| Variables | Coef. | Std. Err. | P>|t| |
| ADJ | −1.111*** | 0.166 | 0.000 |
| Long Run Equation | |||
| Lnexp | −0.011 | 0.049 | 0.818 |
| Lnre | 1.228*** | 0.406 | 0.007 |
| Lncap | 0.119* | 0.061 | 0.067 |
| Short Run Equation | |||
| Lnexp |
|
|
|
| D1 | 0.271*** | 0.098 | 0.007 |
| LD | 0.166* | 0.081 | 0.055 |
| Lnre |
|
|
|
| D1 | −1.549*** | 0.398 | 0.001 |
| LD | −1.194*** | 0.364 | 0.004 |
| L2D | −1.021*** | 0.349 | 0.009 |
| L3D | −1.145*** | 0.338 | 0.003 |
| Lncap |
|
|
|
| D1 | −0.111** | 0.048 | 0.032 |
| Const. | −6.366*** | 1.944 | 0.004 |