Table 7.
Support of Hypothesis 2: Robustness tests for individualist countries. 
Panel least squares regression results on GDP growth
Panel least squares regression results on GDP growth| Omit Sweden 10 countries | Omit Canada 10 countries | Omit Sweden & Canada 9 countries | |
|---|---|---|---|
| Intercept | −0.0836 | −0.0779 | −0.0891 |
| (−2.2987)** | (−1.1119) | (−1.9240)* | |
| LTIREM(−1) | 0.0378 | 0.0163 | 0.0387 |
| (2.4899)** | (0.9263) | (2.2855)** | |
| INVRATIO | 0.0532 | −0.0628 | 0.0540 |
| (1.0923) | (−0.7978) | (0.9026) | |
| LEGAL | −0.0002 | −0.0037 | −0.0003 |
| (−0.1190) | (−1.3029) | (−0.1235) | |
| LABOR | 0.0032 | 0.0060 | 0.0036 |
| (2.0206)** | (2.8074)*** | (1.9435)* | |
| LN(EDUCATION) | 0.0146 | 0.0522 | 0.0176 |
| (0.9021) | (1.8344)* | (0.8691) | |
| INDIVCOLLECT | 0.0000 | −0.0003 | 0.0000 |
| (0.1864) | (−0.7924) | (−0.0305) | |
| No. of panel observations | 50 | 50 | 45 |
| Adjusted R2 | 0.442 | 0.303 | 0.407 |
| F-statistic | 7.470*** | 4.554*** | 6.023*** |
| Durbin Watson statistic | 2.114 | 1.956 | 2.128 |
| Omit Sweden 10 countries | Omit Canada 10 countries | Omit Sweden & Canada 9 countries | |
|---|---|---|---|
| Intercept | −0.0836 | −0.0779 | −0.0891 |
| (−2.2987)** | (−1.1119) | (−1.9240)* | |
| LTIREM(−1) | 0.0378 | 0.0163 | 0.0387 |
| (2.4899)** | (0.9263) | (2.2855)** | |
| INVRATIO | 0.0532 | −0.0628 | 0.0540 |
| (1.0923) | (−0.7978) | (0.9026) | |
| LEGAL | −0.0002 | −0.0037 | −0.0003 |
| (−0.1190) | (−1.3029) | (−0.1235) | |
| LABOR | 0.0032 | 0.0060 | 0.0036 |
| (2.0206)** | (2.8074)*** | (1.9435)* | |
| LN(EDUCATION) | 0.0146 | 0.0522 | 0.0176 |
| (0.9021) | (1.8344)* | (0.8691) | |
| INDIVCOLLECT | 0.0000 | −0.0003 | 0.0000 |
| (0.1864) | (−0.7924) | (−0.0305) | |
| No. of panel observations | 50 | 50 | 45 |
| Adjusted R2 | 0.442 | 0.303 | 0.407 |
| F-statistic | 7.470*** | 4.554*** | 6.023*** |
| Durbin Watson statistic | 2.114 | 1.956 | 2.128 |
Notes:This table presents the panel least squares regression results using random effects for the 11 individualist 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.