Table 2 The summary of data panel...

Table 2

The summary of data panel testing

The phase-in	FMV on equity	FMV on earnings
Testing data panel	First model	Second model
Chow testing	H₀ accepted Common effect model	H₀ rejected Fixed effect model
Hausman testing	Not done	H₀ rejected Fixed effect model
Lagrange multiplier testing	H₀ rejected Random effect model	Not done

The phase-in	FMV on equity	FMV on earnings
Testing data panel	First model	Second model
Chow testing	H₀ acceptedCommon effect model	H₀ rejectedFixed effect model
Hausman testing	Not done	H₀ rejectedFixed effect model
Lagrange multiplier testing	H₀ rejectedRandom effect model	Not done