Explanatory variable | Parameter estimate | T-statistic | P value |
∆FTt | −5.142 | −3.878 | 0.001* |
∆EGROWTHt | 0.988 | 6.269 | 0.000* |
∆RNTt | −16.042 | −3.589 | 0.001* |
∆TBALt | 0.789 | 7.237 | 0.000* |
∆SRATIOt | 0.425 | 4.096 | 0.000* |
Ut−1 | −0.773 | −8.429 | 0.000* |