Table 3:

The test results and analysis of “Robustness”

Target Variable	βm-max	t-Statistic	Prob.	βm-min	t-Statistic	Prob.	Significance Distribution (%)	Pass or failure to pass
MPI	0.5632	3.1439	0.0000	−0.4973	−1.6893	0.0345	95.9	Y
PDI	4.2789	7.2343	0.0000	1.0615	5.6588	0.0121	100	Y
CC	0.0047	3.4000	0.0002	−0.0684	−1.3279	0.2303	91.8	Y
P	2.5717	4.8225	0.0000	0.6083	2.2826	0.0003	24.7	N
CPI	0.3061	4.5680	0.0000	−0.7926	1.4568	0.0573	97.1	Y
GMB	1.9864	6.8354	0.0000	0.8536	3.6717	0.0258	59.8	N
IID	3.7379	7.2790	0.0023	−0.4589	−8.4478	0.0000	64.6	N

Note: The significance level is 10%. “Y” means pass, “N” means failure to pass.