| 2003-2019 | 2003-2004 | 2005-2007 | 2008-2011 | 2012-2019 | ||
| CICSI | LCICSI | 0.912*** | 0.859*** | 0.911*** | 0.790*** | 0.8493*** |
|
| Constant | 0.315*** | 0.450 | 0.323 | 0.749 | 0.556*** |
|
| R-square | 0.827 | 0.673 | 0.841 | 0.386 | 0.775 |
|
| F-stat | 954.54 | 41.19 | 173.99 | 28.34 | 319.43 |
| SMB | LCICSI | −0.002 | −0.063 | −0.067 | 0.108 | −0.012 |
|
| MRP | 0.044 | 0.003 | 0.082 | 0.018 | 0.047 |
|
| HML | −0.852*** | −0.650*** | 0.296 | −0.769*** | −1.069*** |
|
| IPPI | −0.047 | −0.364 | 1.229 | −0.039 | −0.344 |
|
| MEBI | −0.069 | 1.505 | 3.237 | 0.001 | 0.163 |
|
| Constant | 0.545 | −5.045 | −20.4299 | −0.202 | 0.886* |
|
| R-square | 0.310 | 0.551 | 0.101 | 0.254 | 0.692 |
|
| F-stat | 17.57 | 3.92 | 0.65 | 2.79 | 40.03 |