Fig 1.
Graphical abstract.
Table 1.
Description of the variables.
Table 2.
Descriptive statistics.
Table 3.
Correlation matrix.
Table 4.
Multicollinearity test.
Table 5.
Results of cross-section dependency test.
Table 6.
Panel-unit root test.
Table 7.
Westerlund panel co-integration test.
Table 8.
The SELPDM- approach for the linear panel-data model.
Table 9.
SYS-GMM, robustness test.
Table 10.
Results of Dumitrescu and Hurlin panel causality test.