The estimate results of the FEM and REM regression models
| Variable | Model 1 | Model 2 | VIF | ||
|---|---|---|---|---|---|
| FEM1 | REM1 | FEM2 | REM2 | ||
| DT*R&D | 0.281 (0.79) | 0.741** (2.31) | |||
| DT | −0.0383** (−2.32) | −0.0132 (−0.91) | −0.0419** (−2.44) | −0.0189 (−1.27) | 1.29 |
| R&D | 0.0420 (0.92) | 0.0698** (2.00) | 0.0370 (0.80) | 0.0556 (1.59) | 1.28 |
| Size | −0.0446*** (−3.72) | −0.0273*** (−3.70) | −0.0434*** (−3.59) | −0.0228*** (−3.12) | 2.89 |
| Grow | 0.00370*** (4.05) | 0.0356*** (3.96) | 0.0369*** (4.05) | 0.0348*** (3.82) | 1.04 |
| Labour | 0.0545** (2.41) | 0.0462*** (4.56) | 0.0480** (2.00) | 0.0384*** (3.77) | 3.15 |
| Asset | 0.0180 (0.42) | 0.0196 (0.59) | 0.0236 (0.54) | 0.0273 (0.82) | 1.22 |
| Lev | 0.00154 (0.57) | −0.00129 (−0.51) | 0.0017 (0.63) | −0.0011 (−0.44) | 1.11 |
| Age | 0.0390 (0.96) | 0.0079 (0.52) | 0.0408** (1.01) | 0.0090 (0.63) | 1.10 |
| Gender | −0.00254 (−0.19) | −0.0009 (−0.07) | −0.0031 (−0.23) | −0.0037 (−0.29) | 1.19 |
| Constant | 0.509* (1.73) | 0.296** (2.3) | 0.518* (1.76) | 0.248** (1.99) | |
| Number of Observation | 365 | 365 | 365 | 365 | 365 |
| R2 | 11.9% | 12.1% | |||
| Hausman Test | 0.0043 | 0.0000 | |||
| Lagrange | 0.0000 | 0.0000 | |||
| Wooldridge | 7.254 | 6.661 | |||
| Modifidge Wald | 0.0000 | 0.0000 | |||
| Variable | Model 1 | Model 2 | VIF | ||
|---|---|---|---|---|---|
| FEM1 | REM1 | FEM2 | REM2 | ||
| DT*R&D | 0.281 (0.79) | 0.741** (2.31) | |||
| DT | −0.0383** (−2.32) | −0.0132 (−0.91) | −0.0419** (−2.44) | −0.0189 (−1.27) | 1.29 |
| R&D | 0.0420 (0.92) | 0.0698** (2.00) | 0.0370 (0.80) | 0.0556 (1.59) | 1.28 |
| Size | −0.0446*** (−3.72) | −0.0273*** (−3.70) | −0.0434*** (−3.59) | −0.0228*** (−3.12) | 2.89 |
| Grow | 0.00370*** (4.05) | 0.0356*** (3.96) | 0.0369*** (4.05) | 0.0348*** (3.82) | 1.04 |
| Labour | 0.0545** (2.41) | 0.0462*** (4.56) | 0.0480** (2.00) | 0.0384*** (3.77) | 3.15 |
| Asset | 0.0180 (0.42) | 0.0196 (0.59) | 0.0236 (0.54) | 0.0273 (0.82) | 1.22 |
| Lev | 0.00154 (0.57) | −0.00129 (−0.51) | 0.0017 (0.63) | −0.0011 (−0.44) | 1.11 |
| Age | 0.0390 (0.96) | 0.0079 (0.52) | 0.0408** (1.01) | 0.0090 (0.63) | 1.10 |
| Gender | −0.00254 (−0.19) | −0.0009 (−0.07) | −0.0031 (−0.23) | −0.0037 (−0.29) | 1.19 |
| Constant | 0.509* (1.73) | 0.296** (2.3) | 0.518* (1.76) | 0.248** (1.99) | |
| Number of Observation | 365 | 365 | 365 | 365 | 365 |
| R2 | 11.9% | 12.1% | |||
| Hausman Test | 0.0043 | 0.0000 | |||
| Lagrange | 0.0000 | 0.0000 | |||
| Wooldridge | 7.254 | 6.661 | |||
| Modifidge Wald | 0.0000 | 0.0000 | |||
Note(s): *; **; and *** represent p-values < 0.1, < 0.05, and < 0.01, respectively
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