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

Alshubiri, Faris

doi:10.1186/s43093-021-00092-7

Future Business Journal

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

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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