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Table 5 Penal fixed effect.

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

Variables Coefficient Std. error t-value Sig
Constant 138.8 4.294 32.33 0.000***
SMC 0.166 0.042 3.926 0.000***
GDPPG  − 3.496 0.610  − 5.725 0.000***
CPI  − 2.739 0.571  − 4.793 0.000***
FDINI 0.089 0.121 0.741 0.459
STTR 0.050 0.025 2.026 0.043**
R-2 0.617    
Adjusted R-2 0.600    
F-value 34.66    
sig(F-value) 0.000    
Observations 360    
Cross sections included 12