Table 4 Panel regression results Model 1...

Table 4

Panel regression results

	Model 1 – REVPAR				Model 2 – ADR				Model 3 – OCCR
	Basic model		Extended model-EPU		Basic model		Extended model-EPU		Basic model		Extended model-EPU
	β	p-value	β	p-value	β	p-value	β	p-value	β	p-value	β	p-value
EPU			−0.0638830	(0.000)***			−0.1210866	(0.000)***			−0.0004476	(0.000)***
SIZE	−0.0085067	(0.000)***	−0.0175466	(0.000)***	0.0069675	(0.000)***	−0.0054887	(0.033)*	0.0001056	(0.000)***	0.0000543	(0.000)***
AGE	0.6345631	(0.000)***	1.1896653	(0.000)***	0.1877654	(0.000)***	1.1677809	(0.000)***	−0.0036650	(0.000)***	0.0025667	(0.000)***
SPACE	4.5546788	(0.011)*	5.3400976	(0.008)*	0.9481334	(0.013)*	2.3755634	0.000)***	−0.0328876	(0.000)***	−0.0196722	(0.000)***
FAM	1.4188721	(0.342)	−5.5549081	(0.000)***	0.1702453	(0.719)	−9.2440987	(0.000)***	−0.0023667	(0.391)	0.0805542	(0.000)***
LOC	−0.0075034	(0.000)***	−0.0275366	(0.000)***	0.0059674	(0.000)***	−0.0048887	(0.032)*	0.0002055	(0.000)***	0.0000720	(0.000)***
LEV	0.6145625	(0.000)***	1.1796621	(0.000)***	0.1868631	(0.000)***	1.1777810	(0.000)***	−0.0046642	(0.000)***	0.0026632	(0.000)***
GDP	−0.0641365	(0.000)***	−0.3167082	(0.000)***	0.5831546	(0.000)***	0.3784553	(0.000)***	0.0095577	(0.000)***	0.0072988	(0.000)***
CCI	0.0000007	(0.000)***	0.0000007	(0.000)***	0.0000000	(0.000)***	0.0000000	(0.000)***	0.0000004	(0.000)***	0.0000003	(0.000)***
Constant	123.7656000	(0.000)***	123.3374000	(0.000)***	0.7244587	(0.000)***	0.7655432	(0.000)***	99.5644698	(0.000)***	99.8873420	(0.000)***
Wald Chi Squared (χ²)	113476.09		127665.92		87932.07		138462.83		–		–
Prob > χ²	(0.000)***		(0.000)***		(0.000)***		(0.000)***		–		–
N × Ti	3,305		3,305		3,305		3,305		3,305		3,305

	Model 1 – REVPAR				Model 2 – ADR				Model 3 – OCCR
	Basic model		Extended model-EPU		Basic model		Extended model-EPU		Basic model		Extended model-EPU
	β	p-value	β	p-value	β	p-value	β	p-value	β	p-value	β	p-value
EPU			−0.0638830	(0.000)***			−0.1210866	(0.000)***			−0.0004476	(0.000)***
SIZE	−0.0085067	(0.000)***	−0.0175466	(0.000)***	0.0069675	(0.000)***	−0.0054887	(0.033)*	0.0001056	(0.000)***	0.0000543	(0.000)***
AGE	0.6345631	(0.000)***	1.1896653	(0.000)***	0.1877654	(0.000)***	1.1677809	(0.000)***	−0.0036650	(0.000)***	0.0025667	(0.000)***
SPACE	4.5546788	(0.011)*	5.3400976	(0.008)*	0.9481334	(0.013)*	2.3755634	0.000)***	−0.0328876	(0.000)***	−0.0196722	(0.000)***
FAM	1.4188721	(0.342)	−5.5549081	(0.000)***	0.1702453	(0.719)	−9.2440987	(0.000)***	−0.0023667	(0.391)	0.0805542	(0.000)***
LOC	−0.0075034	(0.000)***	−0.0275366	(0.000)***	0.0059674	(0.000)***	−0.0048887	(0.032)*	0.0002055	(0.000)***	0.0000720	(0.000)***
LEV	0.6145625	(0.000)***	1.1796621	(0.000)***	0.1868631	(0.000)***	1.1777810	(0.000)***	−0.0046642	(0.000)***	0.0026632	(0.000)***
GDP	−0.0641365	(0.000)***	−0.3167082	(0.000)***	0.5831546	(0.000)***	0.3784553	(0.000)***	0.0095577	(0.000)***	0.0072988	(0.000)***
CCI	0.0000007	(0.000)***	0.0000007	(0.000)***	0.0000000	(0.000)***	0.0000000	(0.000)***	0.0000004	(0.000)***	0.0000003	(0.000)***
Constant	123.7656000	(0.000)***	123.3374000	(0.000)***	0.7244587	(0.000)***	0.7655432	(0.000)***	99.5644698	(0.000)***	99.8873420	(0.000)***
Wald Chi Squared (χ²)	113476.09		127665.92		87932.07		138462.83		–		–
Prob > χ²	(0.000)***		(0.000)***		(0.000)***		(0.000)***		–		–
N × Ti	3,305		3,305		3,305		3,305		3,305		3,305

Note(s): N = 661 (number of hotel firms). N × T_i is the number of observations

Time period 2018–2022

For Model 3, Wald χ² statistic is missing because the number of constraints is greater than the number of clusters in that model

***p < 0.001, *p < 0.05

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