(1)

(2)

(3)

Y

Y

Y

X₁

−292.957

(−1.226)

X₂

−8433.352

−1120.303

(−0.693)

(−0.205)

X₃

134.134

(0.422)

X₄

−778.913^**

(−2.536)

X₅

661.805^**

338.119^**

313.921^***

(2.769)

(2.196)

(3.248)

X₆

298.605^*

(2.117)

X₇

394.404^**

64.971^***

65.761^***

(2.795)

(8.422)

(10.084)

X₈

−1216.750

(−0.532)

C

3062406

2567214

2477734^***

(1.176)

(5.542)

(16.242)

N

23

23

23

F-statistic

103.92

212.17

334.25

R-squared

0.9834

0.9710

0.9740

Adj R-squared

0.9710

0.9664

0.9680