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-II | −0.000212 | −0.000176 | 0.000401 | −0.0117* | −0.0104 | −0.0365* |
| (0.007) | (0.007) | (0.009) | (0.011) | (0.011) | (0.021) | |
| KZ Index | 0.00306 | 0.0024 | −0.0482 | 0.0106 | ||
| (0.004) | (0.008) | (0.005) | (0.012) | |||
| FRQ-II*KZ Index | −0.00125 | |||||
| (0.013) | ||||||
| FRQ-II*KZ Index | −0.0315* | |||||
| (0.021) | ||||||
| Size | 0.00793 | 0.00808 | 0.0081 | 0.00154 | 0.00131 | 0.00108 |
| (0.005) | (0.005) | (0.005) | (0.007) | (0.007) | (0.007) | |
| Age | −0.000449** | −0.000457** | −0.000457** | −0.000465 | −0.000439 | −0.000444 |
| (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | |
| MBR | −0.0104* | −0.0104* | −0.0104* | −0.0237*** | −0.0228*** | −0.0227*** |
| (0.006) | (0.006) | (0.006) | (0.008) | (0.008) | (0.008) | |
| Prof | 0.0483* | 0.0482* | 0.0483* | −0.0138 | −0.0139 | −0.0155 |
| (0.025) | (0.026) | (0.026) | (0.037) | (0.037) | (0.037) | |
| Tang | 0.217*** | 0.219*** | 0.219*** | −0.246*** | −0.241*** | −0.242*** |
| (0.018) | (0.018) | (0.018) | (0.025) | (0.025) | (0.025) | |
| Constant | −0.00183 | −0.00676 | −0.00657 | 0.534*** | 0.537*** | 0.526*** |
| (0.038) | (0.039) | (0.039) | (0.054) | (0.054) | (0.055) | |
| Industry dummies | Yes | Yes | Yes | Yes | Yes | Yes |
| Year dummies | Yes | Yes | Yes | Yes | Yes | Yes |
| Observations | 1,518 | 1,514 | 1,514 | 1,518 | 1,514 | 1,514 |
| Hausman Test (p-value) | 22.79(0.0009) | 28.45(0.0002) | 29.48(0.0000) | 6.01(0.4221) | 9.42(0.2241) | 9.65(0.2905) |
| Wald Stat (p-value) | 107.45(0.000) | 102.80(0.000) | 104.97(0.000) | |||
| R-square | 0.1232 | 0.1245 | 0.1245 | |||
| 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-II | −0.000212 | −0.000176 | 0.000401 | −0.0117* | −0.0104 | −0.0365* |
| (0.007) | (0.007) | (0.009) | (0.011) | (0.011) | (0.021) | |
| KZ Index | 0.00306 | 0.0024 | −0.0482 | 0.0106 | ||
| (0.004) | (0.008) | (0.005) | (0.012) | |||
| FRQ-II*KZ Index | −0.00125 | |||||
| (0.013) | ||||||
| FRQ-II*KZ Index | −0.0315* | |||||
| (0.021) | ||||||
| Size | 0.00793 | 0.00808 | 0.0081 | 0.00154 | 0.00131 | 0.00108 |
| (0.005) | (0.005) | (0.005) | (0.007) | (0.007) | (0.007) | |
| Age | −0.000449** | −0.000457** | −0.000457** | −0.000465 | −0.000439 | −0.000444 |
| (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | |
| MBR | −0.0104* | −0.0104* | −0.0104* | −0.0237*** | −0.0228*** | −0.0227*** |
| (0.006) | (0.006) | (0.006) | (0.008) | (0.008) | (0.008) | |
| Prof | 0.0483* | 0.0482* | 0.0483* | −0.0138 | −0.0139 | −0.0155 |
| (0.025) | (0.026) | (0.026) | (0.037) | (0.037) | (0.037) | |
| Tang | 0.217*** | 0.219*** | 0.219*** | −0.246*** | −0.241*** | −0.242*** |
| (0.018) | (0.018) | (0.018) | (0.025) | (0.025) | (0.025) | |
| Constant | −0.00183 | −0.00676 | −0.00657 | 0.534*** | 0.537*** | 0.526*** |
| (0.038) | (0.039) | (0.039) | (0.054) | (0.054) | (0.055) | |
| Industry dummies | Yes | Yes | Yes | Yes | Yes | Yes |
| Year dummies | Yes | Yes | Yes | Yes | Yes | Yes |
| Observations | 1,518 | 1,514 | 1,514 | 1,518 | 1,514 | 1,514 |
| Hausman Test ( | 22.79(0.0009) | 28.45(0.0002) | 29.48(0.0000) | 6.01(0.4221) | 9.42(0.2241) | 9.65(0.2905) |
| Wald Stat ( | 107.45(0.000) | 102.80(0.000) | 104.97(0.000) | |||
| 0.1232 | 0.1245 | 0.1245 | ||||
| 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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