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Table 4 Panel Analysis of Gross Equity Share, 1982-2001
|
(1) |
(2) |
(3) |
(4) |
(5) |
(6) |
(7) | |
|
External. |
0.03 |
0.02 |
0.02 |
0.02 |
0.02 |
-0.02 |
-0.01 |
|
Liberalization |
(2.92)*** |
(2.08)** |
(2.27)** |
(1.6) |
(1.68) |
(1.51) |
(1.2) |
|
Trade openness |
0.1 |
0.18 |
-0.05 |
-0.04 |
-0.03 |
0.04 | |
|
(1.4) |
(2.5)** |
(.55) |
(.38) |
(.35) |
(.34) | ||
|
Log GDP per |
0.31 |
0.2 |
0.17 |
0.004 |
0.02 | ||
|
capita |
(1.97)* |
(1.83)* |
(1.36) |
(.03) |
(.1) | ||
|
Financial Depth |
-0.02 |
-0.03 |
-0.03 |
-0.04 | |||
|
(1.57) |
(1.34) |
(2.04)* |
(2.09)** | ||||
|
Stock market |
0.11 |
0.11 |
0.15 |
0.15 | |||
|
capitalization |
(3.15)*** |
(3.54)*** |
(7.04)*** |
(6.45)*** | |||
|
Cumulative |
-0.58 |
0.93 |
0.99 | ||||
|
privatization |
(1.96)* |
(2.28)** |
(2.15)** | ||||
|
Corporate Tax |
0.03 |
0.02 | |||||
|
Rate |
(.3) |
(.82) | |||||
|
Protection |
-0.021 | ||||||
|
(.94) | |||||||
|
Adjusted R2 |
0.12 |
0.12 |
0.19 |
0.53 |
0.48 |
0.69 |
0.69 |
|
Number of obs. |
70 |
70 |
70 |
64 |
57 |
44 |
44 |
Note: Dependent variable is first difference of GEQSHARE ratio (the ratio of foreign equity
assets and liabilities to total foreign assets and liabilities). Fixed-effects panel estimation
using averaged data for 1982-85, 1986-89, 1990-93, 1994-97, 1998-2001. White-corrected t-
statistics in parentheses. See text for definition of variables.