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Table 8 Endogeneity test.

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

Variables Coefficient Std. error t-value Sig
 RES_SMC 0.042 0.088 0.479 0.631
 FDINI  − 0.099 0.117  − 0.853 0.394
 GDPPG  − 2.055 1.143  − 1.796 0.073
 STTR 0.027 0.028 0.972 0.331
 CPI 0.269 1.322 0.203 0.838
 C 144.0 4.765 30.21 0.000
 R-2 0.760    
 Adjusted R2 0.726    
  Value df Probability  
Wald test: null hypothesis: C (1) = 0
 t-value 0.479 314 0.631  
 F-value 0.230 (1, 314) 0.631  
 Chi-2 0.230 1 0.631  
 RES_FDINI  − 0.083 0.125  − 0.666 0.505
 SMC 0.049 0.085 0.577 0.564
 GDPPG  − 2.167 1.132  − 1.913 0.056
 STTR 0.032 0.026 1.205 0.228
 CPI 0.032 1.358 0.023 0.981
 C 140.3 7.152 19.61 0.000
 R-2 0.760    
 Adjusted R-2 0.726    
Wald test: null hypothesis: C (1) = 0
 t-value  − 0.666 314 0.505  
 F-value 0.444 (1, 314) 0.505  
 Chi-2 0.444 1 0.504  
 RES_STTR 0.032 0.026 1.210 0.227
 FDINI  − 0.082 0.125  − 0.658 0.511
 SMC 0.028 0.089 0.317 0.751
 GDPPG  − 2.095 1.128  − 1.858 0.064
 CPI 0.141 1.360 0.103 0.917
 C 143.9 7.499 19.19 0.000
 R-2 0.760    
 Adjusted R-2 0.7265    
Wald test: null hypothesis: C (1) = 0
 t-value 1.210 314 0.227  
 F-value 1.464 (1, 314) 0.227  
 Chi-2 1.464 1 0.226  
 RES_CPI 0.101 1.358 0.074 0.940
 STTR 0.032 0.026 1.208 0.227
 FDINI  − 0.081 0.127  − 0.635 0.525
 SMC 0.044 0.086 0.516 0.606
 GDPPG  − 2.195 1.017  − 2.157 0.031
 C 141.1 7.118 19.83 0.000
 R-2 0.760    
 Adjusted R-2 0.726    
Wald test: null hypothesis: C (1) = 0
 t-value 0.074 314 0.940  
 F-value 0.005 (1, 314) 0.940  
 Chi-2 0.005 1 0.940  
 RES_GDPPG  − 2.177 1.131  − 1.923 0.055
 SMC 0.016 0.088 0.184 0.853
 FDINI  − 0.078 0.125  − 0.626 0.531
 STTR 0.026 0.026 1.010 0.312
 CPI 0.389 1.282 0.303 0.761
 C 139.4 7.189 19.39 0.000
 R-2 0.760    
 Adjusted R-2 0.726    
Wald test: null hypothesis: C (1) = 0
 t-value  − 1.923 314 0.055  
 F-value 3.699 (1, 314) 0.055  
 Chi-2 3.699 1 0.054