Table 9 The Quantile regression... | Emerald Publishing

Table 9

The Quantile regression estimation results

Variable	$τ = 0.25$	$τ = 0.50$	$τ = 0.75$	$τ = 0.95$
GDP	−0.193 (0.112)	−0.343* (0.004)	−0.078 (0.757)	−0.056 (0.892)
FS	−0.366*** (0.088)	−0.685* (0.000)	−0.793* (0.010)	0.101 (0.832)
TOP	2.905* (0.019)	4.257* (0.000)	4.008* (0.027)	1.495 (0.562)
PS	−0.046 (0.598)	0.042 (0.703)	−0.189*** (0.099)	−0.068 (0.633)

Variable	$τ = 0.25$	$τ = 0.50$	$τ = 0.75$	$τ = 0.95$
GDP	−0.193 (0.112)	−0.343* (0.004)	−0.078 (0.757)	−0.056 (0.892)
FS	−0.366*** (0.088)	−0.685* (0.000)	−0.793* (0.010)	0.101 (0.832)
TOP	2.905* (0.019)	4.257* (0.000)	4.008* (0.027)	1.495 (0.562)
PS	−0.046 (0.598)	0.042 (0.703)	−0.189*** (0.099)	−0.068 (0.633)

Note(s): *, **, and *** represents 1, 5 and 10% significance level, respectively. The p-value shows in parentheses