Published

2018-01-01

Estimating dynamic Panel data. A practical approach to perform long panels.

Estimando Datos de panel dinámicos. Un enfoque práctico para abordar paneles largos

DOI:

https://doi.org/10.15446/rce.v41n1.61885

Keywords:

panel data, dynamic panels, XTABOND2, overidentification, endogenous models, Stata. (en)
datos de panel, datos de panel dinámicos, modelos endógenos, sobreidentificación, stata, xtabond2 (es)

Downloads

Authors

  • Romilio Labra Lillo Researcher at Complutense Institute for International Studies, Complutense University of Madrid and Agriaquaculture Nutritional Genomic Center (CGNA)
  • Celia Torrecillas Universidad Europea de Madrid

Panel data methodology is one of the most popular tools for quantitative analyses in the field of social sciences, particularly on topics related to economics and business. This technique allows us simultaneously addressing individual effects, numerous periods, and in turn, the endogeneity of the model or independent regressors. Despite these advantages, there are several methodological and practical limitations to perform estimations using this tool. Two types of models can be estimated with Panel data. While those of static nature have been the most developed, for performing dynamic models still remain some theoretical and practical constraints. This paper focus precisely on the latter, dynamics panel data, using an approach that combines theory and praxis, and paying special attention on estimations with macro database, that is to say, dataset with a long period of time and a small number of individuals, also called long panels.

La metodología de Datos de Panel es una de las técnicas más usadas para realizar análisis cuantitativos en el ámbito de las ciencias sociales, especialmente en temas relacionados con la economía y los negocios. Su riqueza reside en que esta técnica permite trabajar con varios periodos de tiempo, incorporar los efectos individuales, y a su vez, tratar la endogeneidad. A pesar de estas ventajas, existen diversos obstáculos para su implementación, tanto metodológicos como operativos. Dentro de los tipos de modelos que se pueden estimar con Datos de Panel, los de carácter estáticos han sido los más desarrollados, persistiendo aún carencias teórico-prácticas para los modelos dinámicos. Este artículo pone precisamente su énfasis en estos últimos, aplicando un enfoque que conjuga la teoría y la praxis, y prestando especial atención a su aplicabilidad para datos macroeconómicos, fundamentalmente para paneles que poseen un período de tiempo largo y un número de individuos pequeño.

References

Anderson, T. W. & Hsiao, C. (1981), 'Estimation of dynamic models with error components', Journal of the American statistical Association 76(375), 598-606.

Arellano, M. & Bond, S. (1991), 'Some tests of speci_cation for panel data: Monte Carlo evidence and an application to employment equations', The Review of Economic Studies 58(2), 277-297.

Arellano, M. & Bover, O. (1995), 'Another look at the instrumental variable estimation of error-components models', Journal of Econometrics 68(1), 29-51.

Balestra, P. & Nerlove, M. (1966), 'Pooling cross section and time series data in the estimation of a dynamic model: The demand for natural gas', Econometrica: Journal of the Econometric Society 34(3), 585-612.

Barro, R. (1991), 'Economic growth in a cross section of countries', Quarterly Journal of Economics (106), 407-443.

Blundell, R. & Bond, S. (1998), 'Initial conditions and moment restrictions in dynamic panel data models', Journal of Econometrics 87(1), 115-143.

Cameron, A. & Trivedi, P. (2009), Microeconometrics using Stata, Stata Press College Station, Texas, United States.

Chudik, A., Pesaran, M. H. & Tosetti, E. (2011), 'Weak and strong cross-section dependence and estimation of large panels', Structural Change and Economic Dynamics 14(1).

Dosi, G. (1988), 'Sources, procedures, and microeconomic e_ects of innovation', Journal of economic literature XXVI, 1120_1171.

Hoechile, D. (1933), 'Analysis of a complex of statistical variables into principal components', Journal of Educational Psychology (24), 417_520.

Labra, R. & Torrecillas, C. (2014), Guía cero para datos de panel. un enfoque práctico, Working paper 16, Universidad Autónoma de Madrid, Madrid, España.

Lee, K., Pesaran, M. & Pierse, R. (1990), 'Testing for aggregation bias in linear models', Economic Journal (100), 137_150.

Álvarez, I. & Labra, R. (2014), 'Technology Gap and Catching up in Economies Based on Natural Resources: The Case of Chile', Journal of Economics, Business and Management 3(6), 619_627.

Maddala, G. (1971), 'The likelihood approach to pooling cross section and time series data', Econometrica 39(6), 939_953.

Maddala, G. (1975), Some problems arising in pooling cross-section and time-series data, Discussion paper, University of Rochester, Nueva York.

Mairesse, J. & Griliches, Z. (1988), 'Heterogeneity in panel data: are there stable production functions?'.

Mileva, E. (2007), Using Arellano-Bond Dynamic Panel GMM Estimators in Stata, Fordham University, New York.

Nelson, R. & Winter, S. (1982), An evolutionary theory of economic change, Harvard University Press, United States.

Nerlove, M. (1971), 'Further Evidence on the Estimation of Dynamic Economic Relations from a Time Series of Cross Sections', Econometrica, Econometric Society 39(2), 359-382.

Pesaran, M. H. (2006), 'Estimation and inference in large heterogeneous panels with a multifactor error structure', Econometrica 74(4), 967-1012.

Pesaran, M. H., Pierse, R. G. & Kumar, M. S. (1989), 'Econometric analysis of aggregation in the context of linear prediction models', Econometrica: Journal of the Econometric Society (57), 861-888.

Pesaran, M. H. & Smith, R. (1995), 'Estimating long-run relationships from Dynamic heterogeneous panels', Journal of econometrics 68(1), 79-113.

Phillips, P. C. B. & Sul, D. (2003), 'Dynamic Panel Estimation and Homogeneity Testing under Cross Section Dependence', The Econometrics Journal (6), 217-259.

Pérez-López, C. (2008), Econometría Avanzada: Técnicas y Herramientas, Pearson Prentice Hall, Madrid, España.

Roodman, D. (2006), How to do xtabond2: An introduction to di_erence and system GMM in Stata.

Roodman, D. (2009), 'A note on the theme of too many instruments', Oxford Bulletin of Economics and Statistics 71(1), 135-158.

Ruíz-Porras, A. (2012), Econometric research with panel data: History, models and uses in mexico, MPRA-paper 42909, University Library of Munich, Germany.

Santos-Arteaga, F. J., Torrecillas, C. & Tavana, M. (2017), 'Dynamic effects of learning on the innovative outputs and productivity in spanish multinational enterprises', The Journal of Technology Transfer pp. 1-35.

Sargan, J. D. (1958), 'The estimation of economic relationships using instrumental variables', Econometrica: Journal of the Econometric Society 26, 393-415.

Torrecillas, C., Fischer, B. B. & Sánchez, A. (2017), 'The dual role of R&D expenditures in European Union's member states: short-and long-term prospects', Innovation: The European Journal of Social Science Research 30(4), 433-454.

Wooldridge, J. (2013), Introductory Econometrics: A Modern Approach, 5 edn, South-Western, Australia.

How to Cite

APA

Labra Lillo, R. & Torrecillas, C. (2018). Estimating dynamic Panel data. A practical approach to perform long panels. Revista Colombiana de Estadística, 41(1), 31–52. https://doi.org/10.15446/rce.v41n1.61885

ACM

[1]
Labra Lillo, R. and Torrecillas, C. 2018. Estimating dynamic Panel data. A practical approach to perform long panels. Revista Colombiana de Estadística. 41, 1 (Jan. 2018), 31–52. DOI:https://doi.org/10.15446/rce.v41n1.61885.

ACS

(1)
Labra Lillo, R.; Torrecillas, C. Estimating dynamic Panel data. A practical approach to perform long panels. Rev. colomb. estad. 2018, 41, 31-52.

ABNT

LABRA LILLO, R.; TORRECILLAS, C. Estimating dynamic Panel data. A practical approach to perform long panels. Revista Colombiana de Estadística, [S. l.], v. 41, n. 1, p. 31–52, 2018. DOI: 10.15446/rce.v41n1.61885. Disponível em: https://revistas.unal.edu.co/index.php/estad/article/view/61885. Acesso em: 17 nov. 2025.

Chicago

Labra Lillo, Romilio, and Celia Torrecillas. 2018. “ A practical approach to perform long panels”. Revista Colombiana De Estadística 41 (1):31-52. https://doi.org/10.15446/rce.v41n1.61885.

Harvard

Labra Lillo, R. and Torrecillas, C. (2018) “ A practical approach to perform long panels”., Revista Colombiana de Estadística, 41(1), pp. 31–52. doi: 10.15446/rce.v41n1.61885.

IEEE

[1]
R. Labra Lillo and C. Torrecillas, “ A practical approach to perform long panels”., Rev. colomb. estad., vol. 41, no. 1, pp. 31–52, Jan. 2018.

MLA

Labra Lillo, R., and C. Torrecillas. “ A practical approach to perform long panels”. Revista Colombiana de Estadística, vol. 41, no. 1, Jan. 2018, pp. 31-52, doi:10.15446/rce.v41n1.61885.

Turabian

Labra Lillo, Romilio, and Celia Torrecillas. “ A practical approach to perform long panels”. Revista Colombiana de Estadística 41, no. 1 (January 1, 2018): 31–52. Accessed November 17, 2025. https://revistas.unal.edu.co/index.php/estad/article/view/61885.

Vancouver

1.
Labra Lillo R, Torrecillas C. Estimating dynamic Panel data. A practical approach to perform long panels. Rev. colomb. estad. [Internet]. 2018 Jan. 1 [cited 2025 Nov. 17];41(1):31-52. Available from: https://revistas.unal.edu.co/index.php/estad/article/view/61885

Download Citation

CrossRef Cited-by

CrossRef citations90

1. Federica Poli. (2022). Ownership dispersion and performance in cooperative banking. Corporate Ownership and Control, 19(4), p.111. https://doi.org/10.22495/cocv19i4art10.

2. Yung-hsiang Ying, Wenli Lee, Koyin Chang. (2020). Mandate-based welfare policies and the effect on real wage – The case of Taiwan. Economic Modelling, 90, p.417. https://doi.org/10.1016/j.econmod.2019.11.027.

3. David Grembowski, Sungwon Lim, Athena Pantazis, Betty Bekemeier. (2022). Analytic approaches to assess the impact of local spending on sexually transmitted diseases. Health Services Research, 57(3), p.644. https://doi.org/10.1111/1475-6773.13915.

4. Issofou Njifen, Anna Anemann. (2023). Military expenditures and human capital development in sub-Saharan Africa: a system GMM approach. Development Studies Research, 10(1) https://doi.org/10.1080/21665095.2022.2163678.

5. Awadh Saeed Bin-Dohry, Hanita Kadir Shahar, Sharmilawati Sabki, David McMillan. (2021). The determinants of dual listing decision of firms from ASEAN-5. Cogent Economics & Finance, 9(1) https://doi.org/10.1080/23322039.2021.1917105.

6. Ghulam Mujtaba, Yasmeen Akhtar, Saira Ashfaq, Imran Abbas Jadoon, Syeda Mahlaqa Hina. (2022). The nexus between Basel capital requirements, risk-taking and profitability: what about emerging economies?. Economic Research-Ekonomska Istraživanja, 35(1), p.230. https://doi.org/10.1080/1331677X.2021.1890177.

7. Tomáš Kábrt, Karel Brůna. (2022). Asymmetric effects of foreign capital on income inequality: The case of the Post-China 16 countries. Economic Analysis and Policy, 76, p.613. https://doi.org/10.1016/j.eap.2022.08.025.

8. Fayssal Ayad, Ahlam Delmadji. (2023). Fifty Shades of Sustainable Development: A Global Study. SSRN Electronic Journal, https://doi.org/10.2139/ssrn.4362957.

9. Jijun Kang, Chenyang Yu, Rui Xue, Dong Yang, Yuli Shan. (2022). Can regional integration narrow city-level energy efficiency gap in China?. Energy Policy, 163, p.112820. https://doi.org/10.1016/j.enpol.2022.112820.

10. Michael Hadani. (2024). See you in court? The (un)intended legal consequences of corporate political connections. Business and Society Review, 129(3), p.450. https://doi.org/10.1111/basr.12367.

11. Mohammad Kamal Hossain, Fazlur Rahman, Uttam Golder, Humayun Kabir. (2025). Effectiveness of Internal Corporate Governance Mechanisms in Controlling Non-Performing Loans of an Emerging Economy. Schmalenbach Journal of Business Research, https://doi.org/10.1007/s41471-025-00216-7.

12. Francisco Javier Santos-Arteaga, Madjid Tavana, Celia Torrecillas, Debora Di Caprio. (2020). INNOVATION DYNAMICS AND FINANCIAL STABILITY: A EUROPEAN UNION PERSPECTIVE. Technological and Economic Development of Economy, 26(6), p.1366. https://doi.org/10.3846/tede.2020.13521.

13. Ivana Đunđek Kokotec, Silvije Orsag, Marina Klačmer Čalopa. (2021). The Impact of Institutional Investors’ Ownership on Performance and Financial Position: Evidence from Firms in the Republic of Croatia. South East European Journal of Economics and Business, 16(1), p.53. https://doi.org/10.2478/jeb-2021-0005.

14. Muhammad Salar Khan. (2022). Absorptive capacities and economic growth in low- and middle-income economies. Structural Change and Economic Dynamics, 62, p.156. https://doi.org/10.1016/j.strueco.2022.03.015.

15. Peter Eshak Nashed Soliman, Reham Salah Beram. (2025). Sustainable Development Goals and Unemployment: Worldwide Evidence. Journal of the Knowledge Economy, https://doi.org/10.1007/s13132-025-02782-x.

16. Yasmeen Akhtar, Ghulam Mujtaba Kayani, Tahir Yousaf. (2019). The Effects of Regulatory Capital Requirements and Ownership Structure on Bank Lending in Emerging Asian Markets. Journal of Risk and Financial Management, 12(3), p.142. https://doi.org/10.3390/jrfm12030142.

17. Eugenia Ramona Mara. (2025). Mitigating energy poverty in the European union welfare states through renewable energy and technological innovation. Economic Analysis and Policy, 86, p.438. https://doi.org/10.1016/j.eap.2025.03.026.

18. Paulo Vitor Levate, Eduardo Gonçalves, Juliana Gonçalves Taveira. (2021). Regional drivers of green inventions in OECD countries. Letters in Spatial and Resource Sciences, 14(3), p.335. https://doi.org/10.1007/s12076-021-00284-3.

19. Marcin Czaplicki. (2022). Measuring the restrictiveness of (macro)prudential policy: the case of bank capital regulation in Poland. Journal of Banking Regulation, 23(3), p.322. https://doi.org/10.1057/s41261-021-00164-2.

20. Adela Socol, Iulia Cristina Iuga. (2025). Does democracy matter in banking performance? Exploring the linkage between democracy, economic freedom and banking performance in the European Union member states. International Journal of Finance & Economics, 30(1), p.86. https://doi.org/10.1002/ijfe.2911.

21. Francesca Gastaldi, Eugenio Palmieri, Maria Grazia Pazienza, Fiorenza Venturini. (2023). Mitigare i divari regionali negli investimenti: un'analisi del credito di imposta per il Mezzogiorno. PRISMA Economia - Società - Lavoro, (1), p.38. https://doi.org/10.3280/PRI2021-001004.

22. Iulia Cristina Iuga, Adela Socol. (2024). GOVERNMENT ARTIFICIAL INTELLIGENCE READINESS AND BRAIN DRAIN: INFLUENCING FACTORS AND SPATIAL EFFECTS IN THE EUROPEAN UNION MEMBER STATES. Journal of Business Economics and Management, 25(2), p.268. https://doi.org/10.3846/jbem.2024.21136.

23. Megbaru Tesfaw Molla, Ratinder Kaur, Kennedy Munyua Waweru. (2025). Association of risk management practices and financial performance of microfinance institutions in Ethiopia: A two-step system generalized method of moments approach. PLOS One, 20(7), p.e0321415. https://doi.org/10.1371/journal.pone.0321415.

24. Adela Socol, Horia Iuga, Ioana Lazarescu, Iulia Cristina Iuga. (2025). Asymmetric effects of government debt, human development and governance on happiness: a worldwide panel analysis from 2008 to 2023. International Journal of Islamic and Middle Eastern Finance and Management, 18(6), p.1374. https://doi.org/10.1108/IMEFM-11-2024-0549.

25. Ferhat ÖZBAY, Bekir Sami OGUZTURK, Aykut SEZGİN. (2020). Gelişmiş ve Gelişmekte Olan G20 Ülkelerinin İnovasyon Çıktılarını Etkileyen Faktörlerin Bilgi Üretim Fonksiyonu ile Analizi. İnsan ve Toplum Bilimleri Araştırmaları Dergisi, 9(5), p.3874. https://doi.org/10.15869/itobiad.797186.

26. Meshesha Zewdie Amare, Wondaferahu Mulugeta, Malebo Mencha. (2024). Nexus between natural resource endowments and economic growth in selected African countries. Discover Sustainability, 5(1) https://doi.org/10.1007/s43621-024-00448-3.

27. Behnam Ata, János Pénzes, Parisa Pakrooh, Aynaz Lotfata, Safwan Mohammed. (2025). Comprehensive analysis of factors influencing EU-countries household energy consumption (2000–2022): Trends and vulnerability to COVID-19 and the Russia-Ukraine war. Energy Strategy Reviews, 59, p.101728. https://doi.org/10.1016/j.esr.2025.101728.

28. Jacek Jaworski, Leszek Czerwonka. (2023). Which Capital Structure Theory Explains Financial Behaviour of Small and Medium-Sized Enterprises? Evidence from Poland. Gospodarka Narodowa, 313(1), p.82. https://doi.org/10.33119/GN/159035.

29. Robert Neil Killins, David W. Johnk, Peter V. Egly. (2020). The impact of financial regulation policy uncertainty on bank profits and risk. Studies in Economics and Finance, 37(4), p.725. https://doi.org/10.1108/SEF-05-2019-0169.

30. Ghulam Mujtaba Kayani, Yasmeen Akhtar, Chen Yiguo, Tahir Yousaf, Syed Jawad Hussain Shahzad. (2021). The Role of Regulatory Capital and Ownership Structure in Bank Liquidity Creation: Evidence From Emerging Asian Economies. Sage Open, 11(2) https://doi.org/10.1177/21582440211006051.

31. Stefanía Olaya-Correa, Tania Katherine Mejía-Cano, Jaime Andrés Correa-García, Diego Andrés Correa-Mejía. (2025). Influencia de la divulgación de prácticas ambientales, sociales y de buen gobierno en los flujos de caja libre de empresas latinoamericanas. Revista CEA, 11(25), p.e3097. https://doi.org/10.22430/24223182.3097.

32. Chuop Theot Therith. (2022). Effect of Investment Promotion through the Special Economic Zone Mechanism on the Distribution of FDI in Cambodia. Economies, 10(9), p.231. https://doi.org/10.3390/economies10090231.

33. Ercan YAŞAR. (2021). İhracat Çeşitlendirmesinin Belirleyicileri: Seçilmiş Ülkeler İçin Dinamik Panel Veri Analizi. Anemon Muş Alparslan Üniversitesi Sosyal Bilimler Dergisi, 9(4), p.1039. https://doi.org/10.18506/anemon.895060.

34. Fikret Bostan, Metin Karadağ. (2025). The Effects of International Technology Spillover Channels on Innovation Performance: An Application on Turkish Manufacturing Industry. Journal of the Knowledge Economy, 16(5), p.16698. https://doi.org/10.1007/s13132-024-02560-1.

35. Juuko Alozious. (2022). NATO’s Two Percent Guideline: A Demand for Military Expenditure Perspective. Defence and Peace Economics, 33(4), p.475. https://doi.org/10.1080/10242694.2021.1940649.

36. Sabahat Riaz, Mohamed Hisham Hanifa, Fauzi Zainir. (2021). Does Foreign Institutional Equity Participation Instigate Sustainable Corporate Investment Efficiency? Evidence from Emerging Economies. Sustainability, 13(8), p.4190. https://doi.org/10.3390/su13084190.

37. Fayssal Ayad, Ahlam Delmadji. (2024). Fifty shades of sustainable development: a global study. Environment, Development and Sustainability, 27(7), p.16739. https://doi.org/10.1007/s10668-024-04614-5.

38. Adela Socol, Horia Iuga, Dragoș Socol, Iulia Cristina Iuga. (2023). Does climate change drive up government healthcare costs in the European Union?. Frontiers in Environmental Science, 11 https://doi.org/10.3389/fenvs.2023.1286099.

39. Eduardo Gonçalves, Juliana Gonçalves Taveira, Adalberto Labrador, João Gabriel Pio. (2021). Is trade openness a carrier of knowledge spillovers for developed and developing countries?. Structural Change and Economic Dynamics, 58, p.66. https://doi.org/10.1016/j.strueco.2021.03.006.

40. Nicholas Odhiambo, Talknice Saungweme. (2024). Economic growth and income inequality in sub-Saharan African countries: A test of Kuznets’ hypothesis. Economic Annals, 69(240), p.7. https://doi.org/10.2298/EKA2440007O.

41. Raffaela Casciello, Marco Maffei, David A. Ziebart. (2024). Regulatory and contextual factors influencing earnings and capital management decisions: evidence from the European banking sector. Review of Quantitative Finance and Accounting, 63(1), p.87. https://doi.org/10.1007/s11156-024-01253-9.

42. Alexander Schiller, René-Ojas Woltering, Christian Weis, Steffen Sebastian. (2022). What determines the mean reversion speed of NAV spreads?. Journal of Property Research, 39(4), p.293. https://doi.org/10.1080/09599916.2022.2105251.

43. Laura Ierfino-Blachford, Robert J David. (2025). From the margins to the mainstream: Entrepreneurial theorization and the spread of a new collective identity within a mature organizational field. Strategic Organization, 23(4), p.713. https://doi.org/10.1177/14761270241297756.

44. Rokhana Dwi Bekti, Kris Suryowati, Fajri Berta, Edhy Sutanta, I. Wayan Julianta Pradnyana. (2024). Dynamic panel regression with GMM estimation for analysis of gross regional domestic product in Sumatera, Java, and Kalimantan. THE 8TH INTERNATIONAL CONFERENCE ON TECHNOLOGY AND VOCATIONAL TEACHERS 2022. THE 8TH INTERNATIONAL CONFERENCE ON TECHNOLOGY AND VOCATIONAL TEACHERS 2022. 3145, p.120008. https://doi.org/10.1063/5.0214138.

45. Kosta Josifidis, Novica Supic. (2023). Sectoral distribution of FDI and employment: Evidence from post- transitional European countries. Panoeconomicus, 70(4), p.573. https://doi.org/10.2298/PAN2304573J.

46. Duc Nha Le, Nam Khanh Pham. (2025). Trade, gender equality and institutional quality: Evidence from the gravitational approach. International Journal of Development Issues, 24(1), p.106. https://doi.org/10.1108/IJDI-02-2024-0029.

47. Marcin Czaplicki. (2024). Transmisja polityki pieniężnej poprzez kanałbilansowy banków. Przypadek Stanów Zjednoczonych. Bank i Kredyt, Vol. 55(No. 1), p.21. https://doi.org/10.5604/01.3001.0054.5694.

48. Issofou Njifen. (2024). Sub-Saharan Africa’s higher education: investment decisions on human capital in the presence of youth unemployment. Studies in Higher Education, 49(2), p.351. https://doi.org/10.1080/03075079.2023.2234397.

49. Tito Belchior Silva Moreira, Angelo do Nascimento Nogueira, Carlos Enrique Carrasco-Gutierrez. (2023). Desenvolvimento humano: evidências no modelo MRW ampliado. Economia e Desenvolvimento, 34, p.e4. https://doi.org/10.5902/1414650969104.

50. Luciane Franke, Marcos Tadeu Caputi Lélis, Alexsandro Marian Carvalho, José Roberto Iglesias. (2021). The Impact of Chinese Exports on Brazilian and Mexican Exports: A Model Using Dynamic Panel Data. Emerging Markets Finance and Trade, 57(4), p.1124. https://doi.org/10.1080/1540496X.2019.1609446.

51. Walid Abdmoulah. (2021). Competition and financial institutions and markets development: a dynamic panel data analysis. Journal of Financial Economic Policy, 13(5), p.539. https://doi.org/10.1108/JFEP-05-2020-0106.

52. Sadat Daaki Ssekibaala, Twaha Ahmed Kasule. (2023). Examination of the poverty-environmental degradation nexus in Sub-Saharan Africa. Regional Sustainability, 4(3), p.296. https://doi.org/10.1016/j.regsus.2023.08.007.

53. Mine YAŞAR. (2020). The Relationship Between High-Tech Product Exports, R&D Expenditures and Patent Applications: Dynamic Panel Data Analysis for Selected Countries. BİLTÜRK Journal of Economics and Related Studies, , p.557. https://doi.org/10.47103/bilturk.791786.

54. Zeki AKBAKAY. (2023). Küreselleşme, Enflasyon ve Para Politikasının Etkinliği. ODÜ Sosyal Bilimler Araştırmaları Dergisi (ODÜSOBİAD), https://doi.org/10.48146/odusobiad.1170277.

55. Zbigniew Gołaś. (2020). Impact of working capital management on business profitability: Evidence from the Polish dairy industry. Agricultural Economics (Zemědělská ekonomika), 66(6), p.278. https://doi.org/10.17221/335/2019-AGRICECON.

56. Iulia Cristina Iuga. (2025). Impact of governance and technological progress on internet banking adoption across two major 21st century crises. Cogent Business & Management, 12(1) https://doi.org/10.1080/23311975.2025.2469772.

57. Michael Hadani. (2024). The Impact of Trustworthiness on the Association of Corporate Social Responsibility and Irresponsibility on Legitimacy. Journal of Management Studies, 61(4), p.1266. https://doi.org/10.1111/joms.12916.

58. Jorge Feregrino, Juan Felipe Espinosa-Cristia, Nelson Lay, Luis Leyton. (2022). Inappropriate Corporate Strategies: Latin American Companies That Increase Their Value by Short-Term Liabilities. International Journal of Financial Studies, 10(4), p.100. https://doi.org/10.3390/ijfs10040100.

59. Robert N. Killins. (2020). Firm-specific, industry-specific and macroeconomic factors of life insurers’ profitability: Evidence from Canada. The North American Journal of Economics and Finance, 51, p.101068. https://doi.org/10.1016/j.najef.2019.101068.

60. Celia Torrecillas, Sara Fernández. (2022). Exports and outward FDI as drivers of eco-innovations. An analysis based on Spanish manufacturing firms. Journal of Cleaner Production, 349, p.131243. https://doi.org/10.1016/j.jclepro.2022.131243.

61. Mohammad Naim Azimi, Mohammad Mafizur Rahman. (2024). Food insecurity, environment, institutional quality, and health outcomes: evidence from South Asia. Globalization and Health, 20(1) https://doi.org/10.1186/s12992-024-01022-2.

62. Eylül KABAKÇI GÜNAY, Güler GÜNSOY. (2022). Küreselleşmenin Ekonomik Büyüme Üzerindeki Etkisi: Sahra Altı Afrika Ülkeleri Örneği. Journal of Yaşar University, 17(66), p.453. https://doi.org/10.19168/jyasar.1071702.

63. Yanyan Sun, Kunling Zhang, Song Zhang. (2023). The impact of Chinese Outward Foreign Direct Investment on the comparative advantage of the Belt and Road countries. Journal of the Asia Pacific Economy, 28(3), p.1251. https://doi.org/10.1080/13547860.2021.1950114.

64. Bryan N Patenaude. (2021). The relationship between development assistance for health and public health financing in 134 countries between 2000 and 2015. Health Policy and Planning, 36(4), p.369. https://doi.org/10.1093/heapol/czab004.

65. Lilianne Isabel Pavón Cuéllar. (2024). The Importance of Social Capital in Promoting Financial Inclusion: An International Perspective. Scientific Annals of Economics and Business, 71(2), p.221. https://doi.org/10.47743/saeb-2024-0013.

66. Guadalupe del Carmen Briano‐Turrent. (2022). Female representation on boards and corporate ethical behavior in Latin American companies. Corporate Governance: An International Review, 30(1), p.80. https://doi.org/10.1111/corg.12416.

67. Mohammad Jamal Bataineh, Pedro Sánchez-Sellero, Fayssal Ayad. (2024). The role of organizational innovation in the development of green innovations in Spanish firms. European Management Journal, 42(4), p.527. https://doi.org/10.1016/j.emj.2023.01.006.

68. Beatriz Cuadrado-Ballesteros, Noemí Peña-Miguel. (2022). Analysing the link between corruption and PPPs in infrastructure projects: an empirical assessment in developing countries. Journal of Economic Policy Reform, 25(2), p.136. https://doi.org/10.1080/17487870.2021.1973899.

69. Toriola Anu, Goerge Emmanuel, Ajayi Felix. (2022). Social Dimension of Inclusive Growth in ECOWAS: Implication for Poverty Reduction. Central Bank of Nigeria Journal of Applied Statistics, 13(1) https://doi.org/10.33429/Cjas.13122.9/9.

70. Adela Socol, Iulia Cristina Iuga. (2024). Addressing brain drain and strengthening governance for advancing government readiness in artificial intelligence (AI). Kybernetes, 53(13), p.47. https://doi.org/10.1108/K-03-2024-0629.

71. Albert Opoku Frimpong, Eugenia Amporfu, Eric Arthur. (2022). Effects of public and external health spending on out-of-pocket payments for healthcare in sub-Saharan Africa. Health Policy and Planning, 37(9), p.1129. https://doi.org/10.1093/heapol/czac068.

72. Walid Abdmoulah. (2023). Export sophistication and economic performance, new evidence using TiVA database. International Review of Applied Economics, 37(1), p.113. https://doi.org/10.1080/02692171.2022.2026299.

73. Leviticus Mensah, Murad Abdurahman Bein, Richard Arhinful. (2025). The Impact of Capital Structure on Business Growth Under IFRS Adoption: Evidence From Firms Listed in the Frankfurt Stock Exchange. SAGE Open, 15(2) https://doi.org/10.1177/21582440251336533.

74. Ekene ThankGod Emeka, Ikenna Paulinus Nwodo, Ambrose Nnaemeka Omeje, Jonathan Emenike Ogbuabor, Ravinder Rena. (2024). Remittance Inflow, Investment, and Economic Growth in Africa amidst COVID-19 Pandemic. Journal of Asian and African Studies, https://doi.org/10.1177/00219096241275426.

75. Elisabete Gomes Santana Félix, Teresa Freitas Belo. (2019). The impact of microcredit on poverty reduction in eleven developing countries in south-east Asia. Journal of Multinational Financial Management, 52-53, p.100590. https://doi.org/10.1016/j.mulfin.2019.07.003.

76. Cândida Ferreira. (2022). Determinants of Non-performing Loans: A Panel Data Approach. International Advances in Economic Research, 28(3-4), p.133. https://doi.org/10.1007/s11294-022-09860-9.

77. Yanyan Sun, Song Zhang, Kunling Zhang. (2024). The impact of China’s outward foreign direct investment on its export similarity with belt and road countries. The Journal of International Trade & Economic Development, 33(1), p.76. https://doi.org/10.1080/09638199.2022.2159057.

78. Juan Gallegos Mardones, Gonzalo Ruiz Cuneo. (2020). Capital structure and performance in Latin American companies. Economic Research-Ekonomska Istraživanja, 33(1), p.2171. https://doi.org/10.1080/1331677X.2019.1697720.

79. Giorgio Colacchio, Anna Serena Vergori. (2022). GDP growth rate, tourism expansion and labor market dynamics: Applied research focused on the Italian economy. National Accounting Review, 4(3), p.310. https://doi.org/10.3934/NAR.2022018.

80. Leonardo Andrade Rocha, Leonardo Querido Cárdenas, Felipe Alves Reis, Napiê Galvê Araújo Silva, Carlos Alano Soares de Almeida. (2021). Inflation and innovation value: How inflation affects innovation and the value strategy across firms. Estudios económicos, 38(76), p.147. https://doi.org/10.52292/j.estudecon.2021.2334.

81. Ercan YAŞAR. (2023). Orta Gelir Tuzağındaki Ülkelerde Finansal İstikrarın Ekonomik Büyüme Üzerindeki Etkisi: Dinamik Panel Veri Analizi. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, (78), p.30. https://doi.org/10.51290/dpusbe.1261419.

82. Mapule Mofokeng, Abdul Latif Alhassan, Bomikazi Zeka. (2024). Public–private partnerships and economic growth: a sectoral analysis from developing countries. International Journal of Construction Management, 24(10), p.1029. https://doi.org/10.1080/15623599.2023.2217374.

83. Franklin Bedakiyiba Baajike, Enoch Ntsiful, Angela Boakye Afriyie, Eric Fosu Oteng-Abayie. (2022). The effects of economic growth, trade liberalization, and financial development on environmental sustainability in West Africa. The role of institutions. Research in Globalization, 5, p.100104. https://doi.org/10.1016/j.resglo.2022.100104.

84. Huijing Li, Hong Li, Lei Lu, George Theocharides, Xiong Xiong. (2020). Macro disagreement and international options markets. Journal of International Financial Markets, Institutions and Money, 65, p.101187. https://doi.org/10.1016/j.intfin.2020.101187.

85. Michael Hadani. (2025). To Toe the Party Line? The Impact of Firm and CEO Partisanship on Corporate Mass-Media Normative Legitimacy. Journal of Management, 51(4), p.1645. https://doi.org/10.1177/01492063231225646.

86. Behnam Ata, Parisa Pakrooh, János Pénzes. (2023). Driving factors of energy related CO2 emissions at a regional level in the residential sector of Iran. Scientific Reports, 13(1) https://doi.org/10.1038/s41598-023-44975-x.

87. Romilda Mazzotta, Olga Ferraro. (2020). Does the gender quota law affect bank performances? Evidence from Italy. Corporate Governance: The International Journal of Business in Society, 20(6), p.1135. https://doi.org/10.1108/CG-08-2019-0252.

88. Ufuk DOĞAN, Yusuf DİNÇ. (2023). Türk Bankacılık Sektöründe Kar Yönetimi Uygulamaları: Borsa İstanbul Örneği. Muhasebe ve Vergi Uygulamaları Dergisi, 16(2), p.289. https://doi.org/10.29067/muvu.1250721.

89. Oguzhan Cepni, Ibrahim Ethem Guney, Doruk Kucuksarac, M. Hasan Yilmaz. (2021). Do local and global factors impact the emerging markets' sovereign yield curves? Evidence from a data‐rich environment. Journal of Forecasting, 40(7), p.1214. https://doi.org/10.1002/for.2763.

Dimensions

PlumX

Article abstract page views

2541

Downloads

Download data is not yet available.

License

Copyright (c) 2018 Revista Colombiana de Estadística

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

  1. Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
  2. Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
  3. Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).