Data description, unit of measurement, and sources
| Variable code | Variable name | Unit of measurement | Source |
|---|---|---|---|
| IND | Industry growth | Percentage | World Bank’s World Development Indicators (WDI, 2022) |
| AGV | Agriculture, forestry, and fishing, value added | Percentage | World Bank’s World Development Indicators (WDI, 2022) |
| FRT | Fertilizer consumption | Metric tons | USDA, 2022. Database |
| MCH | Farm machinery | Number | USDA, 2022. Database |
| LAND | Arable land | Hectares | WDI (2022) |
| GEXP | Government agricultural expenditure | Constant 2005 US dollar (mln) | SPEED, 2022 |
| LNDR | Lending rate | Percentage | WDI (2022) |
| AGRE | Agricultural raw materials exports | Percentage of merchandise exports | World Bank’s World Development Indicators (WDI, 2022) |
| HCAP | Human capital | Index | 2015 Penn World Table |
| ELCT | Access to electricity (% of population) | Percentage of population | World Bank’s World Development Indicators (WDI, 2022) |
Panel Least Squares
| Variable | Fixed Effects | Random Effects |
|---|---|---|
| AGV | 0.072926*** (2.709329) | 0.207046*** (4.595423) |
| FRT | −0.028178 (−0.340990) | 0.049571 (0.610691) |
| MCH | 0.037249** (2.197542) | 0.015350** (2.038964) |
| LAND | −0.136746 (−1.674906) | −0.109684 (−1.354361) |
| GEXP | 0.002947 (0.439526) | 0.004168 (0.665470) |
| LNDR | −0.006407 (−1.660531) | −0.011956*** (−3.243056) |
| ARME | −0.083838*** (−6.258754) | −0.078226*** (−6.640453) |
| HCAP | 0.108151*** (7.293262) | 0.148835*** (12.63512) |
| ELCT | 1.181605*** (18.03080) | 0.151332*** (7.269792) |
| C | 4.785034*** (16.39677) | 4.388932*** (26.07586) |
| R-squared | 0.767143 | 0.710570 |
| Adjusted R-squared | 0.740264 | 0.699533 |
| F-statistic | 38.64007*** | 28.12591*** |
| Hausman Test | 21.985971*** |
Johansen Fisher Panel Cointegration test (Urbanized Nation)
| Series | Hypothesized No. of CE(s) | Fisher Stat.* (from trace test) | Prob. | Fisher Stat.* (from max-eigen test) | Prob. |
|---|---|---|---|---|---|
| IND, AGV, FRT, MCH, LAND, GEXP, LNDR, ARME, HCAP, ELCT | None | 1521. | 0.0000 | 661.9 | 0.0000 |
| At most 1 | 955.1 | 0.0000 | 350.9 | 0.0000 | |
| At most 2 | 462.4 | 0.0000 | 200.2 | 0.0000 | |
| At most 3 | 248.1 | 0.0000 | 112.9 | 0.0000 | |
| At most 4 | 342.4 | 0.0000 | 103.8 | 0.0000 | |
| At most 5 | 191.3 | 0.0000 | 192.3 | 0.0000 | |
| At most 6 | 113.1 | 0.0000 | 82.90 | 0.0005 | |
| At most 7 | 92.99 | 0.0041 | 91.34 | 0.0041 | |
| At most 8 | 61.11 | 0.0035 | 61.11 | 0.0035 |
Panel unit root test
| Variables | Level | First difference | Order of integration |
|---|---|---|---|
| INDt | −0.68674 | −13.5643*** | I(1) |
| AGVt | −0.41109 | −21.0038*** | I(1) |
| FRTt | −13.7935*** | − | I(0) |
| MCHt | −12.8305*** | − | I(0) |
| LANDt | −1. 81327** | − | I(0) |
| GEXPt | 0.55421 | −21.6703*** | I(1) |
| LNDRt | −3.99981*** | − | I(0) |
| ARMEt | 0.01403 | −10.1075*** | I(1) |
| HCAPt | −4.81238*** | − | I(0) |
| ELCTt | 0.01406 | −10.1091*** | I(1) |