The Impacts of Crude Oil Market Structure on Stock Market Growth: Evidence from Asian Countries

Table 5

Results of the impact of oil market structure on stock markets in Asian countries.

Model	Out-degree	In-degree	Between centrality
Stock L1.	−0.311 (0.038)	−0.133 (0.060)	−0.173 (0.030)
out_degree	0.0566 (0.014)
in_degree		−0.005 (0.003)
Between			0.003 (0.000)
Inv	0.140 (0.425)	0.556 (0.340)	0.251 (2.237)
L	−1.027 (2.070)	−0.431 (0.233)	−12.627 (8.779)
Open	0.191 (0.109)	−0.0224 (0.233)	−0.0358 (0.340)
_Cons	0.019 (1.072)	0.208 (0.121)	5.957 (4.264)
AR (1) value	0.003	0.004	0.005
AR (2) value	0.832	0.157	0.761
Hansen value	0.092	0.874	0.312
Number of groups	19	19	19
Number of instruments	12	12	12
Second stage F-test value	0.000	0.000	0.000

Estimation results of the impact model of the degree of centrality (out-degree, in-degree), and between centrality (between centrality) on the stock market in Asian countries made with the SGMM method. AR (1), AR (2) value are the value of the first and second-order correlation test of the residuals. Hansen value is the value of Hansen’s test of the appropriateness of the instrumental variables in the model. Second stage F-test value is the value of the F-test for model fit. Standard errors are presented in parentheses (). significance level at 1% significance level at 5% significance level at 10%. Source: results calculated from the software STATA 16.0.