Impact of Investment Openness on National External Wealth: Based on Valuation Effects Perspective

Table 3

Regression estimation results.

	(1)	(2)	(3)	(4)	(5)
	nfa	va	ca	nfa	va
FO	−0.2155 (−9.48)	−0.2127 (−8.99)	−0.0028 (−0.41)
L-FO	0.1292 (5.32)	0.1291 (5.18)	−0.0001 (−0.02)
KOFFI				−0.3631 (−3.26)	−0.3505 (−3.09)
L-KOFFI				0.2156 (2.06)	0.2438 (2.30)
z	0.2549 (0.34)	−0.0700 (−0.87)	0.0955 (4.34)	0.1176 (1.02)	0.0083 (0.07)
gdp	−0.0440 (-0.99)	0.01324 (0.27)	−0.0572 (−4.46)	−0.0518 (−0.67)	0.0057 (0.307)
TR	0.1219 (2.04)	0.1040 (1.78)	0.0179 (0.95)	0.2039 (2.68)	0.1820 (2.32)
L-TR	−0.0824 (-1.69)	−0.1371 (-2.82)	0.0547 (3.28)	−0.1934 (2.86)	−0.2529 (-3.65)
_cons	13.8769 (−2.53)	−12.8029 (−4.55)	−1.0741 (−1.38)	−8.6339 (−1.55)	−7.9281 (-1.37)
Observations	200	200	200	180	180
Number of sections	10	10	10	10	10
Control time	YES	YES	YES	YES	YES
Control area	YES	YES	YES	YES	YES

Note. T-values are in parentheses. denotes statistical significance at 1%, denotes statistical significance at 5%, and denotes statistical significance at 10%. Since the variable FO have cover the time period 2000–2019, the time period of all variables used for basic empirical equations (1)–(3) is 2000–2019. But the newest data of variable KOFFI indicator published by Gygli et al. [33] is disclosed only until the end of 2017. So the time period of all variables used for the robustness tests (4) and (5) is 2000–2017.