Dependent Variable: IPEI

Method: Panel Least Squares

Date: 05/18/24 Time: 15:23
Sample: 2011 2021
Periods included: 11
Cross-sections included: 23
Total panel (balanced) observations: 253

Variable Coefficient Std. Error t-Statistic Prob.

C 4.208275 0.086037 48.91257 0.0000

BM -3.76E-13 1.52E-13 -2.481571 0.0138
BH 1.09E-12 4.39E-13 2.491084 0.0135
BBS -1.17E-12 5.78E-13 -2.017627 0.0448
SPERT 3.50E-07 8.01E-08 4.375925 0.0000
SPERD 6.96E-09 1.43E-07 0.048542 0.9613
PPK 1.71E-08 3.42E-09 4.998165 0.0000

R-squared 0.853615 Mean dependent var 5.115494

Adjusted R-squared 0.835317 S.D. dependent var 0.438884
S.E. of regression 0.178104 Akaike info criterion -0.505390
Sum squared resid 7.105529 Schwarz criterion -0.100377
Log likelihood 92.93186 Hannan-Quinn criter. -0.342440
F-statistic 46.65047 Durbin-Watson stat 2.357143
Prob(F-statistic) 0.000000

IPEI = 4.20827484297 - 3.76061685156e-13*BM + 1.09370734727e-12*BH - 1.16582363956e-

12*BBS + 3.50443535423e-07*SPERT + 6.95629572496e-09*SPERD + 1.70977697469e-08*PPK +
[CX=F]
Dependent Variable: IPEI
Method: Panel Least Squares
Date: 05/19/24 Time: 09:41
Sample: 2011 2021
Periods included: 11
Cross-sections included: 23
Total panel (unbalanced) observations: 245

Variable Coefficient Std. Error t-Statistic Prob.

C -10.16831 1.293940 -7.858413 0.0000

LOG_BM -0.130621 0.027987 -4.667144 0.0000
LOG_BH 0.045032 0.012565 3.583874 0.0004
LOG_BBS -0.040173 0.010311 -3.896170 0.0001
LOG_SPERT 0.938438 0.219238 4.280449 0.0000
LOG_SPERD 0.095335 0.195639 0.487304 0.6265
LOG_PPK 0.255942 0.142748 1.792965 0.0744

R-squared 0.878112 Mean dependent var 5.114490

Adjusted R-squared 0.862312 S.D. dependent var 0.439865
S.E. of regression 0.163218 Akaike info criterion -0.676709
Sum squared resid 5.754244 Schwarz criterion -0.262274
Log likelihood 111.8968 Hannan-Quinn criter. -0.509816
F-statistic 55.57592 Durbin-Watson stat 2.236501
Prob(F-statistic) 0.000000

IPEI = -10.1683108846 - 0.130620623098*LOG_BM + 0.0450319515416*LOG_BH -

0.0401729226996*LOG_BBS + 0.938438281973*LOG_SPERT + 0.095335452055*LOG_SPERD +
0.25594166558*LOG_PPK + [CX=F]
Dependent Variable: PPK
Method: Panel Least Squares
Date: 05/18/24 Time: 11:20
Sample: 2011 2021
Periods included: 11
Cross-sections included: 23
Total panel (balanced) observations: 253

Variable Coefficient Std. Error t-Statistic Prob.

C 8748896. 1572017. 5.565397 0.0000

BM -1.05E-07 2.95E-06 -0.035704 0.9716
BH 1.97E-05 8.45E-06 2.334175 0.0205
BBS 1.79E-06 1.13E-05 0.159326 0.8736
SPERT 4.587218 1.530476 2.997248 0.0030
SPERD 14.68758 2.615499 5.615594 0.0000

R-squared 0.913425 Mean dependent var 27419723

Adjusted R-squared 0.903036 S.D. dependent var 11146778
S.E. of regression 3470996. Akaike info criterion 33.06184
Sum squared resid 2.71E+15 Schwarz criterion 33.45288
Log likelihood -4154.322 Hannan-Quinn criter. 33.21917
F-statistic 87.92256 Durbin-Watson stat 0.309801
Prob(F-statistic) 0.000000

PPK = 8748895.55956 - 1.05445097163e-07*BM + 1.97346993963e-05*BH + 1.7940464398e-

06*BBS + 4.58721769762*SPERT + 14.6875801806*SPERD + [CX=F]

Dependent Variable: PPK

Method: Panel Least Squares
Date: 05/19/24 Time: 09:45
Sample: 2011 2021
Periods included: 11
Cross-sections included: 23
Total panel (unbalanced) observations: 245

Variable Coefficient Std. Error t-Statistic Prob.

C -3.93E+08 20276472 -19.38690 0.0000

LOG_BM -332551.7 448990.3 -0.740666 0.4597
LOG_BH 402003.7 199804.5 2.011985 0.0455
LOG_BBS 29201.77 165392.5 0.176560 0.8600
LOG_SPERT 30434884 3260237. 9.335175 0.0000
LOG_SPERD 70597.66 2896247. 0.024376 0.9806

R-squared 0.950973 Mean dependent var 27570857

Adjusted R-squared 0.944873 S.D. dependent var 11154512
S.E. of regression 2618979. Akaike info criterion 32.50168
Sum squared resid 1.49E+15 Schwarz criterion 32.90182
Log likelihood -3953.456 Hannan-Quinn criter. 32.66282
F-statistic 155.8948 Durbin-Watson stat 0.490052
Prob(F-statistic) 0.000000

PPK = -393097940.007 - 332551.715131*LOG_BM + 402003.664359*LOG_BH +

29201.7662569*LOG_BBS + 30434884.3731*LOG_SPERT + 70597.6575137*LOG_SPERD + [CX=F]
Dependent Variable: LOG_PPK
Method: Panel Least Squares
Date: 05/19/24 Time: 10:22
Sample: 2011 2021
Periods included: 11
Cross-sections included: 23
Total panel (unbalanced) observations: 245

Variable Coefficient Std. Error t-Statistic Prob.

C 1.949734 0.600937 3.244493 0.0014

LOG_BM -0.003955 0.013307 -0.297197 0.7666
LOG_BH 0.011785 0.005922 1.990124 0.0478
LOG_BBS 0.001863 0.004902 0.379977 0.7043
LOG_SPERT 0.576940 0.096624 5.970977 0.0000
LOG_SPERD 0.528670 0.085836 6.159032 0.0000

R-squared 0.956469 Mean dependent var 17.06612

Adjusted R-squared 0.951053 S.D. dependent var 0.350837
S.E. of regression 0.077619 Akaike info criterion -2.166797
Sum squared resid 1.307363 Schwarz criterion -1.766654
Log likelihood 293.4327 Hannan-Quinn criter. -2.005660
F-statistic 176.5926 Durbin-Watson stat 0.393558
Prob(F-statistic) 0.000000

LOG_PPK = 1.94973441466 - 0.0039547412522*LOG_BM + 0.0117847844887*LOG_BH +

0.0018625564166*LOG_BBS + 0.576940338331*LOG_SPERT + 0.52866958304*LOG_SPERD + [CX=F]