RDP 2018-05: Do Interest Rates Affect Business Investment? Evidence from Australian Company-level Data Equation (5)

$$\begin{array}{l}\frac{I_{i,t}}{K_{i,t-1}}={\alpha }_1\frac{I_{i,t-1}}{K_{i,t-2}}+{\alpha }_2{k}_{i,t-2}+{\beta }_0\text{Δ}{y}_{i,t}+{\beta }_1\text{Δ}{y}_{i,t-1}+{\beta }_3\text{Δ}{y}_{i,t-2}\\ +{\gamma }_0\text{Δ}u{c}_{i,t}+{\gamma }_1\text{Δ}u{c}_{i,t-1}+{\gamma }_{2}u{c}_{i,t-2}+{\omega }_i+{\tau }_t+{\epsilon }_{i,t}\end{array}$$