1. table shows the results of the panel probit regression and correlated random effect regression for national cultural distance and ICW as alternative methods of analysis. For both the regressions (1 and 2), the dependent variable is ICW, and the main independent variable is culture distance. All control variables are suppressed for brevity. Robust standard errors are reported in parentheses. ***, ** and * denote statistical significance at the 1, 5 and 10 percent respectively;References Altman, E. I,1968
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