Regression results – using EDL individual dimensions
| Dependent variable | Model 1 Y = EP | Model 2 Y = EO | Model 3 Y = EPR | Model 4 Y= OS | Model 5 Y = EM |
|---|---|---|---|---|---|
| Variables | Coefficients | ||||
| Intercept | −1.028 (0.741) | −2.394** (0.949) | −0.960 (0.689) | −0.670*** (0.190) | −2.649 (0.833) |
| CCP | 0.218*** (0.024) | 0.482*** (0.039) | 0.225*** (0.024) | 0.108*** (0.011) | 0.510*** (0.032) |
| CG | −0.029 (0.017) | −0.007 (0.028) | −0.018 (0.017) | 0.008 (0.004) | 0.033 (0.024) |
| CCP*CG | 0.102*** (0.010) | −0.003 (0.014) | 0.021** (0.011) | 0.149* (0.086) | 0.002 (0.010) |
| Reform | 0.374*** (0.020) | 0.178*** (0.040) | 0.344*** (0.019) | 0.007 (0.006) | 0.269*** (0.032) |
| LV | 0.461*** (0.118) | 0.106 (0.194) | 0.720*** (0.131) | 0.045 (0.030) | 0.615*** (0.164) |
| Zscore | −0.021 (0.031) | −0.105* (0.060) | −0.097*** (0.032) | 0.021*** (0.008) | −0.149*** (0.051) |
| FP | −0.107*** (0.017) | 0.040 (0.028) | −0.054*** (0.018) | −0.030*** (0.007) | −0.072*** (0.022) |
| CSZ | 0.045 (0.080) | 0.228** (0.100) | 0.043 (0.073) | 0.072*** (0.020) | 0.252*** (0.089) |
| CR | 0.038** (0.016) | 0.092*** (0.027) | 0.024 (0.016) | 0.002 (0.003) | −0.008 (0.023) |
| Hausman test χ2 | 32.296*** | 12.343 | 27.651*** | 32.935*** | 12.069 |
| likelihood ratio F-test | 10.970*** | 13.270*** | 19.957*** | 23.856*** | 19.166*** |
| Breusch-Pagan LM | 847.971*** | 1240.803*** | 1650.424*** | 1783.518*** | 1769.590*** |
| Model | Fixed effects model | Random effects model | Fixed effects model | Fixed effects model | Random effects model |
| Observations | 960 | 960 | 960 | 960 | 960 |
| R2 | 0.704 | 0.340 | 0.763 | 0.764 | 0.434 |
| Dependent variable | Model 1 | Model 2 | Model 3 | Model 4 | Model 5 |
|---|---|---|---|---|---|
| Variables | Coefficients | ||||
| Intercept | −1.028 (0.741) | −2.394** (0.949) | −0.960 (0.689) | −0.670*** (0.190) | −2.649 (0.833) |
| CCP | 0.218*** (0.024) | 0.482*** (0.039) | 0.225*** (0.024) | 0.108*** (0.011) | 0.510*** (0.032) |
| CG | −0.029 (0.017) | −0.007 (0.028) | −0.018 (0.017) | 0.008 (0.004) | 0.033 (0.024) |
| CCP*CG | 0.102*** (0.010) | −0.003 (0.014) | 0.021** (0.011) | 0.149* (0.086) | 0.002 (0.010) |
| Reform | 0.374*** (0.020) | 0.178*** (0.040) | 0.344*** (0.019) | 0.007 (0.006) | 0.269*** (0.032) |
| LV | 0.461*** (0.118) | 0.106 (0.194) | 0.720*** (0.131) | 0.045 (0.030) | 0.615*** (0.164) |
| Zscore | −0.021 (0.031) | −0.105* (0.060) | −0.097*** (0.032) | 0.021*** (0.008) | −0.149*** (0.051) |
| FP | −0.107*** (0.017) | 0.040 (0.028) | −0.054*** (0.018) | −0.030*** (0.007) | −0.072*** (0.022) |
| CSZ | 0.045 (0.080) | 0.228** (0.100) | 0.043 (0.073) | 0.072*** (0.020) | 0.252*** (0.089) |
| CR | 0.038** (0.016) | 0.092*** (0.027) | 0.024 (0.016) | 0.002 (0.003) | −0.008 (0.023) |
| Hausman test | 32.296*** | 12.343 | 27.651*** | 32.935*** | 12.069 |
| likelihood ratio | 10.970*** | 13.270*** | 19.957*** | 23.856*** | 19.166*** |
| Breusch-Pagan LM | 847.971*** | 1240.803*** | 1650.424*** | 1783.518*** | 1769.590*** |
| Model | Fixed effects model | Random effects model | Fixed effects model | Fixed effects model | Random effects model |
| Observations | 960 | 960 | 960 | 960 | 960 |
| 0.704 | 0.340 | 0.763 | 0.764 | 0.434 | |
Note(s): ***p < 0.01, **p < 0.05, *p < 0.1 and robust SE between parentheses
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