The Long-Term Impact of Human Capital Investment on GDP: A Panel Cointegrated Regression Analysis
Table 1
The panel unit root test results for the series.
Variables
Developing countries
Developed countries
Constant
Constant and trend
Constant
Constant and trend
LGDP
Level
1st diff.
Level
1st diff.
Level
1st diff.
Level
1st diff.
LLC
−3.14593***
−8.8058***
−2.0277**
−7.3363***
−7.6703***
−10.63***
−3.885***
−11.1682***
IPS
1.27455
−9.5454***
−3.3668***
−7.9070***
−2.6551***
−8.326***
−3.647***
−7.77488***
ADF-Fisher Chi-Square
12.2047
132.0300***
44.819***
101.0400***
45.138**
120.94***
56.221***
104.909***
PP-Fisher Chi-Square
17.3827
178.4180***
21.1644
143.9000***
78.426***
135.94***
27.9579
122.823***
LCAP
Level
1st diff.
Level
1st diff.
Level
1st diff.
Level
1st diff.
LLC
−3.2774***
−16.4715***
−0.59623
−15.8420***
−5.328***
−15.214***
−3.1742***
−14.9583***
IPS
0.04853
−15.6084***
−2.09876**
−14.3212***
−1.30231*
−12.585***
−4.3880***
−11.5838***
ADF-Fisher Chi-Square
16.6501
227.626***
32.2634*
201.078***
30.3298
192.078***
65.966***
160.226***
PP-Fisher Chi-Square
23.3207
226.310***
35.3005**
199.022***
38.6300*
182.448***
25.946
153.410***
LED
Level
1st diff.
Level
1st diff.
Level
1st diff.
Level
1st diff.
LLC
−2.98467***
−14.4884***
0.11309
−11.4927***
−7.4089***
−10.1269***
−3.2115***
−8.74055***
IPS
1.16821
−13.3925***
−1.71766**
−11.1555***
−3.0173***
−10.4757***
−3.1114***
−9.39929***
ADF-Fisher Chi-Square
12.7975
192.206***
31.7368*
146.698***
50.5854***
160.616***
46.8568***
137.03200***
PP-Fisher Chi-Square
17.3836
189.475***
19.6087
153.423***
77.4953***
205.261***
45.3554**
405.34900***
LLIF
Level
1st diff.
Level
1st diff.
Level
1st diff.
Level
1st diff.
LLC
−1.44411*
−8.2187***
3.07602
−12.077***
−3.627***
−27.1061***
−1.57953*
−27.531***
IPS
1.38782
−3.1948***
3.83115
−2.9379***
2.55006
−25.8662***
−1.01970
−26.971***
ADF-Fisher Chi-Square
32.6369*
87.8737***
54.4389***
91.0401***
22.8534
404.455***
45.0026**
557.048***
PP-Fisher Chi-Square
191.742***
112.6150***
244.556
331.132***
27.2810
400.190***
40.9731**
586.349***
The null hypotheses of all unit root tests state that the series include unit root while the alternative hypotheses state the absence of unit root. , and indicate stationarity at 1%, 5%, and 10% significance levels, respectively.
