Table 9.

Comparison of models

IndicatorModel
Basic FE modelModel by stepwise procedureModel with one-year lagModel with two-year lag
Total sum of squares594.43594.43482.97398.24
Residual sum of squares415.04420.29343.62274.35
R-Squared0.30180.29290.28850.3111
Adj. R-Squared0.18740.19260.16000.1769
F-statistic9.2339 on 22 and 470 DF15.2658 on 13 and 479 DF7.64979 on 22 and 415 DF7.7999 on 22 and 380 DF
p-value< 2.22e-16< 2.22e-16< 2.22e-16< 2.22e-16
Source(s): Created by authors

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