Table 4. 
Support of Hypothesis 2 Panel least squares regression results on GDP growth
11 collectivist countries with INDIVCOLLECT ≤ 6511 individualist countries with INDIVCOLLECT > 65
Intercept 0.2154 −0.0689 
 (2.5572)** (−1.1672) 
LTIREM(−1) 0.1209 0.0143 
 (3.1739)*** (0.8672) 
INVRATIO 0.2866 −0.0652 
 (2.5127)** (−0.9867) 
LEGAL −0.0028 −0.0037 
 (−0.4338) (−1.4463) 
LABOR 0.0005 0.0059 
 (0.0965) (2.9761)*** 
LN(EDUCATION) −0.1369 0.0485 
 (−3.1313)*** (1.9720)* 
INDIVCOLLECT 0.0002 −0.0003 
 (0.2718) (−0.8032) 
No. of panel observations 55 55 
Adjusted R2 0.1415 0.3068 
F-statistic 2.4829** 4.9835*** 
Durbin Watson statistic 1.4812 1.9179 
11 collectivist countries with INDIVCOLLECT ≤ 6511 individualist countries with INDIVCOLLECT > 65
Intercept 0.2154 −0.0689 
 (2.5572)** (−1.1672) 
LTIREM(−1) 0.1209 0.0143 
 (3.1739)*** (0.8672) 
INVRATIO 0.2866 −0.0652 
 (2.5127)** (−0.9867) 
LEGAL −0.0028 −0.0037 
 (−0.4338) (−1.4463) 
LABOR 0.0005 0.0059 
 (0.0965) (2.9761)*** 
LN(EDUCATION) −0.1369 0.0485 
 (−3.1313)*** (1.9720)* 
INDIVCOLLECT 0.0002 −0.0003 
 (0.2718) (−0.8032) 
No. of panel observations 55 55 
Adjusted R2 0.1415 0.3068 
F-statistic 2.4829** 4.9835*** 
Durbin Watson statistic 1.4812 1.9179 

Notes:This table presents the panel least squares regression results using random effects for all 22 countries split into two subsamples: 11 collectivist countries and 11 individualist countries. All regressions are run with five years of data: 2001–05 if lagged, and 2002–06 if not lagged. Numbers in parentheses are t-statistics.

*Statistically significant at α = 10 percent level; **statistically significant at α = 5 percent level; ***statistically significant at α = 1 percent level.

Close Modal

or Create an Account

Close Modal
Close Modal