Table 4: Estimated equations (Model (5) without the equation for ).

Equation (1)Equation (2)Equation (3)

1.43 ( )−0.13 Gr( )0.38 Gr( )
(6.51)**(−2.38)**(7.15)**
Gr( )    −1.33 ( )
( )(0.39)(−5.03)**
1.78 ( ) Gr(self/ )−0.19 ( )
(2.71)**(1.63)(−1.36)
−0.50 ( )1.24 Gr(old/ ) Gr( )
(−1.66)*(2.15)**(−0.71)
1.42 Gr( )
(1.03)(1.11)(−3.36)**
−0.20 0.26
(−2.20)**(−5.11)**(8.00)**
0.18
(55.03)**

Notes: -ratios are in parentheses, indicates scientific notation.
**Significant at the 95 percent level.
*Significant at the 90 percent level.