Explanatory Variable

Option: I

Option: II

Option: III

Option: IV

Option: V

β

T-Statistics

β

T-Statistics

β

T-Statistics

β

T-Statistics

β

T-Statistics

Constant

−6.595***

−4.547

−6.712***

−4.608

−6.644***

−4.467

−6.113***

−4.203

−15.228***

−3.419

DCPS

0.053***

8.688

0.046***

7.502

0.046***

7.484

DCPSB

0.058***

8.727

DCPSF

0.013*

1.796

EASE

0.108***

4.747

0.110***

4.885

0.109***

4.819

0.095***

4.257

0.252***

4.493

LNDRAT

0.018

0.765

0.010

0.433

0.011

0.452

0.014

0.595

0.009

0.141

STRTCST

0.004

0.627

0.002

0.249

0.002

0.287

0.002

0.221

−0.011

−0.327

FDIG

0.119***

4.823

0.118***

4.768

0.097***

3.928

0.155

1.363

TIMERQ

−0.003

−0.232

−0.003

−0.233

−0.011

−0.507

Adjusted R²

0.4405

0.4734

0.4719

0.4962

0.3984

F-statistic

40.9201

40.6613

36.0504

39.7412

12.8096

Akaike Info Criterion

5.3126

5.2581

5.2636

5.2145

5.2242

Schwarz Criterion

5.3996

5.3565

5.3729

5.3235

5.3981

H-Q Criterion

5.3472

5.2972

5.3071

5.2578

5.2947

D-W Statistic

0.0818

0.1588

0.1581

0.1406

0.0621