| Independent variables | Coefficient | Std. Error | t-statistic | p > t |
| L1. | 0.26146 | 0.0542848 | 4.82 | 0.000 |
| CAP | 1.304848 | 0.061362 | 21.26 | 0.000 |
| SIZE | −0.0176386 | 0.0015922 | −11.08 | 0.000 |
| LLP | −0.5134633 | 0.0800174 | −6.42 | 0.000 |
| INF | −0.4094619 | 0.0464522 | −8.81 | 0.000 |
| GDP | 0.0305498 | 0.1689409 | 0.18 | 0.858 |
| _CONS | 0.4566929 | 0.0427708 | 10.68 | 0.000 |