(−0.46)

(0.40)

(2.18)

(1.80)

$RO{E}_{i,t}$

−0.4285*

−0.9823**

−0.9823***

−0.7732**

(−0.99)

(−2.10)

(−4.71)

(−1.97)

$GDP{R}_t$

3.3279*

−0.8312

−0.8312

1.3065

(0.90)

(−0.29)

(−0.23)

(0.33)

$M_t$

−0.1132

0.1510

0.1510*

−0.0027

(−0.28)

(0.45)

(1.31)

(−0.03)

C

0.4415***

0.8815***

0.8815***

0.6698***

(4.23)

(2.80)

(3.50)

(8.25)

F

8.93

6.64

$Prob>F$

0.0001

0.0000

R-squared

0.6917

0.8158

AR 2(P)

0.2014

0.2618

Sargan(P)

0.6845

0.7506