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 13 Cross-sectional short-run coefficient—ARDL

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

Country	Spain		Switzerland		UK		Austria		Greece		Luxembourg
Variable	Coefficient	Std. error	Coefficient	Std. error	Coefficient	Std. error	Coefficient	Std. error	Coefficient	Std. error	Coefficient	Std. error
COINTEQ01	− 0.322***	0.011	0.030***	0.002	− 0.072***	0.000	0.241***	0.008	− 0.099***	0.004	− 0.388***	0.009
D (DCF (− 1))	0.632***	0.038	− 0.556***	0.050	0.418***	0.010	− 0.003	0.020	0.481***	0.015	0.633***	0.020
D (DCF (− 2))	0.736***	0.037	0.469***	0.052	0.648***	0.013	− 0.015	0.040	− 0.694***	0.013	0.290***	0.019
D(SMC)	0.061	0.038	0.000	0.000	0.070***	0.000	0.413***	0.023	− 0.274***	0.005	− 0.034**	0.011
D (SMC (− 1))	− 0.799**	0.150	− 0.075***	0.000	− 0.025***	0.001	0.514***	0.058	− 0.028*	0.005	− 0.462***	0.014
D (SMC (− 2))	1.247***	0.072	− 0.017***	0.000	− 0.158***	0.000	− 0.305***	0.018	− 0.334***	0.006	− 0.057***	0.010
D(GDPPG)	5.367	9.882	− 0.068	0.303	0.365	0.323	− 3.280	1.464	− 2.167*	0.822	4.196*	1.732
D(GDPPG (− 1))	− 3.814	10.16	0.074	0.284	0.924*	0.389	− 2.266**	0.485	0.347	0.588	3.526	1.746
D(GDPPG (− 2))	4.120	5.342	0.564**	0.148	0.895***	0.132	0.170	0.222	− 2.733**	0.851	− 2.918	1.313
D(CPI)	3.925	9.154	0.199	0.736	− 2.183***	0.355	− 3.094	3.773	0.755	1.203	− 16.72	13.81
D (CPI (− 1))	− 3.050	13.41	− 0.288	0.731	3.011**	0.699	5.769	3.361	− 6.685**	1.514	− 1.058	19.44
D (CPI (− 2))	− 13.44	39.41	− 0.697	0.773	− 1.470*	0.555	− 5.394**	1.797	− 1.833*	0.643	− 3.108	8.218
D(FDINI)	15.68	8.173	0.079***	0.008	0.332***	0.020	− 0.448***	0.038	7.057	24.04	− 0.090***	0.013
D (FDINI (− 1))	1.836	12.88	0.385***	0.027	− 0.561***	0.049	− 0.750***	0.102	3.279	20.21	− 0.750***	0.036
D (FDINI (− 2))	9.649	10.92	− 0.361***	0.031	− 0.995***	0.086	− 0.564***	0.074	2.132	17.36	− 0.160**	0.032
D(STTR)	− 0.088***	0.013	− 0.017***	0.000	0.361***	0.001	0.039***	0.000	− 0.146***	0.017	− 8.814	17.98
D (STTR (− 1))	− 0.645***	0.012	− 0.001**	0.000	0.278***	0.004	0.050***	0.000	0.215***	0.018	− 4.062	19.85
D (STTR (− 2))	− 0.054***	0.003	− 0.010***	0.000	− 0.019***	0.001	0.046***	7.42E− 0	0.052**	0.014	1.730	16.27
C	48.02	328.3	− 0.881	9.521	5.418	4.179	− 30.25	128.1	5.498	65.69	54.58	286.5

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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