Regressions

Regressors

1

2

3

4

5

Constant

?2.3 (0.84)

?5.2*** (1.8)

0.25 (0.08)

?4.4* (3.2)

?2.9 (1.03)

D(ER)

0.102* (3.93)

0.115* (3.9)

0.086* (3.34)

0.13 (1.19)

0.102* (3.9)

INF

?0.238* (3.08)

?0.143 (1.65)

?0.232* (3.31)

?0.03 (0.26)

?0.17** (2.15)

COM

0.663* (3.05)

0.484** (2.1)

0.532* (2.95)

0.083 (0.89)

0.566** (2.45)

INV

0.18** (2.38)

0.239* (3.94)

0.162** (2.14)

0.532* (4.6)

0.195* (2.69)

D(EL)

?0.004 (0.35)

0.015 (0.89)

?0.007 (0.48)

?0.002 (0.18)

G

0.37** (2.44)

0.487* (3.51)

0.303*** (1.92)

0.548* (5.1)

0.426* (2.94)

FU

?0.014 (0.28)

?0.034 (0.66)

?0.02 (0.42)

0.11 (1.03)

?0.03 (0.68)

TC

0.126 (0.8)

BA

?0.736* (2.93)

MA

0.185*** (1.68)

PHD

0.152*** (1.86)

HE

?0.24 (1.03)

Adjusted R-squared

0.995

0.996

0.995

0.76

0.995

F-Statistic

1053.9*

1304.4*

991.9*

89.7*

1108.04*