Table 5: Estimation Results including Interaction Terms
|
3 SLS |
(1 a) |
(2 a) |
(За) |
|
log(cape×) |
-0.068 * |
ɪæi |
-0.049 * |
|
( 0.035 ) |
( 0.015 ) |
( 0.028 ) | |
|
log (weighted av. capex) |
-0.086 “ |
-0.035 |
-0.055 * |
|
( 0.039 ) |
( 0.016 ) |
( 0.030 ) | |
|
log(market share) |
-0.155 *“ |
-0.119 *“ |
-0.148 *“ |
|
( 0.035 ) |
( 0.015 ) |
( 0.027 ) | |
|
log(market size) |
0.702 *“ |
-0.032 |
0.171 |
|
( 0.270 ) |
( 0.091 ) |
( 0.171 ) | |
|
log(share urban pop.) |
19.534 ** |
-14.156 *“ |
-8.646 * |
|
( 9.028 ) |
( 2.292 ) |
( 4.424 ) | |
|
cb. reg. × log(cape×) |
-0.086 “ |
-0.074 | |
|
( 0.062 ) |
( 0.053 ) | ||
|
inc. reg. × log(cape×) |
-0.002 |
0.014 | |
|
(0.018 ) |
( 0.035 ) | ||
|
netm. reg. × log(cape×) |
0.037 |
0.052 “ |
0.071 |
|
( 0.059 ) |
( 0.025 ) |
( 0.049 ) | |
|
cb. reg. × |
0.108 * |
0.079 | |
|
log(weighted av. capex) |
( 0.061 ) |
( 0.053 ) | |
|
inc. reg. × |
0.008 |
-0.002 | |
|
log(weighted av. capex) |
( 0.018 ) |
( 0.035 ) | |
|
netm. reg. × |
-0.048 |
-0.078 *“ |
-0.092 |
|
log(weighted av.capex) |
( 0.061 ) |
( 0.026 ) |
( 0.050 ) |
|
GSM 1800 |
0.239 *“ |
0.109 *“ |
0 122 *** |
|
(0.066 ) |
( 0.020 ) |
( 0.039 ) | |
|
constant |
-27.266 *“ |
— |
— |
|
( 9.066 ) |
— |
— | |
|
country dummies included | |||
|
#Ôbsï |
318 |
421 |
500 |
|
Chi2 (df) |
3672.04 (26) |
145092.42 (27) |
46628.15 (30) |
|
"R2"___________________ |
0.920 |
0.988 |
0.951 |
|
3SLS |
(1 b) |
(2 b) |
(3 b) |
|
Iog(cape×) |
Ô"ÔÔ2 |
-0.007 |
√Γ∞8 |
|
( 0.012 ) |
( 0.011 ) |
(0.015 ) | |
|
log (weighted av. capex) |
0.040 *“ |
0.025 “ |
0.034 “ |
|
( 0.014 ) |
( 0.012 ) |
(0.016 ) | |
|
log(term. rate) |
-0.380 *“ |
-0.150 *“ |
-0.252 |
|
( 0.130 ) |
( 0.045 ) |
(0.156 ) | |
|
log(market share) |
0.939 *“ |
0.928 *“ |
0.944 *“ |
|
( 0.020 ) |
( 0.018 ) |
(0.025 ) | |
|
log(market size) |
-0.004 |
0.333 *“ |
0.120 |
|
( 0.075 ) |
( 0.071 ) |
(0.078 ) | |
|
log(share urban pop.) |
-10.987 *** |
-5.712 *“ |
-9.042 *“ |
|
( 1.767 ) |
(2.143 ) |
(1.582 ) | |
|
post paid |
0.000 *“ |
0.000 *“ |
0.000 *“ |
|
( 0.000 ) |
( 0.000 ) |
(0.000 ) | |
|
cb. reg. × log(cape×) |
-0.028 |
-0.020 | |
|
( 0.019 ) |
(0.027 ) | ||
|
inc. reg. × log(cape×) |
-0.004 |
0.002 | |
|
( 0.015 ) |
(0.016 ) | ||
|
netm. reg. × log(cape×) |
0.015 |
-0.016 |
0.012 |
|
( 0.021 ) |
( 0.017 ) |
(0.025 ) | |
|
cb. reg. × |
0.023 |
0.019 | |
|
log(weighted av. capex) |
( 0.019 ) |
(0.027 ) | |
|
inc. reg. × |
0.014 |
0.007 | |
|
log(weighted av. capex) |
( 0.015 ) |
(0.167 ) | |
|
netm. reg. × |
-0.007 |
0.016 |
-0.000 |
|
log(weighted av.cape×) |
( 0.023 ) |
(0.018 ) |
(0.027 ) |
|
constant |
1.646 “ |
— |
-0.944 * |
|
( 0.685 ) |
— |
(1.219 ) | |
|
country dummies included | |||
|
___________year dummies included___________ | |||
|
#Ôbsï |
500 |
318 |
421 |
|
Chi2 (df) |
12866.44 (30) |
1050000(28) |
12571.74 (27) |
|
"R2"___________________ |
0.963 |
0.983 |
0.963 |
*** ** * sjg∩a∣ the 1,5 and 10 percent significance levels.
Std. errors are provided in brackets.