	DFOR10	−0.081	−0.29
DFOR_EXP	0.170	1.05	DFOR_EXP	0.595	1.47

	ROY_INT			RD_INT
Variable	Coefficient	t-statistics	Variable	Coefficient	t-statistics
FY2004–2005 to FY2007–2008
DFOR50	0.451	3.91^***	DFOR50	−0.336	−1.34
DFOR25	0.467	2.15^**	DFOR25	−0.054	−0.18
DFOR10	−0.023	−0.40	DFOR10	−0.172	−0.49
DFOR_EXP	−0.042	−0.89	DFOR_EXP	−0.164	−0.42
FY2008–2009 to FY2013–2014
DFOR50	0.525	6.61^***	DFOR50	0.073	0.36
DFOR25	0.240	2.07^**	DFOR25	0.004	0.02
DFOR10	0.029	0.26	DFOR10	−0.081	−0.29
DFOR_EXP	0.170	1.05	DFOR_EXP	0.595	1.47

Note: ^***, ^**, and ^* denote significance at the 1%, 5%, and 10% level, respectively.

Source: Author's calculations.