Growth | Maturity | Decline | |||||||
---|---|---|---|---|---|---|---|---|---|
Coef. | Z | P > z | Coef. | z | P > z | Coef. | z | P > z | |
Adjustment rate | 0.735 | 0.420 | 0.536 | ||||||
LL(L1) | 0.265 | 5.31 | 0.000 | 0.580 | 12.560 | 0.000 | 0.464 | 6.33 | 0.000 |
TS | −0.062 | −8.09 | 0.000 | 0.000 | −0.630 | 0.527 | −0.022 | −5.26 | 0.000 |
BR | 0.005 | 4.44 | 0.000 | 0.000 | −0.310 | 0.753 | −0.001 | −2.16 | 0.031 |
ZS | −0.002 | −3.49 | 0.000 | 0.000 | −0.860 | 0.389 | −0.001 | −8.3 | 0.000 |
NDTS | 0.522 | 3.04 | 0.002 | −0.753 | −2.830 | 0.005 | −0.679 | −4.18 | 0.000 |
AgC | 0.016 | 0.18 | 0.860 | 0.026 | 0.320 | 0.750 | −0.099 | −1.32 | 0.187 |
GROW | −0.007 | −2.21 | 0.027 | 0.027 | 4.300 | 0.000 | 0.010 | 2.29 | 0.022 |
CP | −0.066 | −5.42 | 0.000 | −0.103 | −4.630 | 0.000 | −0.102 | −6.05 | 0.000 |
PP | 0.000 | −6.79 | 0.000 | 0.000 | 0.740 | 0.459 | 0.000 | 1.95 | 0.051 |
LIQ | 0.020 | 6.67 | 0.000 | 0.027 | 4.310 | 0.000 | 0.014 | 8.83 | 0.000 |
TANG | −0.012 | −3.72 | 0.000 | 0.003 | 0.230 | 0.817 | −0.016 | −2.66 | 0.008 |
CV | 0.016 | 1.53 | 0.126 | 0.056 | 6.270 | 0.000 | 0.047 | 10.65 | 0.000 |
SIZE | 0.024 | 5.36 | 0.000 | −0.010 | −1.400 | 0.161 | 0.042 | 8.44 | 0.000 |
INDLL | 0.338 | 4.12 | 0.000 | 0.431 | 5.270 | 0.000 | 0.419 | 11.42 | 0.000 |
INMP | −0.004 | 1.96 | 0.043 | 0.000 | 1.140 | 0.270 | −0.006 | 0.34 | 0.148 |
INF | −0.001 | 0.28 | 0.486 | −0.002 | 0.240 | 0.586 | 0.000 | 0.48 | 0.476 |
ER | 0.041 | 13 | 0.000 | −0.005 | −0.810 | 0.420 | 0.023 | 5.97 | 0.000 |
EG | 0.003 | 3.83 | 0.000 | 0.001 | 0.990 | 0.324 | 0.000 | −0.57 | 0.571 |
CF | 0.001 | 3.22 | 0.001 | −0.001 | −0.820 | 0.413 | −0.001 | −1.69 | 0.091 |
_cons | −0.898 | −6.75 | 0.000 | 0.214 | 0.970 | 0.332 | −0.999 | −6.84 | 0.000 |