Explanatory Variables

Equation (9)

Equation (10)

Equation (11)

Equation (12)

Equation (13)

Constant

16.48 (−3.11)^***

−40.53 (−3.06)^***

−45.86 (−3.78)^***

−38.76 (−2.65)^**

−41.29 (−4.81)^***

Lni

0.286 (2.21)^**

0.405 (3.06)^***

0.41 (3.71)^***

0.39 (3.24)^***

0.35 (2.98)^**

Lng

0.42 (3.28)^***

0.28 (2.86)^**

0.37 (2.67)^**

0.36 (2.41)^**

0.34 (2.39)^**

Lnh

0.26 (2.48)^**

0.24 (3.56)^***

0.19 (1.52)

0.31 (2.27)^**

0.29 (2.96)^**

Lnx

−0.41 (2.61)^**

−0.48 (−2.99)^**

−0.39 (−2.76)^**

−0.37 (−2.16)^*

−0.43 (−2.74)^**

Lnp

−0.007 (−2.08)^*

−0.003 (−2.19)^*

−0.001 (−2.48)^**

−0.006 (−2.39)^**

−0.018 (−2.13)^*

Lnc

−2.69 (−3.04)^***

−1.84 (2.39)^**

−0.45 (−1.16)

−1.37 (−2.02)^*

−2.58 (−2.74)^**

-0.02 (−2.56)^*

0.03 (0.27)

−0.08 (−0.73)

−2.33 (−3.42)^***

−2.48 (−2.57)^**

Adj. R-sq.

0.643

0.715

0.694

0.741

0.709

Serial correlation

0.054

0.047

0.027

0.297

0.093

Heteroscedasticity

0.381

0.463

0.293

0.692

0.471