Variables

Total effect

Direct effect

Indirect effect

lnGDP

0.768***

0.651***

0.117**

(7.53)

(8.97)

(2.08)

lnConsumption

0.119

0.102

0.017

(1.01)

(1.01)

(0.83)

Urban

−0.011**

−0.010**

−0.002

(−2.30)

(−2.36)

(−1.51)

lnCost

−0.062

−0.002

−0.061

(−0.52)

(−0.36)

(−0.53)

lnFinancial

0.315***

0.266***

0.049*

(3.41)

(3.62)

(1.76)

IP

0.248***

0.211***

0.037**

(5.98)

(5.78)

(2.19)

Highway

0.090***

0.076***

0.014*

(3.07)

(3.15)

(1.71)

RP

−0.937***

−0.795***

−0.142**

(−6.36)

(−6.97)

(−2.09)

lnProduction

0.049*

0.002

0.047*

(1.73)

(1.37)

(1.73)

lnOwnership

−0.296***

−0.012

−0.284***

(−2.89)

(−1.64)

(−2.97)

lnFreight

0.242**

0.009*

0.233**

(2.44)

(1.75)

(2.45)

lnPassenger

−0.062

−0.002

−0.060

(−1.32)

(−1.07)

(−1.33)