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  • Eq (3) can be adapted to a dynamic panel data model with the lagged effects of the dependent variable i.e. LANDi,t-s incorporated in the error term (see Maddala and Lahiri [70] for details) yit=γi+∑k=1Kαi(k)xi,t−k+εit,i=1,…,N;t=1,…,T(4) εit=ρεi,t−1+ωit,|ρ| where yit is the industrial land where the industrial construction is taking place, k represents the time lag, γi is the panel-level effect; xi,t-k is a 1×k1 vector of exogenous variables for each individual region i and at time t; αi(k) is k1×1 vector of parameters to be estimated; ωi are I.I.D. error terms over the whole sample with a variance σ2ε.
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