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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

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