Table 8 Results of panel data regression...

Table 8

Results of panel data regression models

Dependent / independent variable	Model I	Model II	Model III	Model IV
Dependent / independent variable	VAM	PM	MM	GM
Panel data model type	Fixed	Fixed	Random	Random
C	2.223(4.490)***	2.105(4.964)***	0.895(2.080)**	0.956(1.504)**
CSR	0.817(1.567)*	0.569(1.915)**	0.181(0.751)	0.275(2.642)***
Age	−0.326(−1.772)*	−0.257(−0.535)	0.031(0.248)	−0.134(−1.646)*
Size	0.168(3.649)***	0.406(2.695)***	−0.060(−1.320)	0.246(2.832)***
Risk	−0.005(−1.129)	0.006(0.825)	−0.033(−1.773)*	0.000(0.025)
R²	0.69	0.60	0.41	0.28
Adjusted R²	0.66	0.56	0.35	0.20
F-test	20.04***	13.60***	6.05***	3.51***
DW statistics	1.66	1.54	1.93	2.07
Hausman Test	133.208***	120.115***	6.508	5.518
Redundant fixed effect test	419.612***	463.933	153.541***	126.619***
Collinearity VIF	1.29	1.69	1.05	1.08
Unit root test (ADF)	170.392***	148.633***	126.037***	129.38***
Total observations	560

Dependent / independent variable	Model I	Model II	Model III	Model IV
Dependent / independent variable	VAM	PM	MM	GM
Panel data model type	Fixed	Fixed	Random	Random
C	2.223(4.490)***	2.105(4.964)***	0.895(2.080)**	0.956(1.504)**
CSR	0.817(1.567)*	0.569(1.915)**	0.181(0.751)	0.275(2.642)***
Age	−0.326(−1.772)*	−0.257(−0.535)	0.031(0.248)	−0.134(−1.646)*
Size	0.168(3.649)***	0.406(2.695)***	−0.060(−1.320)	0.246(2.832)***
Risk	−0.005(−1.129)	0.006(0.825)	−0.033(−1.773)*	0.000(0.025)
R²	0.69	0.60	0.41	0.28
Adjusted R²	0.66	0.56	0.35	0.20
F-test	20.04***	13.60***	6.05***	3.51***
DW statistics	1.66	1.54	1.93	2.07
Hausman Test	133.208***	120.115***	6.508	5.518
Redundant fixed effect test	419.612***	463.933	153.541***	126.619***
Collinearity VIF	1.29	1.69	1.05	1.08
Unit root test (ADF)	170.392***	148.633***	126.037***	129.38***
Total observations	560

Note(s): (1) standardized beta coefficients are provided. T-ratios are presented in parentheses. (2) Average of VIF has been used to find collinearity^VIF for checking the serial correlation (Maqbool and Zameer, 2018). (3) The Durbin–Watson test showed no autocorrelation amongst the variables. (4) F-test showed fitness of the model. (5) The Hausman test was used to choose amongst random and fixed effects for model. (6) Significant at *p < 0.10, **p < 0.05, ***p < 0.01. (7) Augmented Dickey–Fuller (ADF) shows data are stationary and there is no unit root in the data

[ViewLarge]

Sharing Unavailable