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Fig 1.

Conceptual framework.

Source: Authors’ illustration.

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Table 1.

Sources for data collection.

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Table 1 Expand

Table 2.

Descriptive statistics of variables.

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Table 2 Expand

Table 3.

Correlation matrix.

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Table 3 Expand

Table 4.

Stationary test.

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Table 5.

Results of cointegration test.

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Table 6.

Results of autocorrelation test.

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Table 7.

Results of heteroskedasticity.

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Table 8.

Results of two-step system GMM estimator.

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Table 8 Expand