lnM2+

−0.490

−0.014

−0.637

(−3.03)***

(−0.24)

(−2.40)**

lnCPS/Y

−1.271

−1.062

−0.907

(−2.76)**

(−2.23)**

(−1.90)*

lnCPS/DC

−1.130

−1.128

−1.124

(−1.91)*

(−1.90)*

(−1.91)*

lnDC/Y

−0.884

−0.897

−0.542

(−1.70)

(−1.84)*

(−1.19)