Table 4.

Results of panel quantile regression (Machado and Santos Silva (2019) method).

Location Parameters
Variables	Coefficient	Std. Error	p-value
lnEFP	0.0415∗∗	0.0153	0.014
lnBC	-0.0043	0.0119	0.720
lnHC	0.0765∗	0.0384	0.062
lnEC	-0.0028	0.0031	0.393
$\mathrm{C}\mathrm{o}\mathrm{n}\mathrm{s}\mathrm{t}\mathrm{a}\mathrm{n}\mathrm{t}$	3.6097∗∗∗	0.1280	0.000
Scale Parameters
Variables	Coefficient	Std. Error	p-value
lnEFP	-0.0010	0.0035	0.770
lnBC	-0.0003	0.0045	0.994
lnHC	0.0078	0.0064	0.239
lnEC	0.0021	0.0014	0.135
$\mathrm{C}\mathrm{o}\mathrm{n}\mathrm{s}\mathrm{t}\mathrm{a}\mathrm{n}\mathrm{t}$	0.0025	0.0500	0.961
0.1 Quantile Coefficients
Variables	Coefficient	Std. Error	p-value
lnEFP	0.0431∗∗∗	0.0070	0.000
lnBC	-0.0043	0.0081	0.599
lnHC	0.0644∗∗∗	0.0136	0.000
lnEC	-0.0060∗∗∗	0.0018	0.001
0.2 Quantile Coefficients
Variables	Coefficient	Std. Error	p-value
lnEFP	0.0427∗∗∗	0.0059	0.000
lnBC	-0.0043	0.0068	0.529
lnHC	0.0672∗∗∗	0.0114	0.000
lnEC	-0.0053∗∗∗	0.0015	0.000
0.3 Quantile Coefficients
Variables	Coefficient	Std. Error	p-value
lnEFP	0.0422∗∗∗	0.0048	0.000
lnBC	-0.0043	0.0055	0.435
lnHC	0.0705∗∗∗	0.0092	0.000
lnEC	-0.0044∗∗∗	0.0012	0.000
0.4 Quantile Coefficients
Variables	Coefficient	Std. Error	p-value
lnEFP	0.0420∗∗∗	0.0043	0.000
lnBC	-0.0043	0.0049	0.379
lnHC	0.0727∗∗∗	0.0082	0.000
lnEC	-0.0038∗∗∗	0.0011	0.000
0.5 Quantile Coefficients
Variables	Coefficient	Std. Error	p-value
lnEFP	0.0415∗∗∗	0.0040	0.000
lnBC	-0.0043	0.0046	0.349
lnHC	0.0763∗∗∗	0.0078	0.000
lnEC	-0.0028∗∗∗	0.0010	0.007
0.6 Quantile Coefficients
Variables	Coefficient	Std. Error	p-value
lnEFP	0.0410∗∗∗	0.0046	0.000
lnBC	-0.0043	0.0053	0.412
lnHC	0.0799∗∗∗	0.0089	0.000
lnEC	-0.0018	0.0012	0.122
0.7 Quantile Coefficients
Variables	Coefficient	Std. Error	p-value
lnEFP	0.0406∗∗∗	0.0054	0.000
lnBC	-0.0043	0.0063	0.487
lnHC	0.0827∗∗∗	0.0105	0.000
lnEC	-0.0011	0.0014	0.440
0.8 Quantile Coefficients
Variables	Coefficient	Std. Error	p-value
lnEFP	0.0403∗∗∗	0.0065	0.000
lnBC	-0.0044	0.0074	0.557
lnHC	0.0854∗∗∗	0.0124	0.000
lnEC	-0.0003	0.0016	0.830
0.9 Quantile Coefficients
Variables	Coefficient	Std. Error	p-value
lnEFP	0.0398∗∗∗	0.0081	0.000
lnBC	-0.0044	0.0093	0.638
lnHC	0.0891∗∗∗	0.0156	0.000
lnEC	0.0007	0.0020	0.743

Note: ∗∗∗, ∗∗ and ∗ indicate rejection of the null hypotheses at the 1%, 5% and 10% significant levels respectively.