Table 5 Short-run regression (ARDL),... | Emerald Publishing

Table 5

Short-run regression (ARDL), dependent variable: cor

Variable	Coefficient	Standard error	t-Statistic	Probability
D(COR(-1))	−0.172579	0.217764	−0.792504	0.4640
D(COR(-2))	−0.353411	0.189282	−1.867112	0.1209
D(COR(-3))	−0.430162**	0.167257	−2.571865	0.0499
D(REM)	0.019078***	0.004634	4.117161	0.0092
D(KO)	−0.315721**	0.092678	−3.406635	0.0191
D(KO(-1))	−0.023966	0.044224	−0.541921	0.6111
D(KO(-2))	−0.002754	0.041282	−0.066711	0.9494
D(KO(-3))	−0.094627*	0.041256	−2.293657	0.0703
D(UN)	0.001584	0.001717	0.922851	0.3984
D(UN(-1))	−0.027769*	0.005749	−4.830195	0.0048
D(UN(-2))	0.026058*	0.005864	4.444138	0.0067
D(UN(-3))	−0.033314*	0.007498	−4.442827	0.0067
D(TAX)	0.002819	0.001416	1.990415	0.1032
D(TAX(-1))	−0.003020	0.002074	−1.456155	0.2051
D(TAX(-2))	−0.002332	0.001824	−1.278569	0.2572
D(TAX(-3))	−0.006788***	0.001634	−4.153106	0.0089
ECT(-1)	−0.665291***	0.159901	−4.160651	0.0088

Variable	Coefficient	Standard error	t-Statistic	Probability
D(COR(-1))	−0.172579	0.217764	−0.792504	0.4640
D(COR(-2))	−0.353411	0.189282	−1.867112	0.1209
D(COR(-3))	−0.430162**	0.167257	−2.571865	0.0499
D(REM)	0.019078***	0.004634	4.117161	0.0092
D(KO)	−0.315721**	0.092678	−3.406635	0.0191
D(KO(-1))	−0.023966	0.044224	−0.541921	0.6111
D(KO(-2))	−0.002754	0.041282	−0.066711	0.9494
D(KO(-3))	−0.094627*	0.041256	−2.293657	0.0703
D(UN)	0.001584	0.001717	0.922851	0.3984
D(UN(-1))	−0.027769*	0.005749	−4.830195	0.0048
D(UN(-2))	0.026058*	0.005864	4.444138	0.0067
D(UN(-3))	−0.033314*	0.007498	−4.442827	0.0067
D(TAX)	0.002819	0.001416	1.990415	0.1032
D(TAX(-1))	−0.003020	0.002074	−1.456155	0.2051
D(TAX(-2))	−0.002332	0.001824	−1.278569	0.2572
D(TAX(-3))	−0.006788***	0.001634	−4.153106	0.0089
ECT(-1)	−0.665291***	0.159901	−4.160651	0.0088

Source(s): Authors’ Computation *, **, *** Means significance at 10%, 5%, 1%