Random effects regression results
| Variables | Model 1 (modified Jones model) | Model 2 (Kothari et al. (2005) model) |
|---|---|---|
| BIN | −0.0390** (0.0197) | −0.0456*** (0.0176) |
| BSZ | 0.0049*** (0.0013) | 0.0044*** (0.0011) |
| BA | 0.0003 (0.0009) | −0.0002 (0.0007) |
| ACA | −0.0030*** (0.0010) | −0.0026*** (0.0009) |
| DEV | −0.0031 (0.0052) | −0.0019 (0.0045) |
| BA_DEV | 0.0024** (0.0009) | 0.0024*** (0.0007) |
| ACA_DEV | 0.0018* (0.0009) | 0.0024** (0.0010) |
| FZ | −0.0191*** (0.0061) | −0.0179*** (0.0051) |
| FE | 0.0201*** (0.0101) | 0.0155* (0.0086) |
| FG | 0.0842*** (0.0113) | 0.0726*** (0.0105) |
| FP | −0.0947*** (0.0313) | −0.0688*** (0.0249) |
| FF | −0.0355*** (0.0108) | −0.0303*** (0.0102) |
| C | 0.2212*** (0.0487) | 0.2055*** (0.0408) |
| No. of observations | 672 | 672 |
| R2 | 16.22% | 14.55% |
| Hausman test | Chi-square = 16.98 Prob = 0.150 | Chi-square = 13.21 Prob = 0.3541 |
| Breusch–Pagan LM test | LM statistics = 36.33*** | LM statistics = 16.57*** |
| Variables | Model 1 (modified Jones model) | Model 2 ( |
|---|---|---|
| BIN | −0.0390 | −0.0456 |
| BSZ | 0.0049 | 0.0044 |
| BA | 0.0003 (0.0009) | −0.0002 (0.0007) |
| ACA | −0.0030 | −0.0026 |
| DEV | −0.0031 (0.0052) | −0.0019 (0.0045) |
| BA_DEV | 0.0024 | 0.0024 |
| ACA_DEV | 0.0018 | 0.0024 |
| FZ | −0.0191 | −0.0179 |
| FE | 0.0201 | 0.0155 |
| FG | 0.0842 | 0.0726 |
| FP | −0.0947 | −0.0688 |
| FF | −0.0355 | −0.0303 |
| C | 0.2212 | 0.2055 |
| No. of observations | 672 | 672 |
| 16.22% | 14.55% | |
| Hausman test | Chi-square = 16.98 Prob = 0.150 | Chi-square = 13.21 Prob = 0.3541 |
| Breusch–Pagan LM test | LM statistics = 36.33 | LM statistics = 16.57 |
Notes:
*, ** and ***denote p-values < 0.10, 0.05, and 0.01, respectively. Robust standard errors are shown in parentheses
Sharing content requires targeting cookies to be enabled. Please update your cookie preferences to use this feature.