(−0.28)

(−0.79)

(−1.97)

(−2.70)

R O E i , t

0.0033

−0.0106

0.0900**

0.0048

(0.33)

(−0.49)

(1.80)

(0.20)

G D P R t

0.0113

−0.1664***

−0.3296***

−0.1813***

(0.27)

(−1.72)

(−2.85)

(−2.21)

M t

0.0523***

0.0624***

0.0876***

0.0785***

(4.62)

(5.16)

(4.25)

(6.30)

C

0.0009

−0.0005

−0.0439*

−0.0015

(0.29)

(−0.06)

(−1.42)

(−0.16)

F

73.59

22.87

P r o b > F

0.0000

0.0000

R-squared

0.8579

0.7657

AR 2(P)

0.5504

0.4242

Sargan(P)

0.8556

0.9974