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Table 12 Cross-sectional short-run coefficient—ARDL

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

Country Belgium France Germany Netherlands Norway Portugal
Variable Coefficient Std. error Coefficient Std. error Coefficient Std. error Coefficient Std. error Coefficient Std. error Coefficient Std. error
COINTEQ01 − 0.524*** 0.020 − 0.316*** 0.006 − 0.373*** 0.005 0.317*** 0.009 − 0.311*** 0.004 − 0.316*** 0.010
D (DCF (− 1)) − 0.267*** 0.029 − 0.129** 0.023 − 0.173*** 0.014 0.667*** 0.018 0.205*** 0.028 0.601*** 0.046
D (DCF (− 2)) 0.196** 0.042 0.203*** 0.022 0.420*** 0.011 − 0.797*** 0.039 0.331*** 0.036 0.291** 0.056
D(SMC) − 0.178*** 0.012 − 1.110*** 0.041 0.044*** 0.007 0.440*** 0.017 − 0.218*** 0.005 0.444** 0.109
D (SMC (− 1)) − 0.106** 0.028 − 0.625*** 0.024 − 0.720*** 0.024 − 0.478*** 0.030 0.153*** 0.009 0.889*** 0.110
D(SMC (− 2)) 0.033 0.014 − 0.530*** 0.033 − 0.007 0.016 − 0.026 0.015 − 0.245*** 0.010 1.180*** 0.119
D(GDPPG) 1.319 1.990 5.047 3.161 2.183*** 0.356 1.413 8.864 1.180 0.994 0.847 2.023
D(GDPPG (− 1)) − 2.169 1.520 12.59 5.438 0.636 0.351 20.04 10.12 4.127** 1.019 − 1.761 2.751
D(GDPPG (− 2)) 0.427 0.811 6.083** 1.810 − 0.705** 0.178 − 12.31 4.339 3.276** 0.883 3.441 1.947
D(CPI) − 1.533 5.317 − 18.91 16.84 − 7.974 4.556 3.703 11.94 2.668 1.199 − 3.715 4.656
D (CPI (− 1)) − 6.632 5.052 − 13.67 9.539 10.14* 3.931 28.62 44.21 6.759** 1.427 2.924 7.910
D (CPI (− 2)) − 4.256 5.278 − 11.00 12.09 − 7.521 3.486 15.62 13.88 4.862** 1.404 0.567 7.276
D(FDINI) 0.301*** 0.049 4.111 6.052 − 0.154 0.115 0.079*** 0.008 − 0.465 0.207 − 3.216 3.138
D (FDINI (− 1)) 0.516*** 0.035 12.79 10.99 2.216*** 0.222 1.131*** 0.029 − 1.304** 0.336 − 4.773 6.796
D (FDINI (− 2)) 0.455*** 0.030 12.34 8.108 1.366** 0.267 − 0.443*** 0.029 − 1.827*** 0.281 − 0.086 3.200
D(STTR) − 0.074** 0.021 − 0.173*** 0.010 − 0.015*** 0.000 − 0.326*** 0.007 − 0.114*** 0.003 − 0.161** 0.027
D (STTR (− 1)) − 0.139** 0.031 − 0.366*** 0.017 − 0.185*** 0.001 0.124*** 0.016 0.101*** 0.002 − 0.708*** 0.028
D (STTR (− 2)) − 0.402*** 0.025 0.258*** 0.016 0.052*** 0.000 1.066*** 0.028 − 0.081*** 0.002 − 0.445*** 0.028
C 59.30 305.8 34.84 84.19 40.06 69.15 − 46.74 248.2 26.610 34.76 51.51 257.5
  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