Table 8 Effects of relative price ratio...

Table 8

Effects of relative price ratio on card transaction volume and market share

	$∆$ CTV_i,t (model 1)		$∆$ MS_i,t (model 2)
	Pooled OLS	Fixed effect model	Pooled OLS	Fixed effect model
$∆$ RPR_i,t	0.220***	0.242***	0.061	0.095
	(0.037)	(0.038)	(0.053)	(0.059)
$∆$ TPR_i,t	−0.765***	−0.765***	−0.456***	−0.463***
	(0.054)	(0.054)	(0.059)	(0.060)
$∆$ CPI_t	−2.000***	−1.872***
	(0.585)	(0.586)
$∆$ CCSI_t	0.105	0.098
	(0.074)	(0.074)
$∆$ GDP_t	0.897	0.841
	(0.598)	(0.597)
$∆$ BADLR_i,t	−0.038***	−0.037***	−0.010	−0.012
	(0.012)	(0.012)	(0.017)	(0.017)
$∆$ OE_i,t	0.089***	0.085***	0.055*	0.047
	(0.026)	(0.026)	(0.029)	(0.030)
$∆$ PCS_i,t	0.233***	0.227***	0.196***	0.174***
	(0.042)	(0.042)	(0.057)	(0.060)
$∆$ CCR_i,t	−0.031*	−0.035*	−0.051*	−0.048*
	(0.017)	(0.018)	(0.028)	(0.029)
Constant	0.013***	0.014***	−0.010***	−0.009***
	(0.005)	(0.005)	(0.003)	(0.003)
R-squared	0.753	0.762	0.554	0.565
Observations	183	183	98	98
Group		7		7

	$∆$ CTV_i,t (model 1)		$∆$ MS_i,t (model 2)
	Pooled OLS	Fixed effect model	Pooled OLS	Fixed effect model
$∆$ RPR_i,t	0.220***	0.242***	0.061	0.095
	(0.037)	(0.038)	(0.053)	(0.059)
$∆$ TPR_i,t	−0.765***	−0.765***	−0.456***	−0.463***
	(0.054)	(0.054)	(0.059)	(0.060)
$∆$ CPI_t	−2.000***	−1.872***
	(0.585)	(0.586)
$∆$ CCSI_t	0.105	0.098
	(0.074)	(0.074)
$∆$ GDP_t	0.897	0.841
	(0.598)	(0.597)
$∆$ BADLR_i,t	−0.038***	−0.037***	−0.010	−0.012
	(0.012)	(0.012)	(0.017)	(0.017)
$∆$ OE_i,t	0.089***	0.085***	0.055*	0.047
	(0.026)	(0.026)	(0.029)	(0.030)
$∆$ PCS_i,t	0.233***	0.227***	0.196***	0.174***
	(0.042)	(0.042)	(0.057)	(0.060)
$∆$ CCR_i,t	−0.031*	−0.035*	−0.051*	−0.048*
	(0.017)	(0.018)	(0.028)	(0.029)
Constant	0.013***	0.014***	−0.010***	−0.009***
	(0.005)	(0.005)	(0.003)	(0.003)
R-squared	0.753	0.762	0.554	0.565
Observations	183	183	98	98
Group		7		7

Note(s): This table presents the relationship between the rate of change in card transaction volume or market share and the rate of change in each cost measure

${Δ C T V}_{i, t} = α + β_{1} {Δ R P R}_{i, t} + β_{2} {Δ T P R}_{i, t} + β_{3} {Δ C P I}_{t} + β_{4} {Δ C C S I}_{t} + β_{5} {Δ G D P}_{t} + β_{6} {Δ B A D L R}_{i, t} + β_{7} {Δ O E}_{i, t} + β_{8} {Δ P C S}_{i, t} {+ β}_{9} {Δ C C R}_{i, t} + e_{i, t}$ ${Δ M S}_{i, t} = α + β_{1} {Δ R P R}_{i, t} + β_{2} {Δ T P R}_{i, t} + β_{3} {Δ B A D L R}_{i, t} + β_{4} {Δ O E}_{i, t} + β_{5} {Δ P C S}_{i, t} {+ β}_{6} {Δ C C R}_{i, t} + e_{i, t}$

The definitions and measures of variables are the same as in Table 2, and the figures in parentheses represent the standard errors. ***, ** and * indicate significance at the 1%, 5% and 10% levels, respectively

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