Table 7 The results of quantile regression with the life cycle coefficient

Model 5

RC

Q = 25

Q = 50

Q = 75

 VAIC

1.34

1.45

2.77***

3.25***

 DVAIC

2.42**

2.52**

3.82***

4.33***

 Adj R²

0.5851

0.5335

0.5341

0.4873

Model 6

RC

Q = 25

Q = 50

Q = 75

 VACA

5.78***

2.79***

9.12***

7.45***

 DVACA

0.26*

0.47

0.79

0.31**

 Adj R²

0.5957

0.5261

0.5635

0.5613

Model 7

RC

Q = 25

Q = 50

Q = 75

 VAHU

1.24

1.43

2.18**

3.12

 DVAHU

2.36**

2.67**

3.15***

4.73***

 Adj R²

0.5861

0.5351

0.5317

0.4798

Model 8

RC

Q = 25

Q = 50

Q = 75

 STVA

1.43

2.38**

1.83

1.17

 DSTVA

2.45**

1.79*

2.36**

1.75*

 Adj R²

0.5735

0.5296

0.5135

0.4671