| Variable | Transition variable is TRF | Transition variable is BDF | ||
| β0 | β1 | β0 | β1 | |
| DIV | −0.0024 (−0.7881) | 0.0062* (1.7794) | 0.0125*** (3.0663) | −0.0363*** (−3.1534) |
| CAGE | 0.0161*** (5.0764) | −0.0171*** (−3.8341) | −0.0010 (−0.1848) | 0.0245 (1.5295) |
| TNS | −0.0012 (−1.2260) | 0.0020*** (3.5869) | 0.0001 (0.0927) | −0.0010 (−0.5080) |
| STA | 0.0171*** (4.5638) | −0.0225*** (−3.9558) | −0.0058 (−0.9717) | 0.0343* (1.8286) |
| ZS | −0.4522 (−0.7946) | 1.2093 (0.5533) | 1.1139 (0.7709) | −3.1951 (−0.8179) |
| DEBT | −0.0215*** (−3.1161) | 0.0158** (2.0392) | 0.0090 (1.1082) | −0.0712*** (−2.8510) |
| Location parameter C | 0.2262 | c1 = 0.1602; c2 = 0.7146 | ||
| Transition slope γ | 21.6018 | 16.6691 | ||