Dependent Variable ΔGMSL

Coefficient

Std. Error

t-Test

Probability

Constant

ΔTEM

ΔCO₂

ΔEN

ΔUR

ΔOPN

ECM{-1}

0.2743

5.3320*

6.2745*

−0.01077*

5.09985*

−0.4908*

−0.6652*

0.6913

0.4893

1.4695

0.0027

1.8009

0.1205

0.0297

0.3967

10.8981

4.2699

−3.9890

2.8319

−4.0718

−22.3874

0.6936

≤0.0001

≤0.0001

≤0.0003

≤0.0071

≤0.0002

≤0.0001

Sensitivity Analysis

Diagnostic Test Results

Probability

LM Test for Autocorrelation

LM test for Heteroscedasticity

ARCH Test

Misspecification Test

JB Test for Normality of Errors

0.031871

4.2363

0.5072

2.2917

1.9903

0.8583

0.5159

0.4764

0.1375

0.3695