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

Future Business Journal

Table 6 Method: PANEL EGLS (cross-sectional random effects).

Variables	Coefficient	Std. error	t-value	Sig
Constant	138.0	7.807	17.67	0.000***
SMC	0.173	0.040	4.246	0.000***
GDPPG	− 3.482	0.609	− 5.712	0.000***
CPI	− 2.694	0.569	− 4.729	0.000***
FDINI	0.101	0.120	0.837	0.402
STTR	0.052	0.024	2.106	0.035**
Weighted statistics
R-²	0.193
Adjusted R-²	0.181
F-value	16.93
sig(F-value)	0.000
Observations	360
Cross sections included	12
Effects specification
	S.D	Rho
Cross-sectional random	22.78	0.465
Idiosyncratic random	24.41	0.534