Table 6 The influence of official development assistance (ODA) on domestic investment in west African economies with low institutional quality

Variables	COC	GE	PS	RQ	RL	VA
Variables	ln_gcf	ln_gcf	ln_gcf	ln_gcf	ln_gcf	ln_gcf
L.ln_oda	0.169^*	0.156^**	0.144^*	0.168^**	0.204^*	0.161^*
	(0.0694)	(0.0711)	(0.0717)	(0.0769)	(0.0731)	(0.0683)
L.ln_gdp per capita	0.0530^**	0.0516^**	0.0769^*	0.0600^**	0.0614^*	0.0504^**
	(0.0219)	(0.0220)	(0.0227)	(0.0243)	(0.0216)	(0.0211)
ln_natres	0.00212	–0.0178	–0.102	–0.0584	–0.0154	0.170^***
	(0.0944)	(0.0889)	(0.0990)	(0.109)	(0.0783)	(0.0511)
ln_tradeopen	0.0770	0.102	0.0204	0.136	0.0851	0.0150
	(0.0875)	(0.0903)	(0.0829)	(0.0964)	(0.0821)	(0.0820)
ln_tel	–0.0384	–0.285^*	–0.207	–0.0468	–0.306^**	–0.177
	(0.140)	(0.152)	(0.165)	(0.163)	(0.149)	(0.157)
ln_edu	0.378^*	0.262	–0.178	0.780^***	0.199	0.266
	(0.223)	(0.226)	(0.205)	(0.243)	(0.257)	(0.216)
Constant	2.879^***	3.242^***	4.634^***	2.023^***	3.591^***	3.033^***
	(0.680)	(0.642)	(0.630)	(0.750)	(0.692)	(0.617)
Observations	163	163	162	163	162	163
R-squared	0.102	0.126	0.122	0.152	0.171	0.241

Note: 1) Each regression model includes country and year fixed effects to account for unobserved heterogeneity.
2) Standard errors are clustered by country and presented in parentheses.
3) represent significance at the 10%,
5%,
1% thresholds, respectively.
4) COC, Control of Corruption; GE, Government Effectiveness; PS, Political Stability; RQ, Regulatory Quality; RL, Rule of Law; VA, Voice and Accountability.