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Digital Adoption and Corruption on Stock Market Development

Table 3: Regression for Pooled-OLS, Random Effect, Fixed Effect, and Corrected Estimation for Stock Market Development

Variable   Pooled OLS Random Effect Fixed Effect   Corrected Estimation Random Effect
Coeff. (t-value) sig level   Coeff. (t-value) sig level   Coeff. (t-value) sig level   Coeff. (t-value) sig level  
All-Income (55 countries)
DAI 48.1262 0.86   65.2362 1.94 ** 64.3911 1.58 * 65.2362 2.34 **
CPI 0.8659 2.32 ** 0.7272 2.34 *** 0.5830 1.01   0.7272 2.60 ***
BP LM test   51.05                    
p-value   0.0000                    
Hausman Test         0.13              
p-value         0.9353              
High-Income (31 countries)
DAI 164.5099 2.26 ** 128.4771 2.55 ** 67.0296 1.06   128.4771 3.50 ***
CPI 1.1761 2.72 *** 0.8130 2.07 ** -0.0345 -0.06   0.8130 2.15 **
BP LM test   28.22                    
p-value   0.0000                    
Hausman Test         3.39              
p-value         0.1838              
Upper Middle-Income (13 countries)
DAI 153.6443 0.82   175.4363 2.07 ** 177.3311 1.91 * 175.4363 1.69 **
CPI 3.5271 2.14 ** 3.2634 2.34 *** 3.1049 1.73   3.2634 2.32 **
BP LM test   12.13                    
p-value   0.0002                    
Hausman Test         0.03              
p-value         0.9875              
Lower Middle-Income (11 countries)
DAI -91.0963 -1.04   -63.4643 -2.03 ** -61.3245 -1.84 * -63.4643 -2.20 **
CPI 2.9096 3.06 *** 2.0387 2.82 *** 1.7242 1.97 * 2.0387 2.95 ***
BP LM test   10.05                    
p-value   0.0008                    
Hausman Test         0.42              
p-value         0.8096              
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