Regression analysis
| Variables | LMDR | LMDR | LMDR | SMDR | SMDR | SMDR |
|---|---|---|---|---|---|---|
| Model 1 (FEM) | Model 2 (FEM) | Model 3 (FEM) | Model 1 (REM) | Model 2 (REM) | Model 3 (REM) | |
| FRQ-I | 0.0073 | 0.0714 | 0.0233 | −0.0257* | −0.0237 | −0.0326 |
| (0.010) | (0.010) | (0.018) | (0.015) | (0.015) | (0.027) | |
| KZ Index | 0.00326 | −0.00681 | −0.00729 | −0.00172 | ||
| (0.003) | (0.010) | (0.005) | (0.015) | |||
| FRQ-1*KZ Index | −0.0187 | −0.0103** | ||||
| (0.017) | (0.026) | |||||
| Size | 0.00833* | 0.00850* | 0.00850* | 0.00405 | 0.00371 | 0.0037 |
| (0.005) | (0.005) | (0.005) | (0.007) | (0.007) | (0.007) | |
| Age | −0.000468** | −0.000472** | −0.000470** | −0.000445 | −0.000423 | −0.000423 |
| (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | |
| MBR | −0.0112** | −0.0111** | −0.0109** | −0.0206*** | −0.0196** | −0.0197** |
| (0.005) | (0.005) | (0.005) | (0.008) | (0.008) | (0.008) | |
| Prof | 0.0602** | 0.0602** | 0.0615** | −0.0112 | −0.0113 | −0.012 |
| (0.024) | (0.024) | (0.024) | (0.035) | (0.036) | (0.036) | |
| Tang | 0.218*** | 0.220*** | 0.220*** | −0.246*** | −0.241*** | −0.241*** |
| (0.017) | (0.017) | (0.017) | (0.024) | (0.024) | (0.024) | |
| Constant | −0.00187 | −0.00732 | 0.0011 | 0.506*** | 0.513*** | 0.508*** |
| (0.037) | (0.037) | (0.038) | (0.053) | (0.053) | (0.055) | |
| Industry dummies | Yes | Yes | Yes | Yes | Yes | Yes |
| Year dummies | Yes | Yes | Yes | Yes | Yes | Yes |
| Observations | 2,310 | 2,310 | 2,310 | 2,310 | 2,310 | 2,310 |
| Hausman Test (p-value) | 23.56(0.0006) | 31.63(0.0000) | 31.79(0.0001) | 5.90(0.4345) | 9.35(0.2286) | 9.32(0.3232) |
| Wald Stat (p-value) | 113.74(0.000) | 110.46(0.000) | 110.47(0.000) | |||
| R-square | 0.13 | 0.131 | 0.132 | |||
| Number of coid | 165 | 165 | 165 | 165 | 165 | 165 |
| Variables | LMDR | LMDR | LMDR | SMDR | SMDR | SMDR |
|---|---|---|---|---|---|---|
| Model 1 (FEM) | Model 2 (FEM) | Model 3 (FEM) | Model 1 (REM) | Model 2 (REM) | Model 3 (REM) | |
| FRQ-I | 0.0073 | 0.0714 | 0.0233 | −0.0257* | −0.0237 | −0.0326 |
| (0.010) | (0.010) | (0.018) | (0.015) | (0.015) | (0.027) | |
| KZ Index | 0.00326 | −0.00681 | −0.00729 | −0.00172 | ||
| (0.003) | (0.010) | (0.005) | (0.015) | |||
| FRQ-1*KZ Index | −0.0187 | −0.0103** | ||||
| (0.017) | (0.026) | |||||
| Size | 0.00833* | 0.00850* | 0.00850* | 0.00405 | 0.00371 | 0.0037 |
| (0.005) | (0.005) | (0.005) | (0.007) | (0.007) | (0.007) | |
| Age | −0.000468** | −0.000472** | −0.000470** | −0.000445 | −0.000423 | −0.000423 |
| (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | |
| MBR | −0.0112** | −0.0111** | −0.0109** | −0.0206*** | −0.0196** | −0.0197** |
| (0.005) | (0.005) | (0.005) | (0.008) | (0.008) | (0.008) | |
| Prof | 0.0602** | 0.0602** | 0.0615** | −0.0112 | −0.0113 | −0.012 |
| (0.024) | (0.024) | (0.024) | (0.035) | (0.036) | (0.036) | |
| Tang | 0.218*** | 0.220*** | 0.220*** | −0.246*** | −0.241*** | −0.241*** |
| (0.017) | (0.017) | (0.017) | (0.024) | (0.024) | (0.024) | |
| Constant | −0.00187 | −0.00732 | 0.0011 | 0.506*** | 0.513*** | 0.508*** |
| (0.037) | (0.037) | (0.038) | (0.053) | (0.053) | (0.055) | |
| Industry dummies | Yes | Yes | Yes | Yes | Yes | Yes |
| Year dummies | Yes | Yes | Yes | Yes | Yes | Yes |
| Observations | 2,310 | 2,310 | 2,310 | 2,310 | 2,310 | 2,310 |
| Hausman Test ( | 23.56(0.0006) | 31.63(0.0000) | 31.79(0.0001) | 5.90(0.4345) | 9.35(0.2286) | 9.32(0.3232) |
| Wald Stat ( | 113.74(0.000) | 110.46(0.000) | 110.47(0.000) | |||
| 0.13 | 0.131 | 0.132 | ||||
| Number of coid | 165 | 165 | 165 | 165 | 165 | 165 |
Note(s): Standard errors in parentheses, ***p < 0.01, **p < 0.05, *p < 0.1
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