Impacts of Voice and Accountability upon Innovation in Pakistan: Evidence from ARDL and Maki Cointegration Approaches

Table 11

DOLS, FMOLS, and CCR estimates.

Variable	Coefficient	Standard error	T-statistic
DOLS estimates
Constant	30.944	6.696	4.620
VAA	−0.437	0.647	−0.675
ln TSM	−0.506	0.167	−3.035
ln INF	−4.403	0.834	−5.278
ln SAV	−3.269	1.107	−2.953
R-square: 0.732; Adjusted R-square: 0.625
FMOLS estimates
Constant	17.357	6.123	2.834
VAA	−2.964	0.720	−4.114
ln TSM	−0.092	0.136	−0.677
ln INF	−2.732	0.999	−2.734
ln SAV	−1.968	0.983	−2.002
R-square: 0.335; Adjusted R-square: 0.286
CCR estimates
Constant	18.768	6.671	2.813
VAA	−2.279	0.761	−2.993
ln TSM	−0.186	0.143	−1.298
ln INF	−2.796	1.076	−2.596
ln SAV	−1.972	1.024	−1.925
R-square: 0.357; Adjusted R-square: 0.309

Note. and Significant levels at 5% and 1%.