Regression analysis of consumer cup return rate: comparison of model specifications
| Return | ln(Return) | |||
|---|---|---|---|---|
| OLS | Panel linear | OLS | ||
| Dependent variable | M1 | M2 | M3 (Final) | M4 |
| Out | 0.04 (−0.022) | 0.028 (−0.025) | −0.002 (−0.006) | −0.001 (−0.006) |
| Instore | −0.15*** (−0.047) | −0.104 ** (−0.053) | −0.073 *** (−0.014) | −0.072*** (−0.015) |
| StoreHr | 0.435*** (−0.094) | 0.42 *** (−0.096) | −0.026 (−0.026) | −0.024 (−0.026) |
| OutHr | 0.002 (−0.03) | 0.019 (−0.031) | −0.001 (−0.008) | −0.001 (−0.008) |
| CollFq | 0.002 (−0.005) | −0.003 (−0.006) | −0.003 (−0.002) | −0.003 (−0.002) |
| Xrate | 7.124*** (−0.487) | 7.524*** (−0.521) | 2.783*** (−0.143) | 2.773*** (−0.147) |
| Vol | 0.385**(−0.153) | 0.356** (−0.153) | 0.201*** (−0.038) | 0.204*** (−0.04) |
| Cupst | 0.015 (−0.049) | −0.025 (−0.053) | 0.036*** (−0.014) | 0.036** (−0.015) |
| TourExp | 0 (0) | 0 (0) | ||
| VstLoc | 0 (0) | 0 (0) | ||
| VstFor | 0 (0) | 0 (0) | ||
| ln_TourExp | −0.061 (−0.036) | −0.057 (−0.036) | ||
| ln_VstLoc | 0.271*** (−0.055) | 0.262*** (−0.056) | ||
| ln_VstFor | 0.03 (−0.041) | 0.01 (−0.043) | ||
| RegionSejong | 0.803** (−0.37) | 0.367 ** (−0.168) | 0.291 (−0.177) | |
| RegionSeogwipo | 0.199 (−0.283) | 0.288 *** (−0.073) | 0.281 *** (−0.074) | |
| Region included | No | Yes | Yes | Yes |
| Reference region | – | Jeju | ||
| Observations | 960 | 960 | 960 | 960 |
| Time effects | No | No | Random | Fixed |
| Hausman test | – | Chi-square statistic = 3.1494, p = 0.9973. Random-effect model is preferred. | ||
| R2 | 0.26 | 0.264 | 0.466 | 0.472 |
| Adjusted R2 | 0.252 | 0.254 | 0.459 | 0.454 |
| Residual std. error | 2.721 (df = 948) | 2.716 (df = 946) | 0.722 (df = 927) | |
| F-statistic | 30.319*** | 26.106*** | 825.685*** | 25.899*** |
| Return | ln(Return) | |||
|---|---|---|---|---|
| Panel linear | ||||
| Dependent variable | M1 | M2 | M3 (Final) | M4 |
| Out | 0.04 (−0.022) | 0.028 (−0.025) | −0.002 (−0.006) | −0.001 (−0.006) |
| Instore | −0.15*** (−0.047) | −0.104 ** (−0.053) | −0.073 *** (−0.014) | −0.072*** (−0.015) |
| StoreHr | 0.435*** (−0.094) | 0.42 *** (−0.096) | −0.026 (−0.026) | −0.024 (−0.026) |
| OutHr | 0.002 (−0.03) | 0.019 (−0.031) | −0.001 (−0.008) | −0.001 (−0.008) |
| CollFq | 0.002 (−0.005) | −0.003 (−0.006) | −0.003 (−0.002) | −0.003 (−0.002) |
| Xrate | 7.124*** (−0.487) | 7.524*** (−0.521) | 2.783*** (−0.143) | 2.773*** (−0.147) |
| Vol | 0.385**(−0.153) | 0.356** (−0.153) | 0.201*** (−0.038) | 0.204*** (−0.04) |
| Cupst | 0.015 (−0.049) | −0.025 (−0.053) | 0.036*** (−0.014) | 0.036** (−0.015) |
| TourExp | 0 (0) | 0 (0) | ||
| VstLoc | 0 (0) | 0 (0) | ||
| VstFor | 0 (0) | 0 (0) | ||
| ln_TourExp | −0.061 (−0.036) | −0.057 (−0.036) | ||
| ln_VstLoc | 0.271*** (−0.055) | 0.262*** (−0.056) | ||
| ln_VstFor | 0.03 (−0.041) | 0.01 (−0.043) | ||
| RegionSejong | 0.803** (−0.37) | 0.367 ** (−0.168) | 0.291 (−0.177) | |
| RegionSeogwipo | 0.199 (−0.283) | 0.288 *** (−0.073) | 0.281 *** (−0.074) | |
| Region included | No | Yes | Yes | Yes |
| Reference region | – | Jeju | ||
| Observations | 960 | 960 | 960 | 960 |
| Time effects | No | No | Random | Fixed |
| Hausman test | – | Chi-square statistic = 3.1494, | ||
| 0.26 | 0.264 | 0.466 | 0.472 | |
| Adjusted | 0.252 | 0.254 | 0.459 | 0.454 |
| Residual std. error | 2.721 (df = 948) | 2.716 (df = 946) | 0.722 (df = 927) | |
| 30.319*** | 26.106*** | 825.685*** | 25.899*** | |
Significant at p < 0.05 (**), p < 0.01 (***). For the random effects model (M3), the Wald chi-square statistic is reported in the F-statistic row
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