Table 3.

Results of panel least squares of fixed effects (Dependent variable: LTFR)

Variables	Coefficient	t-Statistic	Prob.
LDIV	−0.031	−2.145	0.03
LMAR	0.042	1.459	0.04
LUR	−0.085	−1.154	0.24
LU	−0.015	−1.005	0.36
C	1.064	3.361	0.001

Adjusted R² = 0.97, F-statistic = 260.54, Durbain-Watson = 1.89, p-value = 0.001