Variable | Panel A | |||||||||
Regression analysis without controlling variables | ||||||||||
2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | |
Constant | 0.1102 | 0.1865 | 0.1695* | 0.1108 | −0.0193 | −0.0645*** | −0.0227 | −0.0160 | 0.0044* | 0.0000 |
(0.7711) | (0.9601) | (1.7592) | (1.0032) | (−1.1276) | (−3.4305) | (−0.7623) | (−0.6346) | (1.7365) | (0.0062) | |
DY | 0.0670 | −0.2015 | −0.3275 | −0.1519 | 0.1661 | −0.3063 | −0.3433 | −0.8646*** | −0.0836 | 0.0136 |
(0.0672) | (−0.5934) | (−0.8119) | (−0.1027) | (0.7197) | (−1.510) | (−0.9246) | (−3.9024) | (−0.6451) | (0.0812) | |
TAG | 0.0145 | −0.2173 | 0.2501 | −0.2805 | 0.0037 | −0.4305*** | −0.1157 | 0.0187 | −0.2774*** | −0.1673*** |
(0.0289) | (−0.7056) | (0.7507) | (−0.6737) | (0.0443) | (−2.9580) | (−0.7421) | (0.2226) | (−5.7558) | (−3.1137) | |
SG | −0.0394 | 0.0831 | −0.1259 | 0.2447 | −0.1064 | 0.4032*** | −0.0854 | 0.0577 | −0.0044 | 0.2159*** |
(−0.0801) | (0.2423) | (−0.3936) | (0.5933) | (−1.0100) | (3.2385) | (−0.5249) | (0.8408) | (−0.1199) | (4.2681) | |
EPSSP | −0.1587 | −0.1588 | 0.1823 | 0.1347 | −0.2218 | 0.0711 | 0.1635 | 0.8972*** | 0.0947 | −0.0094 |
(−0.1590) | (−0.4707) | (0.4854) | (0.0905) | (−0.9763) | (0.3473) | (0.4448) | (4.2335) | (0.7399) | (−0.0547) | |
CI | 0.1417 | −0.1581 | 0.2548 | 0.2941 | 0.9874*** | 1.1007*** | 0.8897*** | 0.8657*** | 1.1398*** | 1.0209*** |
(0.3679) | (−0.4380) | (0.7188) | (0.6431) | (10.6514) | (11.7316) | (10.7504) | (13.7739) | (34.4702) | (32.3259) | |
R2 | 0.0350 | 0.0730 | 0.2479 | 0.0925 | 0.8874 | 0.9359 | 0.9081 | 0.9746 | 0.9919 | 0.9859 |
Adjusted R2 | −0.5011 | −0.3133 | 0.0129 | −0.1910 | 0.8542 | 0.9170 | 0.8811 | 0.9671 | 0.9896 | 0.9818 |
F | 0.0654 | 0.1889 | 1.0548 | 0.3263 | 26.7818*** | 49.6074*** | 33.6097*** | 130.5283*** | 418.4328*** | 237.7983*** |