Table 5 State space model 1 (R²-values in parentheses) log[Std _c (β ^b _imt )] = μ _m  + H _mt  + υ _mt and H _mt  = ϕ _m H _mt − 1 + η _mt

Healthcare facilities

−0.675***

0.940***

0.075***

0.099***

(.760)

(.791)

(.817)

(.549)

Medical equipment manufacture

−0.645***

0.940***

0.019***

0.091***

(.901)

(.249)

(.543)

(.651)

Medical supplies & distribution

−0.570***

0.945***

0.047***

0.091***

(.861)

(.521)

(.672)

(.621)

Pharmaceuticals diversified

−0.647***

0.957***

0.040***

0.067***

(.747)

(.894)

(.617)

(.549)

Pharmaceuticals generic and specialty

−0.697***

0.914***

0.054***

0.114***

(.651)

(.913)

(0.572)

(.781)

Biotechnology

−1.456***

0.927***

0.015***

0.064***

(.710)

(.592)

(.169)

(549)

Managed health care

−0.657***

0.954***

0.025***

0.071***

(.628)

(.084)

(.095)

(.067)

Diagnostic substances

−0.577***

0.919***

0.072***

0.142***

(.801)

(.667)

(.074)

(.588)

Medical laboratory and research

−0.709***

0.792***

0.070***

0.165***

(.570)

(.595)

(.684)

(.762)

Advanced medical equipment manufacture

−0.707***

0.949***

0.047***

0.104***

(.590)

(.748)

(.656)

(.565)

Healthcare Transportation

−0.727***

0.905***

0.100***

0.165***

(.755)

(.656)

(.524)

(.671)

Therapeutic Medicine

−0.457***

0.920***

0.022***

0.072***

(0.531)

(.675)

(4.400)

(.893)

Medical Tourism

−1.172***

0.997***

0.047***

0.054***

(.741)

(.667)

(.523)

(.974)

Other Medical support services

−1.474***

0.916***

0.075***

0.091***

(.518)

(.571)

(.732)

(.591)