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Future Business Journal

Table 11 Pooled mean group

From: The stock market capitalisation and financial growth nexus: an empirical study of western European countries

Long-run equation

Short-run equation

Variable

Coefficient

Std. error

Variable

Coefficient

Std. error

SMC

0.489***

0.099

COINTEQ01

− 0.178**

0.075

GDPPG

− 6.302***

1.281

D (DCF (− 1))

0.209*

0.121

CPI

− 6.000***

2.014

D (DCF (− 2))

0.173

0.136

FDINI

− 1.021***

0.188

D(SMC)

− 0.028

0.121

STTR

0.218***

0.040

D (SMC (− 1))

− 0.147

0.146

   

D (SMC (− 2))

0.064

0.162

   

D(GDPPG)

1.366*

0.757

   

D (GDPPG (− 1))

2.688

2.007

   

D (GDPPG (− 2))

0.025

1.365

   

D(CPI)

− 3.573

2.158

   

D (CPI (− 1))

2.153

3.076

   

D (CPI (− 2))

− 2.306

2.177

   

D(FDINI)

1.938

1.452

   

D (FDINI (− 1))

1.168

1.212

   

D (FDINI (− 2))

1.792

1.286

   

D(STTR)

− 0.794

0.730

   

D (STTR (− 1))

− 0.445

0.341

   

D (STTR (− 2))

0.182

0.177

   

C

20.66**

9.931

  1. The dependent variable is D(DCF), at lags 3(Fixed). SMC, GDPPG, CPI FDINI, and STTR. Standard errors in parentheses ***p < 0.01, **p < 0.05, *p < 0.1, in all the models of the current study
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