Table 4 Panel ADRL model for all sectors
PMG | FE | |||
|---|---|---|---|---|
LR | SR | LR | SR | |
L.LF | 2.11*** | 0.65 | ||
(3.66) | (0.37) | |||
L.v | −1.51*** | −1.35** | ||
(−3.44) | (−2.24) | |||
Crisis | 0.02*** | 0.02** | ||
(8.90) | (2.45) | |||
θ | −0.05*** | −0.05** | ||
(−4.25) | (−2.32) | |||
L.dU | 0.02 | −0.05 | ||
(0.54) | (−0.63) | |||
L2.dU | −0.03 | −0.01 | ||
(−0.98) | (−0.16) | |||
L3.dU | 0.04 | −0.03 | ||
(1.29) | (−1.20) | |||
dv | −0.32*** | −0.12 | ||
(−3.25) | (−0.77) | |||
L.dv | −0.11 | −0.05 | ||
(−0.79) | (−0.49) | |||
dLF | 72.56 | −2.63** | ||
(1.08) | (−2.14) | |||
L.dLF | −0.38 | 0.72 | ||
(−0.05) | (0.94) | |||
L2.dLF | 7.39 | −0.09 | ||
(1.02) | (−0.49) | |||
L3.dLF | −17.31 | 0.37 | ||
(−0.74) | (1.40) | |||
Constant | 0.00 | 0.00 | ||
(0.76) | (0.85) | |||
Observations | 1892 | 1892 | ||
P(L.v)≤0 | 0.9099 | 0.8661 | ||