Table 5.

ARDL short- and long-term estimates.

Dependent Variable: SMM
ARDL(1, 1, 1, 1, 0, 0, 1)
Sample: 1990Q1 2022Q4
Variables	Coefficient	Std. Error	t-Statistic	Prob.
Short Run Coefficients
D(FINTECH)	0.017	0.005	3.195	0.001
D(ISMT)	−0.122	0.016	−7.476	0.000
D(GSFTM)	−0.294	0.063	−4.671	0.000
D(ENVCOMP)	−0.023	0.011	−2.008	0.046
D(SLO)	−0.165	0.115	−1.431	0.155
D(TIR)	0.049	0.010	4.640	0.000
CointEq(-1)	−0.205	0.053	−3.814	0.000
Long Run Coefficients
FINTECH	0.011	0.010	1.061	0.290
ISMT	−0.115	0.035	−3.282	0.001
GSFTM	−0.213	0.099	−2.137	0.034
ENVCOMP	−0.113	0.046	−2.421	0.017
SLO	−0.806	0.560	−1.438	0.152
TIR	0.035	0.011	3.225	0.001
C	18.951	7.162	2.645	0.009
Diagnostic Test Estimates
LM Test	0.875 (0.419)	F-statistics	241.012 (0.000)
ARCH Test	0.050 (0.822)	Durbin-Watson	1.850

Source: Author's estimate. Note: Small bracket shows probability value.