Results of the LM test
| Independent variables | Model (1) | Model (2) |
|---|---|---|
| CDP | −0.0208 (0.1571) | −0.0233 (0.0162) |
| ROA | −6.7689 (0.7432) *** | −0.3997 (0.0778) *** |
| TobinQ | 0.1168 (0.0956) | −0.0020 (0.0100) |
| Size | 0.2331 (0.0638) *** | 0.0239 (0.0064) *** |
| FFR | −0.6529 (0.5311) | 0.0520 (0.0540) |
| Cons | −2.7610 (1.3715) ** | −0.3119 (0.1388) ** |
| Chibar2 | 328.26 | 291.95 |
| Goodness of fit (R2) | 0.3545 | 0.3475 |
| Number of obs | 335 | 335 |
| Independent variables | Model (1) | Model (2) |
|---|---|---|
| CDP | −0.0208 (0.1571) | −0.0233 (0.0162) |
| ROA | −6.7689 (0.7432) *** | −0.3997 (0.0778) *** |
| TobinQ | 0.1168 (0.0956) | −0.0020 (0.0100) |
| Size | 0.2331 (0.0638) *** | 0.0239 (0.0064) *** |
| FFR | −0.6529 (0.5311) | 0.0520 (0.0540) |
| Cons | −2.7610 (1.3715) ** | −0.3119 (0.1388) ** |
| Chibar2 | 328.26 | 291.95 |
| Goodness of fit (R2) | 0.3545 | 0.3475 |
| Number of obs | 335 | 335 |
Note(s): Legend, ***p < 0.01, **p < 0.05 and *p < 0.10
Source(s): Authors' own work
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