The final columns of Table VIII give results for a single regression using the five governance subindices: Delay, Voting,Protection, Other, and State. The table shows that all subindices except Voting have average coefficients that are negative and significant (assuming independence across years). Over the full sample period, Delay and Protection have the most consistent impact, while the largest absolute coefficients are for Voting at the end of the sample period. The subindices are highly collinear,
however, and the resulting large standard errors and covariances make it difficult to draw strong conclusions. For example, even in 1999 we cannot reject the null hypothesis that the coefficient on Voting is equal to the coefficient on Delay.