Table 4 Estimated results from groups

Exd

0.1898*

(1.90)

−0.0862*

(−1.81)

0.1535***

(2.37)

−0.0029*

(−1.86)

InpK

0.2007**

(2.86)

0.4031***

(3.82)

0.4162***

(3.29)

0.1767***

(2.93)

InpL

0.1420**

(2.06)

0.1339***

(2.67)

0.1658*

(1.98)

0.1561**

(2.30)

Up

0.1990**

(2.30)

−0.4050*

(−1.82)

0.1432

(1.34)

−0.3545

(−1.59)

Down

−0.2634*

(−1.88)

−0.3012**

(−2.15)

−0.1441**

(−2.09)

−0.3667***

(−3.44)

Year

0.1364***

(3.12)

0.0461***

(2.54)

0.2117**

(2.56)

0.0101***

(2.99)

Hausman test

1.3300

4.4200

2.8700

4.7700

Adj-R ²

0.8762

0.8836

0.8665

0.8794

Wald test

13.3600

15.5100

11.4400

20.0800