Table 7.

Robustness check

Variables	FMOLS		DOLS
	Coefficients	T Stats	Coefficients	T Stats
LNR	− 0.011***	− 1.918	− 0.013**	− 1.993
LFR	− 0.118*	− 4.818	− 0.150*	− 3.853
LGI	0.029*	4.883	0.039*	3.716
LEG	0.282*	17.566	0.289*	21.877
R-squared	0.906	–	0.956	–
Adjusted R-squared	0.902	–	0.911	–
Long-run variance	0.004	–	0.003	–

Note: The symbols *, **, and *** represent the significance levels at 1%, 5%, and 10%, respectively