Table 4 ARDL long-term coefficients

lnstockp

5.17*** (1.39)

6.11*** (1.54)

2.56*** (0.51)

2.30*** (0.77)

 − 0.57 (0.57)

 − 1.54 (1.95)

0.47** (0.18)

1.71** (0.73)

lni

 − 0.24 (0.52)

 − 0.68 (0.59)

 − 3.39*** (0.98)

 − 2.69*** (0.638)

 − 1.82** (0.82)

 − 2.29** (1.20)

 − 0. 60** (0.26)

 − 0.46** (0.26)

lngdp

3.61*** (0.94)

 − 3.18 (1.98)

1.66 (2.60)

 − 0.42 (0.26)

D₁

3.33*** (0.68)

4.52*** (1.03)

 − 0.59 (1.36)

 − 0.70 (1.55)

0.13 (0.75)

2.78 (1.56)

2.14*** (0.59)

2.32*** (0.53)

D₂

0.47** (0.52)

0.43 (0.56)

 − 3.49** (0.87)

 − 3.49*** (0.77)

 − 1.64** (0.85)

 − 3.41** (1.24)

 − 0.68** (0.33)

 − 0.65* (0.33)

C

 − 0.13*** (0.03)

6.07 (4.30)

 − 16.65 (4.31)

19.70*** (23.86)

4.10 (4.53)

 − 12.51 (23.87)

 − 4.57** (1.40)

 − 8.04*** (2.04)

\(R^{2}\)

0.63

0.57

0.87

0.93

0.36

0.66

0.62

0.71

\(\overline{R}^{2}\)

0.37

0.37

0.81

0.86

0.24

0.37

0.47

0.53

\({\upchi }_{{\text{JB }}}^{2}\)

1.79 [0.40]

1.07 [0.58]

0.39 [0.82]

0.26 [0.87]

0.03 [0.98]

0.40 [0.81]

0.08 [0.95]

0.68 [0.70]

\({\upchi }_{{{\text{BPG}}}}^{2}\)

0.85 [0.64]

0.67 [0.79]

0.93 [0.54]

0.60 [0.89]

0.56 [0.80]

0.46 [0.97]

0.77 [0.69]

1.19 [0.47]

\({\upchi }_{{{\text{BG}}}}^{2}\)

0.95 [0.44]

0.59 [0.55]

0.08 [0.98]

0.72 [0.49]

1.10 [0.36]

0.16 [0.85]

0.30 [0.87]

0.76 [0.47]

\({\upchi }_{{{\text{RAMSEY}}}}^{2}\)

0.29 [0.59]

0.98 [0.32]

0.34 [0.56]

0.04 [0.83]

1.62 [0.20]

1.94 [0.16]

0.01 [0.89]

0.03 [0.85]