Role of social media in socioeconomic development: Case of Facebook

Am ouche, Nawel; Hababou, Moez A icle Role o social media in socioeconomic de elopmen : Case o Facebook Re iew o Economic Analysis (REA) P o ided in Coope a ion wi h: In e na ional Cen e o Economic Analysis (ICEA), Wa e loo, On a io Sugges ed Ci a ion: Am ouche, Nawel; Hababou, Moez (2022) : Role o social media in socioeconomic de elopmen : Case o Facebook, Re iew o Economic Analysis (REA), ISSN 1973-3909, In e na ional Cen e o Economic Analysis (ICEA), Wa e loo (On a io), Vol. 14, Iss. 3, pp. 381-417, h ps://doi.o g/10.15353/ ea. 13i3.4054 This Ve sion is a ailable a : h ps://hdl.handle.ne /10419/328135 S anda d-Nu zungsbedingungen: Die Dokumen e au EconS o dü en zu eigenen wissenscha lichen Zwecken und zum P i a geb auch gespeiche und kopie we den. Sie dü en die Dokumen e nich ü ö en liche ode komme zielle Zwecke e iel äl igen, ö en lich auss ellen, ö en lich zugänglich machen, e eiben ode ande wei ig nu zen. 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I he documen s ha e been made a ailable unde an Open Con en Licence (especially C ea i e Commons Licences), you may exe cise u he usage igh s as speci ied in he indica ed licence. h ps://c ea i ecommons.o g/licenses/by-nc/4.0/ Re iew o Economic Analysis 14 (2022) 381-417 1973-3909/2022417 381 www.Ro EA.o g Role o Social Media in Socioeconomic De elopmen : Case o Facebook Nawel Am ouche Long Island Uni e si y  Moez Hababou BNP Pa ibas, NY To s udy he ole o In o ma ion and Communica ion Technology (ICT) on coun ies’ socioeconomic de elopmen , he pape in es iga es he case o Facebook pene a ion on imp o ing hei s anding as measu ed ia GNI pe capi a PPP (G oss Na ional Income pe capi a based on pu chasing powe pa i y). We use ou mac o ac o s ca ego ies (poli ical, economic, demog aphic, and echnological) in addi ion o Facebook pene a ion pe capi a in o de o measu e he po en ial in luence o a ious ac o s on he socioeconomic le el o coun ies. While he analyses o ICT e ec on de elopmen has been he ocus o many pape s in he pas , he speci ic analysis o social media is sca ce. Compa ed o p e ious s udies in es iga ing social media ole, we use a la ge da ase co e ing all classes o coun ies and examine holis ically many ypes o de e minan s using di e en models. In addi ion, we dis inguish ou pape using he economic classi ica ion o coun ies acco ding o he Wo ld Bank. Ou s udy indica es ha Facebook pene a ion has a signi ican posi i e ole on he socioeconomic le el o coun ies, bu such ole a ies depending on he coun ies’ classi ica ion le el. Besides, he e is a dec easing ma ginal e ec showing he impo ance o policy make s o assess he complex dynamic behind he cha ac e is ic o each coun y. Keywo ds: Facebook pene a ion; Coun y le el analysis; Socioeconomic de elopmen ; Wo ld Bank classi ica ion. JEL Classi ica ion: F63. 1 In oduc ion In o ma ion and Communica ion Technology (ICT) changed ou li es on many le els such as social, poli ical, educa ional, medical, and business le els (Roz ocki e al. 2019). The impac o ICT on social s anding (i.e., socie y wellbeing) and economic s anding has a ac ed he  We hank D . Kamel Jedidi (Columbia Uni e si y) o his eedback on he ini ial e sions o his pape . We hank D . Shin Haeng Lee (Sejong Uni e si y) o p o iding he da a abou Facebook Pene a ion by coun y. Am ouche: Associa e P o esso o Ma ke ing, nao[email p o ec ed]; Hababou: Di ec o , Model Risk Managemen , BNP Pa ibas, NY [email protected]. © 2022 Nawel Am ouche and Moez Hababou. Licensed unde he C ea i e Commons A ibu ion - Noncomme cial 4.0 Licence (h p://c ea i ecommons.o g/licenses/by-nc/4.0/. A ailable a h p:// o ea.o g. Re iew o Economic Analysis 14 (2022) 381-417 382 www.Ro EA.o g a en ion o many esea che s and p ac i ione s. Many concep ual amewo ks (e.g., Madon 2000; Roz ocki and Weis o e 2016) ha e been p oposed o link he powe o ICT o he social (e.g., educa ion, heal h, democ acy) and economic de elopmen (e.g., income, economic p oduc i i y, alle ia ion o po e y). Following B own and G an (2010), we adop he same de ini ion as Von B aun and To e o’s (2006) abou ICT. I is any echnology in as uc u e o digi al ecosys em enabling he c ea ion, collec ion, dis ibu ion, usage and s o age o in o ma ion. Hence, ICT encompasses o example a ious social media pla o ms, emails, in ane s, ex ane s, e c. B own and G an (2010) e iewed 184 jou nal a icles and p oceedings linking ICT o de elopmen and explained ha he e a e wo s eam o esea ch: 1/ s udies ocusing on he e ec o ICT on de elopmen and 2/ s udies ocusing on he impac o ICT in de eloping coun ies. In addi ion, we adop he de ini ion o OECD abou social capi al as “ne wo ks oge he wi h sha ed no ms, alues and unde s andings ha acili a e coope a ion wi hin o among g oups” (OECD, 2001). Ano he p ojec om OECD (based on he wo k o Sc i ens and Smi h, 2013), de ailed ou in e p e a ions o he social capi al concep : 1/ Pe sonal ela ionships which is exchanging in o ma ion ia social ne wo ks, 2/ Social ne wo k suppo which is he ou come o he social ne wo k, 3/ Ci ic engagemen which is abou ac i i ies such as communi y ac ions, and 4/ T us and coope a i e no ms which is composed o sha ed alues os e ing mu ual bene i and coope a ion. Some s udies ocused on speci ic case analyses such as Ash a e al. (2017) who examined a communi y le el case o Bangladesh, and Pal ia e al. (2018) who ocused on Pakis an socioeconomic de elopmen ela ed o he applica ion o ICT ools and p og ams. The p e ious amewo ks a e desc ip i e and concep ual. In addi ion, a numbe o empi ical s udies (e.g., C onin e al. 1991; Colecchia and Sch eye 2002) a e e y limi ed o speci ic economies and dis ega d o he ypes o egions o coun ies. In ou pape , we o e an empi ical analysis o a special ype o social media (i.e., he case o Facebook as a digi al ecosys em and an enhance o social capi al) in o de o in es iga e he in e play o ICT ( ia Facebook pla o m) on he socioeconomic de elopmen o he majo i y o coun ies in he wo ld. Fo ha pu pose, we s a i y hese coun ies in o all ou economic le els acco ding o he Wo ld Bank classi ica ion (de eloped o high income, uppe middle income, low middle income, and low income). Hence, ou pape joins he i s s eam o esea ch acco ding o B own and G an (2010) and ocus on examining he e ec o ICT ( ia Facebook as a digi al ecosys em case) on socioeconomic de elopmen o coun ies ac oss he globe. As o he ou h qua e o 2020, Facebook use s eached exceeded by a 2500 million use s (S a is a, 2020), making i he la ges ne wo k connec ing he wo ld. Howe e , does his social ne wo king sys em gene a e economic g ow h? Ma k Zucke be g, co- ounde o Facebook, en isioned ha global po e y could be educed h ough In e ne connec i i y (see Zucke be g AMROUCHE, HABABOU Role o Social Media in Socioeconomic De elopmen 383 www.Ro EA.o g 2014). Howe e , he ques ion is s ill deba able as some s udies showed con adic ing esul s. Economis s a e also a guing abou i s eal e ec . A 2015 Deloi e Repo ound empi ically ha Facebook has a global economic impac . The s udy ocused on companies’ sales and included ma ke ing e ec s ( acili a ing ma ke ing e o s and en ep eneu ship), pla o m e ec s (o e ing pla o ms o apps’ de elope s and os e ing inno a ion) and connec i i y e ec s (s imula ing p oduc s’ pu chase and spilling o e da a consump ion). Acco ding o he epo , Uni ed S a es is he la ges bene icia y in e ms o economic in luence (wi h $100 billion e enues and 1076 housands jobs c ea ed), ollowed by Uni ed Kingdom ($11 billion e enues and 154 housand jobs c ea ed), hen B azil ($10 billion e enues and 231 housand jobs c ea ed). The s udy ecei ed con o e sial eedback om economis s. As epo ed by Albe go i (2015), some economis s ques ioned he s udy assump ions. O he s a i m ha Facebook is jus he esul o using and accessing he In e ne wi h no ecip ocal e ec . Finally, ano he g oup o economis s app o es Facebook impac bu disag ees abou he magni ude epo ed by Deloi e. Indeed, he cen al ques ion ha consul ing companies and economis s a e deba ing is whe he Facebook is signi ican ly boos ing he economic well-being o coun ies. Flo ida (2010) examined he case o US and pe o med di e en co ela ion analyses be ween social media me ics (Ne ospex social index o NPSI p o ided by Ne P ospex 2010) and a ious mac o ac o s o each US s a e. The s udy ound ha social media is highly and posi i ely co ela ed wi h economic ou pu , income, high ech indus y, human capi al (measu ed ia educa ion le el), a is ic and cul u ally c ea i e jobs, and openness o di e si y. Howe e , social media has a modes posi i e co ela ion wi h inno a ion (measu ed ia he numbe o pa en s as a p oxy a iable). To ou knowledge, only one academic s udy looked empi ically a he e ec o social media on he economic de elopmen a he coun y le el. Dell’Anno e al. (2016) used a g ow h eg ession model and included social media pene a ion index (combina ion o Facebook and o he ypes o social ne wo ks’ use s) o es i s impac on GDP pe capi a. They ound unexpec edly, in he majo i y o es ed models, ha social media has signi ican nega i e e ec on economic g ow h. Thei a ionale is ha social media augmen s in o ma ion cos and possible dis ac ion due o swi ching be ween labo and en e ainmen . O he s udies ocused only on he in luence o social media on business pe o mance o go e nmen wo kabili y and ask enhancemen , and did no ake a mac o look a he coun y le el. In ou pape , we explo e he e ec o Facebook pene a ion, among o he mac o- ac o s, on coun ies’ socioeconomic de elopmen ia na ional income le el. The esea ch ques ion is impo an as i could help many coun ies su e ing om low socioeconomic s anding o implemen e ec i e solu ions. I is also bene icial o high-income coun ies as i con ibu es o u he enhancing hei socioeconomic de elopmen . Ou pape explo e his cen al ques ion by assessing he de e minan s o he socioeconomic le el o 160 coun ies and inco po a e Re iew o Economic Analysis 14 (2022) 381-417 384 www.Ro EA.o g Facebook pene a ion as one o he po en ial de e minan s. We use di e en app oaches in o de o look o esul s’ con e gence and suppo ou conclusions. Ou s udy is among he i s wo ks o explo e such ques ion. Hence, we p opose ou indings as ini ial g ound ha needs u he con i ma ion in u u e esea ch by u ilizing la ge da ase , longe da a ame, and addi ional models. We con ibu e o he li e a u e on many no el poin s. Fi s , as sugges ed by Sein e al. (2018), we o e a holis ic app oach o s udy he ICT e ec by in es iga ing he impac o a ious ac o s (poli ical, echnological, economic and demog aphic) on he socioeconomic le el o 160 coun ies ac oss all economic classes (as de ined by he Wo ld Bank). Mo eo e , by u ilizing GNI pe capi a PPP as p oxy, ou s udy explo es he b oade impac o ICT on he socioeconomic de elopmen o coun ies, a he han on i s domes ic economic ou pu (as measu ed by GDP pe capi a). Second, we ocus on Facebook, which is he mos popula social- ne wo k pla o m in he Wo ld in 151 coun ies ou o 167 coun ies as o Janua y 2020 (Vincos Blog, 2020), a he han a combina ion o social media si es as did Dell’Anno e al. (2016). The pu pose o ocusing only on Facebook is o isola e he e ec o one speci ic social ne wo king si e. Thi d, we assess he e ec o Facebook pene a ion on coun ies’ socioeconomic le el using a ious me hods and models in o de o in es iga e he possible con e gence o ou esul s and each indings ha a e mo e obus . Fou h, we examine he po en ial di e en ial e ec o Facebook pene a ion on di e en classes o coun ies o: 1/ e i y i he esul s in he whole sample could be eplica ed o each class o coun ies, 2/ e i y i he esul is cha ac e is ic o each Wo ld Bank class. Qu eshi (2015) p oposed di e en le els o analysis o he e ec o ICT on de elopmen such as egion, ins i u ion, indi idual, and coun y. Fi h, we use a la ge da ase , o e mul iple yea s and a la ge numbe o coun ies, which p o ides mo e alidi y o he empi ical indings o he s udy. Finally, we in es iga e a ious ypes o e ec o Facebook, which was no he conce n o p e ious s udies. Ou indings show ia di e en models ha Facebook has consis en ly a signi ican posi i e e ec on he socioeconomic de elopmen o coun ies. In addi ion, i could ha e di e en shapes o e ec e lec ing a mo e complex ela ionship be ween social media usage and he economic s anding han simply a signi ican posi i e e ec . The ype o e ec also depends on he cha ac e is ics o he coun y based on he Wo ld Bank classi ica ion. We ied se e al s a is ical echniques namely he O dina y Leas Squa es (OLS) model, he ixed e ec model, and he andom e ec model. All models con i med he po en ial posi i e e ec o Facebook as well as i s diminishing e ec o e ime. The issue o causali y he e should be emphasized as i is deba able whe he mo e social media pene a ion in a coun y leads o be e economy o be e economy in a coun y leads o highe usage o social media. As we will discuss la e in he pape , we ha e in oduced some mi igan s in he esea ch design o add ess possible e e se causali y. AMROUCHE, HABABOU Role o Social Media in Socioeconomic De elopmen 385 www.Ro EA.o g The pape is o ganized as ollows o he emaining pa s. Sec ion 2 explains he p e ious s udies ha looked a he ela ionship be ween social media and businesses, go e nmen agencies, indi iduals, o he economic s anding o coun ies. Sec ion 3 p o ides a desc ip ion o he me hodology and a summa y o he da a ope a ionaliza ion. Sec ion 4 explains he econome ic analyses ia di e en models. Sec ion 5 p esen s a discussion o he esul s. Sec ion 6 o e s p ac ical and manage ial implica ions o ou esea ch. Finally, Sec ion 7 concludes by o e ing pe spec i es o explo e in u u e s udies. 2 Li e a u e Re iew Following he holis ic amewo k o Sein e al. (2018) o s udy ICT e ec , ou pape ouches a h ee le els o he amewo k: he i s le el is he digi al ecosys em by ocusing on Facebook pene a ion as a special case o social media pla o ms o s udy. A he second le el, he socioeconomic de elopmen is measu ed by he GNI pe capi a PPP (pu chasing powe pa i y) o each coun y. The GNI is de ined by OECD as “g oss domes ic p oduc , plus ne eceip s om ab oad o compensa ion o employees, p ope y income and ne axes less subsidies on p oduc ion.” OECD, 2020). Hence, GNI pe capi a is conside ed a good p oxy o he social and economic wellbeing o a coun y, as i p o ides a mo e comple e pic u e o a coun y’s o al economic income, ega dless o i s sou ce. Compa ed o GDP pe capi a measu ing he alue o domes ic p oduc ion and ou pu , GNI pe capi a PPP is he alue o domes ic and o eign p oduc ion aking in o accoun he pu chasing powe pa i y as a measu e o socioeconomic de elopmen . Hence, ou s udy will ocus on he b oade impac o ICT on he socioeconomic de elopmen o coun ies, a he han on hei domes ic economic ou pu (as measu ed by GDP pe capi a). A he hi d le el, he ans o ma i e p ocess is based on he a ie y o ac o s used in ou s udy in o de o unco e he in e ela ionship be ween poli ics, echnology, demog aphy and economic con ex on he o e all de elopmen s anding o each coun y. A numbe o s udies in es iga ed he e ec o ICT on he economic s anding. Lee e al. (2017) p o ided a li e a u e e iew o hese pape s. To illus a e, C onin e al. (1991) used ime se ies analysis o US da a and ound ha elecommunica ion in as uc u e posi i ely in luenced economic g ow h. Analyzing OECD coun ies, Colecchia and Sch eye (2002) ound ha ICT had con ibu ed posi i ely o economic g ow h and he magni ude o he posi i e e ec is idiosync a ic o he coun y. Analyzing de eloped and de eloping coun ies, Papaioannou and Dimelis (2007) also ound a posi i e impac o ICT on labo p oduc i i y g ow h wi h s onge impac o de eloped coun ies. Howe e , he e a e pape s ha showed a con o e sial e ec such as Lee e al. (2005) who ound ha ICT in es men s imp o ed p oduc i i y le els o de eloped and newly indus ialized economies, bu ha was no he esul o de eloping coun ies. Re iew o Economic Analysis 14 (2022) 381-417 386 www.Ro EA.o g P e ious esea ch ha speci ically examined he social media e ec on socioeconomic de elopmen used di e en uni s o s udy such as go e nmen , indi idual, as well as a na owe lis o coun ies. Fo example, some s udies examined he bene i o social media on businesses (e.g., Aghakhani e al. 2018; Chen e al. 2012; Goh e al. 2013; Pen ina e al. 2013; Rishika e al. 2013). O he s udies ocused on he e ec on E-go e nmen (e.g., G aham 2014; Landsbe gen 2010; Ve degem and Ve leye 2009). Howe e , he bene i o social media on coun ies’ economic le el is s ill an open ques ion. Di e en pape s examined also he e ec o social capi al (Ellison e al. 2007; Munzel e al. 2018; S ein ield e al. 2008) h ough in ol emen in social ne wo ks on people wel a e (G oo e al. 2007; Helliwell and Pu nam 2005; Winkelmann 2009; Allco e al. 2020). They a gued ha pa icipa ing in social ac i i ies and being pa o a g ea e ne wo k ha e a posi i e in luence on people in e ms o hei well- being and sel -wo h. Ne e heless, Winkelmann (2009) did no ind signi ican mode a ing e ec o social capi al on people wel a e when hey a e unemployed. Allco e al. (2020) ound ha , by s udying he case o Facebook using an expe imen , deac i a ing social media imp o ed o line ac i i ies, educed poli ical pola iza ion, and boos ed social wel a e. . I a ec ed also pos de-ac i a ion by educing online pe sis ence and Facebook alua ion. O he s udies p o ided ei he desc ip i e o empi ical e idence ha social capi al and ne wo ks ha e an added alue in e ms o job c ea ion and o he economic bene i s (A idi 2011; Cal o-A mengol and Jackson 2004; Fe nandez e al. 2000; Hann e al. 2011; Waldinge 1997;). Fo ins ance, Hann e al. (2011) showed empi ically ha ne wo king on Facebook c ea e ies be ween apps’ de elope s which helps imp o e i ms’ employmen and c ea e signi ican bene i o he indus y. Choudhu y (2018) desc ibed he ole o mul iple languages and mobile echnology in enhancing he sp ead o Facebook in de eloped and de eloping coun ies. O he s udies ocused on he e ec o social media on a pa icula economic a iable such as Oz u k and Ci ci (2014) who s udied he e ec o numbe o wee s and Twi e sen imen on he mo emen o exchange a e. Dell’Anno e al. (2016) s udied he ela ionship be ween social media (measu ed as a combina ion o social media si es’ use s depending on he a ailable da a o Facebook, Linkedin, Twi e and Google +) and he coun y ou pu (GDP pe capi a). They used a g ow h eg ession model (be ween 2007 and 2012) and s udied he case o 83 coun ies. One da a limi a ion in he pape is i s ep esen a i eness o ce ain geog aphies. Fo ins ance, he s udy only included 9 ou o 54 A ican coun ies. They ound ha social media has a signi ican nega i e e ec on economic g ow h. They explained ha social media could augmen in o ma ion and ansac ion cos s due o he con en clu e , and could lead o labo dis ac ion due o inclina ion o leisu e and en e ainmen . They p oposed hough an opposing hypo hesis ha social media could induce he di usion o knowledge, which ul ima ely helps he economic g ow h. Howe e , hey we e no able o ind e idence o such a posi i e e ec . AMROUCHE, HABABOU Role o Social Media in Socioeconomic De elopmen 387 www.Ro EA.o g Vi enu-Sackey (2020) examined he e ec o a ious social media (i.e., Facebook, YouTube, Twi e and Pin e es ) on economic g ow h. They ocused on GDP as a esponse a iable and s udied he case o 198 coun ies on a span o ime be ween 2009 and 2017. They ound ha social media could ha e posi i e o nega i e economic e ec and ixed b oadband, in e ne use s and echnology in as uc u e a e he majo de e minan s. Pa icula ly, Facebook has nega i e e ec on economic g ow h due o p obably he clu e o con en and high ansac ion cos o sea ch o in o ma ion, subs i u ion e ec be ween leisu e and labo , and he non-mone a y ype o social media ha accoun s pa ially o GDP. The limi a ion o he pape is ha i ocuses on GDP ins ead o GNI, which as discussed ea lie does no ully cap u e he economic income o a coun y. Mo eo e , he eg esso s a e limi ed o ixed b oadband, in e ne use s, in es men s, educa ion a he e ia y le el only, labo a e, and ade. O he po en ial de e minan s such as ne wo k eadiness, mobile subsc ip ion, inno a ion, all le els o educa ion, ou ism, li e expec ancy, peace index, and u banism a e omi ed. In addi ion, he s udy did no clus e he coun ies in o classes o a ious economic le els o examine he e ec based on he idiosync asy and economic speci ici ies o he coun ies. O he s udies in es iga ed he ole o In e ne and b oadband on global economic s a us (e.g., Aud e sch 2007; Choi 2003; DeP ince e al. 1999; Rome 1990). Following such li e a u e, we hypo hesize and conjec u e ha , while In e ne could play a ole in boos ing economic p oduc i i y and coun ies de elopmen , social media (and speci ically Facebook as he la ges global ne wo k) should c ea e ies ha could in u n be economically bene icial o coun ies. Ou pape di e s om Dell’Anno e al. (2016) on many aspec s. Fi s , we conside a much la ge sample including 160 coun ies. Second, we only ocus on Facebook use s ins ead o combining di e en social media si es in o de o isola e he speci ic e ec o ha digi al ecosys em pla o m. Thi d, we use a panel spanning o e 3 yea s ins ead o jus conside ing a g ow h a e be ween wo dis an yea s. The panel s udy o e s mo e insigh in o he ans o ma i e p ocess om ICT (in ou pape Facebook pla o m) o economic de elopmen . Fou h, we do no include da a om inancial c isis (2008-2011) , and we a he used he phase a e he c isis 2011 o 2013, o he ollowing easons: 1/ i s , we we e unable o p ocu e esea ch da a p io o 2010, 2/ second, he inclusion o he peak o he inancial c isis (G ea Recession) could ha e dis u bed he esul s and conclusions o ou analysis as economic g ow h we e la gely in luenced by majo ex ao dina y economic policies decisions, 3/ hi d, he numbe o Facebook use s did no ma e ialized un il 2011. Fo ins ance, he global numbe o FB use s as o 2008 Q3 was only 100 million use s compa ed o 680 million use s as o 2011 Q1 (S a is a, 2020), and 4/ las ly, we examine he a ia ion o social media e ec by classes o coun ies, which was no pa o Dell’Anno e al. (2016) s udy. We include many a iables as po en ial co a ia es in e ms o poli ical, echnological, economic, and demog aphic ac o s. Dell’Anno e al. (2016) used pa en applica ions, echnological index, p opensi y o capi al accumula ion, labo o ce a e, school en ollmen , Re iew o Economic Analysis 14 (2022) 381-417 388 www.Ro EA.o g ade openness, and echnological in as uc u e (such as b oadband subsc ibe s, se e s’ usage and In e ne use s). We use simila ac o s bu di e en p oxies (see Table 2 in he nex sec ion Desc ip ion o da a). These ac o s a e widely ecognized as e lec ing socioeconomic s anding (e.g., Cas elló-Climen and Doménech 2008; Coulombe and McKay 1996; Cze nich e al. 2011; Jo dan 2004; He e al. 2010; Hoynes e al. 2006; Woola d and Klasen 2007). Fo example, on he echnological e ec , Cze nich e al. 2011 showed ha 10% inc ease o b oadband pene a ion con ibu es o he inc ease o pe capi a g ow h by 0.9 o 1.5% o a sample o OECD coun ies be ween 1996–2007. On he poli ical e ec , Cos alli e al. (2017) showed he economic cos o e hnic ac ionaliza ion o 20 wa coun ies ha expe ienced an a e age annual loss o GDP pe capi a exceeding 17%. Cebula and Eks om (2009) in es iga ed he e ec o economic ac o s OECD coun ies be ween 2004 and 2007. Thei indings indica ed ha economic g ow h inc eases o highe le els o ade, business and mone a y eedom, and p o ec ion o p ope y igh s. They examined also he e ec o poli ical ac o s and ound ha he economic g ow h is in luenced posi i ely by he poli ical s abili y o a coun y and i s con ol o co up ion. On he demog aphic e ec , a numbe o s udies showed he posi i e e ec o educa ion on he economic s anding o coun ies. To illus a e, Mankiw e al. (1992) and Ba o (1991) examined he educa ional e ec o bo h he indus ialized and he less-de eloped coun ies. They ound ha schooling has a signi ican posi i e in luence on GDP g ow h. We conside GNI pe capi a PPP ( alue o domes ic and o eign p oduc ion aking in o accoun he pu chasing powe pa i y) as a measu e o socioeconomic de elopmen ins ead o GDP pe capi a ( alue o domes ic p oduc ion and ou pu ). Indeed, he GNI is app op ia e in ou s udy because i includes he addi ional economic inpu o coun ies ac oss bo de s acili a ed ia he In e ne usage and he globaliza ion o Facebook as he la ges social media si e. The GNI a iable has been used in di e en economic s udies such as Dao (2008), Dao (2014) and Asabe e e al. (2016). Ou pape di e s also om Vi enu-Sackey (2020) by ocusing on a b oade esponse a iable GNI ins ead o GDP. We also include many omi ed explana o y a iables such as ne wo k eadiness, mobile subsc ip ion, inno a ion, all le els o educa ion, ou ism, li e expec ancy, peace index, u banism, e c. We examine he e ec o Facebook on g oup o coun ies based on hei economic s anding (high, middle and low- income le els). Con a y o Dell’Anno e al. (2016) and Vi enu-Sackey (2020) s udies, ou indings show ia di e en models ha Facebook (when i is isola ed om o he social media pla o ms) has consis en ly a signi ican posi i e e ec on socioeconomic de elopmen o coun ies. In addi ion, i could ha e di e en e ec shapes such as a posi i e and a dec easing in luence e lec ing a mo e complex ela ionship be ween social media usage and he economic s anding o coun ies. The ype o e ec depends on he cha ac e is ics o he coun y and i s Wo ld Bank classi ica ion. We no e ha Dell’Anno e al. (2016) s udy was no ocusing only on he e ec AMROUCHE, HABABOU Role o Social Media in Socioeconomic De elopmen 395 www.Ro EA.o g 4 Models and Econome ic Analyses In designing he esea ch ( o all models below), we chose o app oxima e he coun ies’ economic de elopmen wi h he GNI pe capi a PPP ins ead o he GDP. The GNI pe capi a PPP exp esses he socioeconomic s anding o coun ies uni o mly and be e cap u es he economic ou pu o na ions by also aking in o accoun he con ibu ion o na ionals li ing ab oad. Knowing ha we a e in es iga ing he socioeconomic e ec o Facebook as a social ne wo king si e o each coun y, he In e ne e ec anscends he bo de s and could b ing economic inpu o economic ha m due o in e na ional exchange, accessibili y (enhanced ia mobile de ices i he in as uc u e o b oadband is a chaic o limi ed) and in e ac i i y. We also obse ed a e y s ong co ela ion be ween log GDP and log GNI (co ela ion coe icien = 0.99), which indica es ha his s udy’s inding a e s ill alid i we used log GDP as dependen a iable. A majo and common heo e ical issue in economics is e e se causali y. Wi hin he con ex o ou s udy, he ques ion is whe he social media leads o a be e economy o i a be e economy leads o mo e social media usage. The Wo ld Bank classi ies coun ies acco ding o hei GNI, which yields o coun ies g ouped in he same clus e o simila economic cha ac e is ics. This mi iga es he conce n wi h e e se causali y as he economic models a e es ima ed o coun ies wi h compa able economic s anding. We also obse e ha be e economies (as ca ego ized by he Wo ld Bank classi ica ion) do no necessa ily ansla e in o highe social media pene a ion (see Fig. 1). We also p e e calib a ing he economic models by Wo ld Bank classi ica ion as no only i con ols o he cu en economic s anding o coun ies bu also be e es ima es he dis inc i e d i e s wi hin each class. To con i m he esea ch conclusions, we in es iga e nume ous econome ic echniques, including he pooled OLS model wi h ime e ec , he ixed e ec model wi h / wi hou ime e ec , and he andom e ec model wi h ime e ec . Besides, we in es iga ed he OLS model by con olling o he GNI a a cons an da e. 4.1 The Pooled OLS Model wi h Time E ec This model is used as a e e ence o o he models. We include in equa ion (1) a ious p oxy o mac o a iables ( echnological, poli ical, demog aphic, and economic a iables) as well as he Facebook posi i e and quad a ic e ec . 𝐿𝑜𝑔 𝐺𝑁𝐼𝑖𝑡 = 𝛼 + 𝜆𝐹𝐵𝑖𝑡 + 𝛾𝐹𝐵𝑠𝑞𝑖𝑡 + 𝛽𝑋𝑖𝑡 + 𝛿1𝑌𝑒𝑎𝑟12 + 𝛿2𝑌𝑒𝑎𝑟13 + 𝑒𝑖𝑡 (1) whe e 𝐿𝑜𝑔 𝐺𝑁𝐼𝑖𝑡 ep esen s he dependen a iable GNI o each coun y i and ime (panel o 3 yea s om 2011 o 2013). The es ima o 𝛼 is he o e all in e cep e m o he whole model. The ec o i X includes he me ic independen a iables lis ed in Table 2 (excep he Re iew o Economic Analysis 14 (2022) 381-417 396 www.Ro EA.o g Facebook pene a ion as linea and quad a ic e m). The  = (β1,…, βk)′ is a ec o o es ima o s co esponding o he e ec o each independen a iable (1 o k). The independen a iables con ol o obse ed he e ogenei y be ween coun ies.  is he linea e ec o Facebook pene a ion on Log GNI, and  deno es he dec easing o enhancing ma ginal e ec (depending on he sign o he es ima o ) o Facebook pene a ion. The es ima o s 𝛿 co espond o he ime e ec (as dummy a iables whe e 2011 is aken as a e e ence yea ) and e lec s he dynamic e olu ion o a coun y’s socioeconomic de elopmen o e ime. We assume ha i e is no mally dis ibu ed wi h mean ze o and a iance σ2 o all (i, ). 4.2 The Fixed E ec Model wi h Time E ec Using he wi hin es ima o , his model con ols o unobse ed he e ogenei y ha pooled OLS canno handle. Indeed, he e a e ixed cha ac e is ics be ween coun ies and sys ema ic coun y- le el di e ences such as egula ions, geog aphic size, e c. ha a e p obably co ela ed wi h he included independen a iables and ha pooled OLS does no ake in o accoun . We eplica e he same independen a iables as he OLS model and ake in o accoun a ime e ec (as dummy a iables) ha could e lec a a ia ion o e ime o he coun y socioeconomic de elopmen . In he ixed e ec model, he in e cep is ime-in a ian and is speci ic o each obse a ion (in ou pape each coun y). The model is w i en as ollows in equa ion (2): 𝐿𝑜𝑔 𝐺𝑁𝐼𝑖𝑡 = 𝛼𝑖+ 𝜆𝐹𝐵𝑖𝑡 + 𝛾𝐹𝐵𝑠𝑞𝑖𝑡 + 𝛽𝑋𝑖𝑡 + 𝛿1𝑌𝑒𝑎𝑟12 + 𝛿2𝑌𝑒𝑎𝑟13 + 𝑒𝑖𝑡 (2) whe e 𝛼𝑖 ep esen s he ixed e ec ha summa izes he unobse ed, ime-in a ian , coun y speci ic-e ec . Thei dis ibu ion is assumed o be no oo a om no mali y. This model assumes ha unobse able ixed coun y cha ac e is ics a e in a ian o e ime and could be co ela ed o he independen a iables. 4.3 The Random E ec Model wi h Time E ec This model, also called a a iance componen s model o e o -componen model, akes in o accoun a speci ic e o s uc u e and con ols o he unobse ed he e ogenei y o he da a. While he ixed e ec model assumes ha he indi idual speci ic e ec is co ela ed wi h he independen a iables, he andom e ec model assumes ha hese e ec s a e unco ela ed o he independen a iables (see Woold idge 2005) and ha he a ia ion ac oss coun ies is andom. Howe e , he impo an di e ence be ween bo h models is he co ela ion o no wi h he independen a iables a he han he s ochas ic e ec s (G eene 2008). The model is w i en as ollows in equa ion (3): AMROUCHE, HABABOU Role o Social Media in Socioeconomic De elopmen 397 www.Ro EA.o g 𝐿𝑜𝑔 𝐺𝑁𝐼𝑖𝑡 = 𝛼𝑖+ 𝜆𝐹𝐵𝑖𝑡 + 𝛾𝐹𝐵𝑠𝑞𝑖𝑡 + 𝛽𝑋𝑖𝑡 + 𝛿1𝑌𝑒𝑎𝑟12 + 𝛿2𝑌𝑒𝑎𝑟13 + 𝑢𝑖𝑡 (3) The es ima o s 𝛼𝑖 ep esen he andom indi idual unobse ed he e ogenei y, and 𝑢𝑖𝑡 is an independen e m called “idiosync a ic e o ” o “idiosync a ic dis u bance” changing ac oss i and (see Woold idge 2010). This e m is a combined e o composed o he wi hin en i y e o and he be ween en i y e o (see To es-Reyna 2007). 5 Resul s and Discussion We s udy wo phases in o de o in es iga e he ole played by Facebook pene a ion on he socioeconomic de elopmen o coun ies. The i s phase includes he whole sample wi h all classes. Hence, we pe o m di e en eg ession analyses o he whole sample. The second phase uses he bes ype o eg ession model o phase 1, and apply i o each class sepa a ely in o de o examine he idiosync a ic cha ac e is ics o each class in e ms o Facebook e ec on hei socioeconomic s anding. We elimina e wo a iables om he independen a iables lis namely he inno a ion index and he In e ne use due o hei high mul icollinea i y (VIF exceeding 5 when hey a e p esen in he OLS model). The emaining a iables VIF a e lis ed in Table 11 in he appendix. We use he so wa e R o gene a ing Tables 5 o 8. 5.1 Resul s o Phase 1 We epo below he esul s o phase 1 using di e en s a is ical models. Fi s , we compa e he OLS model o he ixed e ec model and he andom e ec model. I is clea om Table 5 ha he e a e some o e lap o signi ican a iables be ween he h ee models. The echnological ac o is p edominan ly signi ican such as mobile pene a ion and Facebook pene a ion. We no ice ha Facebook does no only ha e a posi i e e ec bu has also a signi ican dec easing e ec . The esul highligh s he dec easing ma ginal e ec o Facebook. Based on Table 6, he ixed e ec model is he p e e ed echnique o e he andom (based on he Hausman es ) and he OLS models (based on he F es o indi idual e ec ). Simila o Dell’Anno e al. (2016), we con ol o he GNI a a cons an da e in o de o ha e con e gence o he OLS (we chose 2001 as a con ol da e). The yea 2001 no iced a slowdown as pa o he ea ly 2000 majo con ac ion in global economic g ow h (see Tapia 2013). The choice o he yea is hen app op ia e o use as a con ol yea in o de o de angle he economic s anding in la e yea s. The esul s o he new model con olling o GNI2001 and he i s OLS model ha e many simila i ies in e ms o alues’ es ima es and signi icance o a iables (excep o li e expec ancy). Facebook pene a ion is again con i med as an impo an signi ican a iable and he dec easing e ec is highligh ed in his model. Re iew o Economic Analysis 14 (2022) 381-417 398 www.Ro EA.o g Table 5. Compa ing di e en models o he whole sample (all classes included) OLS model Fixed e ec model Random e ec model OLS model wi h con ol GNI2001 Va iable Es ima e S anda d E o Es ima e S anda d E o Es ima e S anda d E o Es ima e S anda d E o In e cep FB FBsq U ban Mobile T ade Unemp Tou ism Li eExp Educ Ne Read Peace Yea 12 Yea 13 GNI2001 4.65485 0.02359 -0.00034 0.00967 0.00581 0.00019 0.00038 0.00052 0.00690 1.83780 0.37178 0.01237 -0.03669 -0.05084 0.35783*** 0.00501*** 0.00008*** 0.00130*** 0.00077*** 0.00074 0.00362 0.00029* 0.00511 0.23951*** 0.05441*** 0.06745 0.04887 0.05006 0.00465 -0.00006 0.00662 0.00052 -0.00030 -0.00822 -0.000006 0.00345 0.03697 -0.00197 -0.06197 0.02902 0.05582 0.00159*** 0.00002*** 0.00678 0.00024** 0.00061 0.00202*** 0.00020 0.00702 0.26528 0.01561 0.02568** 0.00560*** 0.00839*** 0.00568 -0.00007 0.02021 0.00054 -0.00009 -0.00846 0.00033 0.03035 1.2892 0.04146 -0.07543 0.00949 0.02082 0.00176*** 0.00002*** 0.00213*** 0.00026** 0.00062 0.00214*** 0.00021 0.00545*** 0.02417*** 0.01694** 0.02821*** 0.00547* 0.00720*** 5.104 0.02359 -0.00034 0.00541 0.00572 -0.00016 0.00039 0.00007 0.00874 2.0491 0.15665 0.06366 -0.01517 -0.02208 0.00002 0.31803*** 0.00442*** 0.00007*** 0.00120*** 0.00068*** 0.00066 0.00321 0.00026 0.00451* 0.02121*** 0.05148*** 0.05967 0.04315 0.04423 0.000002*** 𝑅2 0.862 0.529 0.656 0.891 ***Signi ican a 0.01; **Signi ican a 0.05; * Signi ican a 0.1 Table 6. Compa ison es s be ween models Tes s P-Value Al e na i e Hypo hesis Decision Lag ange Mul iplie Tes OLS (null) e sus Random < 2.2e-16 Signi ican e ec s P e e ence o he andom e ec model F Tes o indi idual e ec OLS (null) e sus Fixed < 2.2e-16 Signi ican e ec s Mo e suppo o he ixed e ec model Hausman Tes Random (null) e sus Fixed 0.0001314 One model is inconsis en Mo e suppo o he ixed e ec model o consis en es ima es 5.2 Resul s o Phase 2 As he ixed e ec model was he p e e ed one in he o e all sample, we choose o apply ha ype o model o each class. We compa e all classes wi h he o al sample in he de ailed Table 7 and he summa y Table 8. We pe o m he eg ession on all a iables including he ime e ec . Nex , we elimina e he ime e ec as we no ice ha i dilu es he signi icance o many o he independen a iables. We add one inal model o Class 1 whe e we elimina e he quad a ic e ec o Facebook (FBsq). Finally, we elimina e T ade because i is cons an ly non- signi ican in all models. This inding is consis en wi h he Wo ld Bank G oup (2015) analysis. The low elas ici y o T ade o he economic s anding has been analyzed be ween 1970 and 2013 AMROUCHE, HABABOU Role o Social Media in Socioeconomic De elopmen 399 www.Ro EA.o g by Wo ld Bank G oup (2015) and many easons we e pu o h in o de o explain such dec easing e ec in ecen yea s compa ed o p e ious decades. The i s eason is he e olu ion o communica ion echnology and jus -in- ime p oduc ion p ocesses, which a ec ed he s uc u e o he global alue chain. The second eason e lec ed in he changes o agg ega e demand is mainly due o he global in es men le el. The hi d eason is he dec ease o ade inance due o he inancial egula ions such as he Base III egula ions. Finally, he highe ade p o ec ion could ha e some damping e ec on he ela ionship be ween T ade and he economic s anding, and mainly he slowe speed o libe aliza ion du ing he 2000s. Besides, a ious academic s udies showed opposing esul s conce ning he T ade-economy ela ionship while some s udies ound posi i e associa ion (e.g., Chang e al. 2009; Jouini 2015; Tekin 2012), o he s ound a U shaped ela ionship (e.g., Zahonogo 2016), and ano he g oup ound nega i e o e en no associa ion (e.g., Musila and Yiheyis 2015; Singh and Ta lok 2011; Ulaşan 2015). Ou Model 1 (wi h ime e ec ) shows ha only he o al sample, Classes 2 and 4 incu a signi ican posi i e e ec o Facebook as well as i is dec easing ma ginal e ec ( see Table 7). Howe e , ocusing on Model 2 (wi hou ime e ec ), all classes as well as he o al sample incu a signi ican e ec o Facebook as well as addi ional a iables appea o ha e a signi ican in luence (posi i e and dec easing e ec o ei he one o he e ec ). I seems ha he ime a iables supp ess some o he ac o s’ in luence on he economy. This is pa ly due o he s ong co ela ion wi h ime a iables, o he sho ime panel (only 3 yea s). Focusing on Model 2 o he o al sample (wi hou ime e ec ), he esul shows he posi i e signi ican e ec o Facebook pene a ion, mobile, li e expec ancy, u banism, ne wo k eadiness on economic de elopmen . The esul sheds ligh on he g owing impo ance o echnological ac o s on he economic s anding o coun ies. A he opposi e, Unemploymen and Peace ha e signi ican nega i e e ec on he socioeconomic de elopmen . The lowe he unemploymen le el and he highe he poli ical s abili y o a coun y, he highe he wellbeing and de elopmen o i s economy. Besides, we ob ain again he nega i e e ec o Facebook squa e highligh ing a quad a ic ela ionship wi h he economic de elopmen and he dec easing e ec . Following he s eps o Models 2 o 4, we conclude ha he e ec o Facebook is consis en on each class excep Class 1 whe e he posi i e e ec appea s only when we elimina e he ime e ec , he ade a iable and he quad a ic e ec . The eason could be ha his class is composed o highly de eloped coun ies and he e ec o Facebook eached a ma u i y. In o he wo ds, Facebook in luence is dilu ed in ecen yea s compa ed o p obably ea lie di usion o Facebook (2007 o 2010). Hence, i becomes mo e di icul o cap u e i s in luence on de eloped coun ies. Focusing on Model 3 and (Model 4 o Class 1), we no ice ha he posi i e Facebook e ec is s onge in Class 4 as exp(0.09707)=1.1019, ollowed by Class 2 as exp(0.01009)=1.0101, hen Class 3 as exp(0.00992)=1.0099, and Class 1 as exp(0.00286)=1.0028. This means ha an inc ease in Facebook use o 1% in each class Re iew o Economic Analysis 14 (2022) 381-417 400 www.Ro EA.o g espec i ely lead o a highe GNI in Class 4 by 10.19%, by 1.01% in Class 2, by 0.99% in Class 3, and by 0.28% in Class 1. I seems ha he e ec o Facebook in Classes 2 and 3 a e e y simila in magni ude. The di e ence be ween classes in e ms o combina ion o ac o s a ec ing hei economies is no coun e in ui i e because each class has speci ic cha ac e is ics and he ac o s in luencing hei economic de elopmen a y ac oss classes. Focusing on Model 3, while some a iables ha e a majo in luence on he economy o one class o coun ies, o he s migh ha e mo e in luence on o he classes. Fo example, while mobile pene a ion seems o ha e signi ican and posi i e e ec on Class 1, i does no seem o ha e any e ec on o he classes. The explana ion could be ha in ad anced economies, businesses s ongly le e age sma phone de ices as an addi ional channel o dis ibu ion and paymen . Howe e , his migh no be he case in less de eloped coun ies whe e he echnological in as uc u e and paymen me hods h ough sma phone de ices a e no as sophis ica ed as de eloped coun ies. The Peace index seem o be p e alen in Class 3 and Class 4 and no signi ican in Class 1 and Class 2. The esul is in ui i e as mos ad anced coun ies al eady enjoy poli ical s abili y. Howe e , poli ical des abiliza ion has a dis inc and mo e di e en ia ed e ec in less de eloped coun ies. The ne wo k eadiness has a signi ican posi i e impac only in Class 1 and Class 3, which sugges s ha ad ances in esea ch and de elopmen , and he sophis ica ed use o in o ma ion and communica ion echnologies ma e o high income-le el coun ies, bu i is less in ui i e o Class 3. A possible a ionale o a non-signi ican e ec in ce ain classes could be due o he lack o echnological in as uc u e and ech skills in Class 4 and he signi icance o o he a iables ha o e shadow he ne wo k eadiness o Class 2. We es ed he e ec o he esponse lag by adding “LogLagGNI” in Model 3 and we ound he he expec ed posi i e e ec o he p e ious yea GNI on he ollowing yea . This dynamic e ec o GNI o e ime is expec ed as measu es o economic ou pu end o be posi i ely au oco ela ed o e sho ho izons and nega i ely au oco ela ed o e longe ho izons (Cogley and Nason 1995). Conside ing he Model 3 wi h he lag e ec as he bes model, we es ed a numbe o esiduals and po en ial model issues. Fi s , we do no deem ha he e is a need o es o c oss- sec ional dependence gi en ha we ha e a panel o ew yea s and la ge numbe o cases. Bal agi (2012) explained ha c oss-sec ional dependence is a p oblem o panel da a wi h long ime se ies. Howe e , i is no a p oblem o small panel da a wi h ew yea s and la ge numbe o cases. Se ial co ela ion es ing also applies o mac o panels no small ime-se ies da a simila o ou da ase . A numbe o esidual es s ha e been pe o med, namely es o no mali y, he e oscedas ici y, and se ial co ela ions. Acco ding o Fig. 2, he no mali y is no iola ed. AMROUCHE, HABABOU Role o Social Media in Socioeconomic De elopmen 401 www.Ro EA.o g Fig. 2. Tes o No mali y We measu ed he Du bin Wa son (DW) using he package lm es . This DW does no ake in o accoun he s uc u e o esiduals in o conside a ion. In his case, DW = 2.2887 wi h p- alue = 0.9995 (se ially unco ela ed unde he null o no se ial co ela ion in idiosync a ic e o s). We also measu ed he gene alized Bha ga a e al. (1982) Panel Du bin-Wa son Tes using BNF s a is ic and LBI. The alues a e espec i ely DW = 1.4288 and LBI = 2.2859. The alues o DW seem o po en ially ha e se ial co ela ion based on he gene alized DW. Howe e , we should no e ha he gene alized DW is mo e app op ia e o longe ime se ies da a (Bha ga a e al. 1982) while ou da a includes only 3 yea s. We applied he gene alized DW o addi ional sc u iny o any po en ial issue. Mo eo e , we checked o he e oscedas ici y by measu ing he B eusch-Pagan es and we ound BP = 3633.6 and p- alue < 0.001 which sugges s ha he e is a he e oscedas ici y issue. To ix he e oscedas ici y issue, we un he ixed model wi h Robus Co a iance Ma ix Es ima o s. In addi ion, o ix he he e oscedas ici y and he po en ial se ial co ela ion issues, we applied he A ellano me hod. We ob ain he esul s in Tables 7 Model 3. The esul s emain unchanged compa ed o he comple e sample wi h lag e ec be o e applying he A ellano me hod. O e all, he esul s indica e ha Facebook pene a ion plays a posi i e ole as an economic enable and enhance o he socioeconomic de elopmen . They also poin o nume ous d i e s o economic de elopmen including supe io echnological in as uc u e, ne wo k in e ac i i y and inno a ion, educing ba ie s and censo ship o social media, assu ing poli ical s abili y, in es ing in u banism, and inally, educa ing indi iduals, businesses and go e nmen o icials o c ea e s onge and mo e e ec i e ies h ough social media. Re iew o Economic Analysis 14 (2022) 381-417 1973-3909/2022417 402 www.Ro EA.o g Tables 7. Summa y esul s o ixed e ec models by class and all sample Model 1: Fixed e ec models wi h ime e ec Samples Class 1 Class 2 Class 3 Class 4 All sample Va iables Es ima e P alue Es ima e P alue Es ima e P alue Es ima e P alue Es ima e P alue FB FBsq U ban Mobile T ade Unemp Tou ism Li eExp Educ Ne Read Peace Yea 12 Yea 13 -0.00071 0.00003 -0.01219 0.00071 -0.00034 -0.01 0.00003 0.01484 0.11938 0.05902 -0.01858 0.00617 0.01599 0.7131 0.154 0.3253 0.0304 * 0.5044 <.0001*** 0.8301 0.3558 0.6985 0.0269 * 0.6306 0.4844 0.1974 0.00694 -0.0001 0.01396 0.00010 0.00048 0.00056 -0.00113 0.00692 -0.084 0.01286 0.01339 0.02271 0.05922 0.005 ** 0.0064 ** 0.1334 0.7445 0.6715 0.8847 0.1114 0.4811 0.8378 0.5886 0.7275 0.0114 * <.0001*** -0.00212 -0.00005 -0.00559 -0.00096 0.00115 -0.00598 0.00044 -0.00881 -1.98829 -0.00173 -0.06816 0.06642 0.13924 0.5222 0.5165 0.5891 0.0811 ‘’ 0.308 0.1772 0.3675 0.6049 0.1994 0.9429 0.0455 * <.0001*** <.0001*** 0.09324 -0.00473 -0.03507 0.00066 -0.00405 -0.22252 -0.00237 -0.01979 1.26840 -0.05225 -0.12946 0.01187 0.00106 0.0029 ** 0.0116 * 0.3629 0.6379 0.3202 0.0105 * 0.567 0.5442 0.1411 0.4537 0.2467 0.7613 0.9867 0.00466 -0.00007 0.00662 0.00052 -0.0003 -0.00822 -0.000006 0.00345 0.03697 -0.00195 -0.06197 0.02902 0.05582 0.0037 ** 0.0036 ** 0.33 0.031 * 0.6184 <.0001*** 0.9747 0.6228 0.8892 0.9006 0.0164 * <.0001*** <.0001*** 𝑹𝟐 0.66229 0.6735 0.85333 0.69796 0.529 Signi icance :: >0.0001 ‘***’; >0.01 ‘**’ ; >0.05 ‘*’ ; >0.1 ‘ ’ Model 2: Fixed e ec models wi hou ime e ec Samples Class 1 Class 2 Class 3 Class 4 All sample Va iables Es ima e P alue Es ima e P alue Es ima e P alue Es ima e P alue Es ima e P alue FB FBsq U ban Mobile T ade Unemp Tou ism Li eExp Educ Ne Read Peace -0.000004 0.00004 -0.01249 0.00054 -0.00036 -0.00934 0.00005 0.02642 0.12312 0.06706 -0.02005 0.9983 0.0829 ‘’ 0.3049 0.0753 ‘’ 0.4815 <.0001*** 0.7289 0.0597 ‘’ 0.6899 0.0006*** 0.5933 0.01005 -0.0001 0.03653 -0.00011 -0.00071 -0.00628 -0.00126 0.01992 -0.46571 0.03413 0.01673 0.0001*** 0.008 ** <.0001*** 0.7338 0.5251 0.1039 ‘’ 0.1044 ‘’ 0.0547 ‘’ 0.2912 0.1789 0.6889 0.00973 -0.00017 0.00276 -0.00013 0.00052 -0.00798 0.00129 0.08846 -0.97084 0.06289 -0.09585 0.0419 * 0.1245 0.8613 0.873 0.735 0.2366 0.0858 ‘’ <.0001*** 0.6781 0.0769 ‘’ 0.0548 ‘’ 0.09213 -0.00472 -0.03626 0.00074 -0.00277 -0.21962 -0.00241 -0.01811 1.43185 -0.06692 -0.16108 0.0016 ** 0.0088 ** 0.2086 0.5784 0.4109 0.0067 ** 0.5356 0.3579 0.0692 ‘’ 0.2957 0.0805 ‘’ 0.00709 -0.00006 0.02792 0.00042 -0.00037 -0.01067 0.00007 0.02483 -0.11232 0.02534 -0.07202 <.0001*** 0.0137 * <.0001*** 0.1006 ‘’ 0.5508 <.0001*** 0.741 0.0002*** 0.6905 0.113 0.0083 ** 𝑅2 0.65395 0.59706 0.64568 0.69419 0.4608 AMROUCHE, HABABOU Role o Social Media in Socioeconomic De elopmen 403 www.Ro EA.o g Model 3: Fixed e ec models wi hou ime e ec and T ade a iable Samples Class 1 Class 2 Class 3 Class 4 All sample All sample wi h Lag e ec Va iables Es ima e P alue Es ima e P alue Es ima e P alue Es ima e P alue Es ima e P alue Es ima e P alue FB FBsq U ban Mobile Unemp Tou ism Li eExp Educ Ne Read Peace LagLogGNI -0.00017 0.00004 -0.01227 0.00054 -0.00931 0.00004 0.02832 0.04034 0.06522 -0.02145 0.927 0.0592 ‘’ 0.3122 0.0753 ‘’ <.0001*** 0.7576 0.0394 * 0.8872 0.0007 *** 0.5663 0.01009 -0.0001 0.03644 -0.00011 -0.00613 -0.00123 0.01947 -0.4781 0.03320 0.01705 0.0001*** 0.0077 ** <.0001*** 0.7486 0.1104 0.1116 0.0588 ‘’ 0.2765 0.1886 0.6822 0.00992 -0.00018 0.00273 -0.00012 -0.00804 0.00133 0.08803 -0.96668 0.06228 -0.09519 0.0358 * 0.0965 ‘’ 0.862 0.8843 0.2298 0.0708 ‘’ <.0001*** 0.6774 0.0775 ‘’ 0.0547 ‘’ 0.09707 -0.00492 -0.03498 0.00053 -0.20648 -0.00256 -0.02017 1.31314 -0.05845 -0.14452 0.0007*** 0.0058** 0.2218 0.6858 0.0085** 0.5087 0.3003 0.0872 ‘’ 0.3515 0.1047 ‘’ 0.00706 -0.00006 0.027951 0.00041 -0.01066 0.00007 0.02504 -0.14677 0.02517 -0.07162 <.0001*** 0.015* <.0001*** 0.1051 ‘’ <.0001*** 0.7503 0.0002*** 0.5947 0.1151 0.0085** 0.00686 -0.00006 0.02693 0.00041 -0.01033 0.00012 0.02539 -0.1408 0.02368 -0.07212 0.05684 <.0001*** 0.01203* <.0001*** 0.10729 <.0001*** 0.56890 0.00015*** 0.60810 0.13659 0.00779** 0.04533* 𝑅2 0.65205 0.59508 0.64508 0.68776 0.46018 0.46715 Model 3: Fixed e ec models wi h A ellano me hod Model 3: Fixed e ec models wi h Robus Co a iance Ma ix Es ima o s All sample wi h Lag e ec All sample wi h Lag e ec Va iable Es ima e P alue Va iable Es ima e P alue FB FBsq U ban Mobile Unemp Tou ism Li eExp Educ Ne Read Peace LagLogGNI 0.00686 -0.00006 0.02693 0.00041 -0.01033 0.00012 0.02539 -0.14078 0.02368 -0.07212 0.05684 0.000932*** 0.012221 * <.0001*** 0.109107 <.0001*** 0.550242 0.019829 * 0.519745 0.175505 0.017551 * 0.074404 ‘’ FB FBsq U ban Mobile Unemp Tou ism Li eExp Educ Ne Read Peace LagLogGNI 0.00686 -0.00006 0.02693 0.00041 -0.01033 0.00012 0.02539 -0.14078 0.02368 -0.07212 0.05684 0.000932*** 0.012221 * <.0001*** 0.109107 <.0001*** 0.550242 0.019829 * 0.519745 0.175505 0.017551 * 0.074404 ‘’ Re iew o Economic Analysis 14 (2022) 381-417 404 www.Ro EA.o g Model 4: Fixed e ec models wi hou ime e ec , T ade a iable and FBsq Class 1 Va iable Es ima e P alue FB U ban Mobile Unemp Tou ism Li eExp Educ Ne Read Peace 0.00286 -0.01284 0.00048 -0.00911 0.00006 0.02599 0.04714 0.06691 -0.02165 0.0037 ** 0.2968 0.1175 <.0001*** 0.6621 0.0607 ‘’ 0.8702 0.0006 *** 0.568 𝑅2 0.63825 Table 8. 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