Table 6 OLS and fixed effects estimation... | Emerald Publishing

Table 6

OLS and fixed effects estimation

	OLS -model 1 ${M S W R R}_{t}$	Fixed effects -model 2 ${M S W R R}_{t}$
DSE	0.129^** (2.27)	0.248^** (2.24)
DPC	0.165 (1.12)	−0.226 (−0.68)
FCB	−0.120^*** (−3.17)	0.038 (0.53)
AC	0.031^*** (3.32)	0.003 (0.26)
FS	0.102^*** (6.03)	−0.297^*** (−3.66)
CPT	−0.102^* (−1.78)	−0.052 (−1.15)
DPR	−0.005 (−0.48)	−0.003 (−0.36)
ME	0.056 (0.82)	−0.147 (−1.30)
DBB	−0.010 (−0.16)	−0.092 (−1.09)
DLB	−0.027 (−0.28)	−0.196 (−1.43)
DPD	0.061 (0.79)	0.200 (1.19)
DA	0.105 (1.32)	−0.267^* (−1.82)
Constant	−0.732^*** (−4.19)	3.367^*** (4.09)
Year FE	Yes	Yes
F statistics (p-value)	0.000	0.000
Adjusted R-squared	0.399	0.096
Hausman test		55.02^***
Observations	300	300

	OLS -model 1 ${M S W R R}_{t}$	Fixed effects -model 2 ${M S W R R}_{t}$
DSE	0.129^** (2.27)	0.248^** (2.24)
DPC	0.165 (1.12)	−0.226 (−0.68)
FCB	−0.120^*** (−3.17)	0.038 (0.53)
AC	0.031^*** (3.32)	0.003 (0.26)
FS	0.102^*** (6.03)	−0.297^*** (−3.66)
CPT	−0.102^* (−1.78)	−0.052 (−1.15)
DPR	−0.005 (−0.48)	−0.003 (−0.36)
ME	0.056 (0.82)	−0.147 (−1.30)
DBB	−0.010 (−0.16)	−0.092 (−1.09)
DLB	−0.027 (−0.28)	−0.196 (−1.43)
DPD	0.061 (0.79)	0.200 (1.19)
DA	0.105 (1.32)	−0.267^* (−1.82)
Constant	−0.732^*** (−4.19)	3.367^*** (4.09)
Year FE	Yes	Yes
F statistics (p-value)	0.000	0.000
Adjusted R-squared	0.399	0.096
Hausman test		55.02^***
Observations	300	300

Note(s): t-statistics in parentheses ^***p < 0.01, ^**p < 0.05, ^*p < 0.10

Source(s): Table created by authors