Regression results of the REM, Hausman-Taylor, FEM (unbalanced dataset) and Anderson-Hsiao
| Dependent variable: EDL | REM (5) | HT estimation (6) | FEM (7) | Anderson-Hsiao (8) |
|---|---|---|---|---|
| Variables | Coefficients | |||
| Intercept | −2.939*** (0.927) | −2.835*** (0.986) | −2.214*** (0.477) | – |
| CCP | 0.473*** (0.031) | 0.474*** (0.031) | 0.393*** (0.017) | 0.224*** (0.025) |
| CG | 0.009 (0.022) | 0.008 (0.022) | −0.011 (0.011) | 0.010 (0.016) |
| CCP*CG | 0.028** (0.012) | 0.027** (0.011) | 0.023*** (0.007) | 0.022** (0.008) |
| Reform | 0.356*** (0.029) | 0.355*** (0.030) | 0.289*** (0.014) | 0.139*** (0.028) |
| LV | 0.443** (0.183) | 0.445*** (0.158) | 0.249*** (0.077) | 0.356*** (0.136) |
| Zscore | −0.081* (0.045) | −0.079* (0.046) | −0.045*** (0.016) | −0.070* (0.037) |
| FP | −0.086*** (0.030) | −0.076*** (0.022) | −0.086*** (0.015) | −0.036** (0.016) |
| CSZ | 0.264*** (0.079) | 0.261*** (0.084) | 0.225*** (0.050) | 0.067 (0.100) |
| CR | 0.048** (0.023) | 0.049** (0.022) | 0.022*** (0.007) | 0.034* (0.019) |
| EDL (−1) | – | – | – | 0.565*** |
| Sector fixed effect | Included | Included | No | No |
| Observations | 960 | 960 | 1,152 | 960 |
| R2 | 0.556 | – | 0.833 | – |
| Dependent variable: EDL | REM (5) | HT estimation (6) | FEM (7) | Anderson-Hsiao (8) |
|---|---|---|---|---|
| Variables | Coefficients | |||
| Intercept | −2.939*** (0.927) | −2.835*** (0.986) | −2.214*** (0.477) | – |
| CCP | 0.473*** (0.031) | 0.474*** (0.031) | 0.393*** (0.017) | 0.224*** (0.025) |
| CG | 0.009 (0.022) | 0.008 (0.022) | −0.011 (0.011) | 0.010 (0.016) |
| CCP*CG | 0.028** (0.012) | 0.027** (0.011) | 0.023*** (0.007) | 0.022** (0.008) |
| Reform | 0.356*** (0.029) | 0.355*** (0.030) | 0.289*** (0.014) | 0.139*** (0.028) |
| LV | 0.443** (0.183) | 0.445*** (0.158) | 0.249*** (0.077) | 0.356*** (0.136) |
| Zscore | −0.081* (0.045) | −0.079* (0.046) | −0.045*** (0.016) | −0.070* (0.037) |
| FP | −0.086*** (0.030) | −0.076*** (0.022) | −0.086*** (0.015) | −0.036** (0.016) |
| CSZ | 0.264*** (0.079) | 0.261*** (0.084) | 0.225*** (0.050) | 0.067 (0.100) |
| CR | 0.048** (0.023) | 0.049** (0.022) | 0.022*** (0.007) | 0.034* (0.019) |
| EDL (−1) | – | – | – | 0.565*** |
| Sector fixed effect | Included | Included | No | No |
| 960 | 960 | 1,152 | 960 | |
| 0.556 | – | 0.833 | – | |
Note(s): ***p < 0.01, **p < 0.05, *p < 0.1 and robust SE between parentheses
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