Table 8 OLS versus SDM estimation results

ln(\({s}_{k}\))

0.184*

(11.81)

0.354***

(15.24)

0.356***

(14.976)

0.041

(1.050)

0.396***

(8.216)

ln(\({s}_{h}\))

2.958***

(22.865)

0.941***

(14.595)

0.955***

(16.074)

0.361***

(3.681)

1.316***

(15.394)

ln(\({s}_{\tau }\))

− 0.004

(− 0.456)

0.058***

(5.141)

0.058***

(5.270)

− 0.013

(− 0.982)

0.044***

(2.835)

ln(\(n+\delta\))

0.936***

(6.853)

− 0.125***

(− 3.665)

− 0.119***

(− 3.451)

0.116*

(1.775)

− 0.003

(− 0.039)

Constant

3.008***

(15.674)

W*dep.var

0.147***

(2.661)

R- square

0.609

0.781

log-likelihood

1083.259