Table 5 ROA, ROE, and ROS–Fixed and...

Table 5

ROA, ROE, and ROS–Fixed and random effects models

Variable	ROA		ROE		ROS
Variable	Fixed effects	Random effects	Fixed effects	Random effects	Fixed effects	Random effects
fact	−0.00049***	0.00704***	−0.01194***	−0.00567***	0.00555***	0.0136***
fact	(11.4)	(14.23)	(−7.22)	(−3.66)	(7.99)	(20.51)
age		−0.00059***		0.00441***		−0.00066***
age		(−40.22)		(99.6)		(31.42)
jurnat	−3.24e-07***	−0.00002***	0.00010***	0.00003***	−7.56e-06***	−0.00002***
jurnat	(−14.75)	(−27.39)	(−14.89)	(11.87)	(−2.92)	(23.67)
nempl	0.00001***	0.00002***	9.32e-06***	0.00001***	0.00002***	0.00003***
nempl	(2.73)	(13.44)	(1.35)	(3.56)	(9.69)	(17.92)

Variable	ROA		ROE		ROS
Variable	Fixed effects	Random effects	Fixed effects	Random effects	Fixed effects	Random effects
fact	−0.00049***	0.00704***	−0.01194***	−0.00567***	0.00555***	0.0136***
fact	(11.4)	(14.23)	(−7.22)	(−3.66)	(7.99)	(20.51)
age		−0.00059***		0.00441***		−0.00066***
age		(−40.22)		(99.6)		(31.42)
jurnat	−3.24e-07***	−0.00002***	0.00010***	0.00003***	−7.56e-06***	−0.00002***
jurnat	(−14.75)	(−27.39)	(−14.89)	(11.87)	(−2.92)	(23.67)
nempl	0.00001***	0.00002***	9.32e-06***	0.00001***	0.00002***	0.00003***
nempl	(2.73)	(13.44)	(1.35)	(3.56)	(9.69)	(17.92)

Note(s): *, **, *** statistically significant coefficients for 10%, 5% and 1%, respectively. Fixed Effects–R² = 0.0003; Random Effects–R² = 0.0033; Hausman Test: Prob > chi² = 0.0000; for ROA. Fixed Effects–R² = 0.0012; Random Effects–R² = 0.015; 1Hausman Test: Prob > chi² = 0.0000; for ROE. Fixed Effects–R² = 0.0020; Random Effects–R² = 0.0037; Hausman Test: Prob > chi² = 0.0000; for ROS

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