| Variable | Model 1 | Model 2 | Model 3 | Model 4 |
| DFI | 0.0068*** |
|
|
|
| (7.6100) |
|
|
| |
| BRE |
| 0.0004*** |
|
|
|
| (3.81000) |
|
| |
| DEP |
|
| 0.0035*** |
|
|
|
| (6.8700) |
| |
| DIG |
|
|
| 0.0017*** |
|
|
|
| (6.4800) | |
| W×DFI | 0.0064*** |
|
|
|
| (−7.2300) |
|
|
| |
| W×DEP |
|
| −0.0033*** |
|
|
|
| (−6.4600) |
| |
| rho | 0.6160*** | 0.5527*** | 0.6852*** |
|
| (8.9200) | (6.8800) | (10.9100) |
| |
| lgt_theta | −1.6753*** | −2.0857*** | −2.0179*** |
|
| (−8.1900) | (−11.0000) | (−10.3700) |
| |
| sigma2_e | 0.0011*** | 0.0014*** | 0.0010*** | 0.0009*** |
| (7.6000) | (7.5400) | (7.4700) | (8.2700) | |
| lambda |
|
|
| 0.4884*** |
|
|
|
| (5.5500) | |
| Log-likelihood | 240.9890 | 220.1202 | 237.9434 | 297.2184 |
| R-sq | 0.6640 | 0.3201 | 0.3874 | 0.0485 |
| obs | 147 | 147 | 147 | 147 |