Variable

Panel A

Regression analysis without controlling variables

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

Constant

0.1102

0.1865

0.1695*

0.1108

−0.0193

−0.0645***

−0.0227

−0.0160

0.0044*

0.0000

(0.7711)

(0.9601)

(1.7592)

(1.0032)

(−1.1276)

(−3.4305)

(−0.7623)

(−0.6346)

(1.7365)

(0.0062)

DY

0.0670

−0.2015

−0.3275

−0.1519

0.1661

−0.3063

−0.3433

−0.8646***

−0.0836

0.0136

(0.0672)

(−0.5934)

(−0.8119)

(−0.1027)

(0.7197)

(−1.510)

(−0.9246)

(−3.9024)

(−0.6451)

(0.0812)

TAG

0.0145

−0.2173

0.2501

−0.2805

0.0037

−0.4305***

−0.1157

0.0187

−0.2774***

−0.1673***

(0.0289)

(−0.7056)

(0.7507)

(−0.6737)

(0.0443)

(−2.9580)

(−0.7421)

(0.2226)

(−5.7558)

(−3.1137)

SG

−0.0394

0.0831

−0.1259

0.2447

−0.1064

0.4032***

−0.0854

0.0577

−0.0044

0.2159***

(−0.0801)

(0.2423)

(−0.3936)

(0.5933)

(−1.0100)

(3.2385)

(−0.5249)

(0.8408)

(−0.1199)

(4.2681)

EPSSP

−0.1587

−0.1588

0.1823

0.1347

−0.2218

0.0711

0.1635

0.8972***

0.0947

−0.0094

(−0.1590)

(−0.4707)

(0.4854)

(0.0905)

(−0.9763)

(0.3473)

(0.4448)

(4.2335)

(0.7399)

(−0.0547)

CI

0.1417

−0.1581

0.2548

0.2941

0.9874***

1.1007***

0.8897***

0.8657***

1.1398***

1.0209***

(0.3679)

(−0.4380)

(0.7188)

(0.6431)

(10.6514)

(11.7316)

(10.7504)

(13.7739)

(34.4702)

(32.3259)

R2

0.0350

0.0730

0.2479

0.0925

0.8874

0.9359

0.9081

0.9746

0.9919

0.9859

Adjusted R2

−0.5011

−0.3133

0.0129

−0.1910

0.8542

0.9170

0.8811

0.9671

0.9896

0.9818

F

0.0654

0.1889

1.0548

0.3263

26.7818***

49.6074***

33.6097***

130.5283***

418.4328***

237.7983***