Table 9 Regression results of the robustness test.
Variables | (1) | (2) | (3) | (4) |
|---|---|---|---|---|
L.lnMCEE | 0.3084*** (8.50) | 0.9609*** (139.74) | 0.9037*** (−74.67) | 0.6363*** (10.58) |
lnCS | 0.0263*** (4.47) | 0.0235*** (6.66) | 0.0103*** (−5.43) | 0.0594*** (5.91) |
lnEE | 0.0849*** (6.93) | −0.0173*** (−6.91) | 0.0111*** (−11.88) | −0.0140* (−1.69) |
lnPS | 0.0086*** (3.23) | −0.0074*** (−5.03) | 0.0074*** (−3.24) | 0.0043 (0.89) |
lnMC | 0.1155*** (5.23) | 0.0550*** (3.91) | 0.0074 (−0.72) | 0.0513** (2.15) |
Constant | −0.7975*** (−12.34) | −0.0189 (−1.55) | −0.1412*** (−7.58) | −0.2458*** (−7.66) |
AR (1) | 0.2764 | 0.0574 | 0.0821 | 0.2009 |
AR (2) | 0.2990 | 0.2917 | 0.8258 | 0.1662 |
Sargan P | 0.1667 | 0.2158 | 0.2131 | 0.1817 |
N | 232 | 261 | 261 | 203 |
