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

Future Business Journal

Table 4 Penal OLS regression.

Variables	Coefficient	Std. error	t-value	SIg
Constant	126.3	4.762	26.52	0.000***
SMC	0.232	0.034	6.697	0.000***
GDPPG	− 2.920	0.847	− 3.448	0.000***
CPI	− 1.647	0.750	− 2.194	0.029**
FDINI	0.347	0.157	2.209	0.027**
STTR	0.093	0.031	3.002	0.002***
R-²	0.200
Adjusted R-²	0.188
F-value	17.70
sig(F-value)	0.000
Observations	360
Cross sections included	12

Standard errors in parentheses ***p < 0.01, **p < 0.05, *p < 0.1, in all the models of the current study, the dependent variable is the DCF