Table 6.
FMOLS (dependent: ES).
| Variables | Model 1 | Model 2 | Model 3 | Model 4 | Model 5 |
|---|---|---|---|---|---|
| RIN | 1.109*** (0.000) | 1.153*** (0.000) | 1.047* (0.103) | −1.825*** (0.000) | 1.111*** (0.000) |
| RDN | 0.523*** (0.000) | 0.520*** (0.000) | −1.445*** (0.011) | 0.394*** (0.000) | 0.551*** (0.000) |
| RTEC | −0.041*** (0.000) | −1.107*** (0.000) | −0.284 (0.831) | −0.874*** (0.000) | −0.607*** (0.000) |
| EIN | −0.396*** (0.000) | −0.442*** (0.000) | −0.383 (0.448) | −0.501*** (0.000) | −0.472*** (0.000) |
| PDN | −1.049*** (0.000) | −1.027*** (0.000) | −1.943** (0.020) | −0.469*** (0.000) | 0.455*** (0.000) |
| EGR | −0.157*** (0.000) | −0.158*** (0.000) | −3.439** (0.032) | −0.175*** (0.000) | −0.161*** (0.000) |
| PDN*EIN | – | −0.120*** (0.000) | -- | – | – |
| PDN*RDN | – | -- | −1.780* (0.076) | -- | -- |
| PDN*RIN | – | -- | -- | −1.853*** (0.000) | -- |
| PDN*RTEC | – | -- | -- | -- | −1.264*** (0.000) |
| R2 | 0.491 | 0.495 | 0.547 | 0.608 | 0.533 |
| Adj. R2 | 0.468 | 0.4686 | 0.527 | 0.587 | 0.508 |
"***, ** and *: significant at 0.01, 0.05 and 0.10, respectively."