Table 6.
Support of Hypothesis 2: Robustness tests for collectivist countries. 
Panel least squares regression results on GDP growth
Panel least squares regression results on GDP growth| Omit Japan 10 countries | Omit Singapore 10 countries | Omit Japan & Singapore 9 countries | |
|---|---|---|---|
| Intercept | 0.2898 | 0.2456 | 0.3371 |
| (2.6658)** | (2.4869)** | (2.6919)** | |
| LTIREM(−1) | 0.1415 | 0.1375 | 0.1683 |
| (2.6632)** | (3.1740)*** | (2.7520)*** | |
| INVRATIO | 0.2614 | 0.3028 | 0.2594 |
| (2.3774)** | (2.2603)** | (2.0406)** | |
| LEGAL | −0.0058 | 0.0016 | −0.0014 |
| (−0.7895) | (0.2125) | (−0.1643) | |
| LABOR | 0.0002 | −0.0016 | −0.0018 |
| (0.0396) | (−0.2750) | (−0.2874) | |
| LN(EDUCATION) | −0.1599 | −0.1573 | −0.1870 |
| (−3.0149)*** | (−3.0495)*** | (−3.0155)*** | |
| INDIVCOLLECT | −0.0001 | −0.0001 | −0.0006 |
| (−0.2392) | (−0.1308) | (−0.7286) | |
| No. of panel observations | 50 | 50 | 45 |
| Adjusted R2 | 0.099 | 0.163 | 0.128 |
| F-statistic | 1.899 | 2.589** | 2.074* |
| Durbin Watson statistic | 1.402 | 1.641 | 1.559 |
| Omit Japan 10 countries | Omit Singapore 10 countries | Omit Japan & Singapore 9 countries | |
|---|---|---|---|
| Intercept | 0.2898 | 0.2456 | 0.3371 |
| (2.6658)** | (2.4869)** | (2.6919)** | |
| LTIREM(−1) | 0.1415 | 0.1375 | 0.1683 |
| (2.6632)** | (3.1740)*** | (2.7520)*** | |
| INVRATIO | 0.2614 | 0.3028 | 0.2594 |
| (2.3774)** | (2.2603)** | (2.0406)** | |
| LEGAL | −0.0058 | 0.0016 | −0.0014 |
| (−0.7895) | (0.2125) | (−0.1643) | |
| LABOR | 0.0002 | −0.0016 | −0.0018 |
| (0.0396) | (−0.2750) | (−0.2874) | |
| LN(EDUCATION) | −0.1599 | −0.1573 | −0.1870 |
| (−3.0149)*** | (−3.0495)*** | (−3.0155)*** | |
| INDIVCOLLECT | −0.0001 | −0.0001 | −0.0006 |
| (−0.2392) | (−0.1308) | (−0.7286) | |
| No. of panel observations | 50 | 50 | 45 |
| Adjusted R2 | 0.099 | 0.163 | 0.128 |
| F-statistic | 1.899 | 2.589** | 2.074* |
| Durbin Watson statistic | 1.402 | 1.641 | 1.559 |
Notes:This table presents the panel least squares regression results using random effects for the 11 collectivist countries with INDIVCOLLECT ≤ 65. 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.