Table 8 Summary of the regression model... | Emerald Publishing

Table 8

Summary of the regression model (dependent variable = ATR)

OLS model			FEM			REM
Variable	Coefficient	T-stat	Variable	Coefficient	T-stat	Variable	Coefficient	Z-stat
Intercept	7.789	10.97^***	Intercept	6.246	7.96^***	Intercept	7.100	10.01^***
BMF	0.863	4.74^***	BMF	0.177	1.31	BMF	0.268	1.95^*
BIND	−0.569	−1.70^*	BIND	−0.295	−1.12	BIND	−0.304	−1.14
Non-ED	0.287	0.73	Non-ED	−0.432	−1.33	Non-ED	−0.385	−1.20
WDIR	0.018	3.12^***	WDIR	0.003	0.86	WDIR	0.005	1.32
BS	−0.007	−0.92	BS	0.011	2.21^*	BS	0.009	1.87^*
AGE	0.011	4.36^***	AGE	−0.078	−4.86^***	AGE	0.005	0.98
SIZEF	−0.642	−14.00^***	SIZEF	−0.071	−0.76	SIZEF	−0.448	−7.95^***
LIQ	−0.398	−6.04^***	LIQ	−0.213	−3.57^***	LIQ	−0.246	−4.21^***
LEV	0.168	0.94	LEV	−0.374	−2.61^**	LEV	−0.128	−0.97
F-Stat	26.86^***		F-stat	10.54^***		Wald- χ²	92.56^***
R²	0.441		R²	0.313		R²	0.376

OLS model			FEM			REM
Variable	Coefficient	T-stat	Variable	Coefficient	T-stat	Variable	Coefficient	Z-stat
Intercept	7.789	10.97^***	Intercept	6.246	7.96^***	Intercept	7.100	10.01^***
BMF	0.863	4.74^***	BMF	0.177	1.31	BMF	0.268	1.95^*
BIND	−0.569	−1.70^*	BIND	−0.295	−1.12	BIND	−0.304	−1.14
Non-ED	0.287	0.73	Non-ED	−0.432	−1.33	Non-ED	−0.385	−1.20
WDIR	0.018	3.12^***	WDIR	0.003	0.86	WDIR	0.005	1.32
BS	−0.007	−0.92	BS	0.011	2.21^*	BS	0.009	1.87^*
AGE	0.011	4.36^***	AGE	−0.078	−4.86^***	AGE	0.005	0.98
SIZEF	−0.642	−14.00^***	SIZEF	−0.071	−0.76	SIZEF	−0.448	−7.95^***
LIQ	−0.398	−6.04^***	LIQ	−0.213	−3.57^***	LIQ	−0.246	−4.21^***
LEV	0.168	0.94	LEV	−0.374	−2.61^**	LEV	−0.128	−0.97
F-Stat	26.86^***		F-stat	10.54^***		Wald- χ²	92.56^***
R²	0.441		R²	0.313		R²	0.376

Note(s): “^***”, “^**” and “^*” significant at 1, 5 and 10% level of significance, respectively

Source(s): Calculated by researchers