Table AII DDF regression for both good...

Table AII

DDF regression for both good and bad outputs

Variables	Coef.	SE	Variables	Coef.	SE	Variables	Coef.	SE
Intercept	0.9563***	0.1546	$y_{2}^{2}$	–0.0558***	0.0046	$x_{3}^{2}$	0.2002***	0.0126
y₁	–0.2029***	0.0287	y₂y₃	0.0300***	0.0076	x₃b	0.0166	0.0086
y₂	–0.2093***	0.0327	y₂x₂	–0.0166***	0.0049	x₃t	0.0109**	0.0033
y₃	0.2213**	0.0720	y₂x₃	–0.0218**	0.0084	b²	0.0054	0.0081
x₂	0.0791	0.0446	y₂b	0.0014	0.0052	bt	–0.0024	0.0017
x₃	0.5312***	0.0579	y₂t	0.0015	0.0012	t²	–0.0019*	0.0008
b	–0.0345	0.0446	$y_{3}^{2}$	–0.0.004	0.0180	GDP	–0.0102**	0.0033
t	0.0147	0.0134	y₃x₂	–0.0070	0.0104	HHI	–0.0001***	0.0000
$y_{1}^{2}$	–0.0673***	0.0033	y₃x₃	–0.1188***	0.0167	Equity	–0.0173***	0.0008
y₁y₂	0.0583***	0.0038	y₃b	–0.0005	0.0103	Liquid	0.2596***	0.0538
y₁y₃	–0.0226**	0.0069	y₃t	–0.0005	0.0031	Unlisted	1.0778***	0.0447
y₁x₂	0.0163***	0.0046	$x_{2}^{2}$	0.0450***	0.0084	Listed	1.0861***	0.0443
y₁x₃	0.0441***	0.0077	x₂x₃	0.0247*	0.0105	Delisted	1.1192***	0.0518
y₁b	–0.0158***	0.0046	x₂b	–0.0143*	0.0064	σ²	0.0660***	0.0022
y₁t	–0.0000	0.0011	x₂t	–0.0005	0.0017	γ	0.0000	2.3107e

Variables	Coef.	SE	Variables	Coef.	SE	Variables	Coef.	SE
Intercept	0.9563***	0.1546	$y_{2}^{2}$	–0.0558***	0.0046	$x_{3}^{2}$	0.2002***	0.0126
y₁	–0.2029***	0.0287	y₂y₃	0.0300***	0.0076	x₃b	0.0166	0.0086
y₂	–0.2093***	0.0327	y₂x₂	–0.0166***	0.0049	x₃t	0.0109**	0.0033
y₃	0.2213**	0.0720	y₂x₃	–0.0218**	0.0084	b²	0.0054	0.0081
x₂	0.0791	0.0446	y₂b	0.0014	0.0052	bt	–0.0024	0.0017
x₃	0.5312***	0.0579	y₂t	0.0015	0.0012	t²	–0.0019*	0.0008
b	–0.0345	0.0446	$y_{3}^{2}$	–0.0.004	0.0180	GDP	–0.0102**	0.0033
t	0.0147	0.0134	y₃x₂	–0.0070	0.0104	HHI	–0.0001***	0.0000
$y_{1}^{2}$	–0.0673***	0.0033	y₃x₃	–0.1188***	0.0167	Equity	–0.0173***	0.0008
y₁y₂	0.0583***	0.0038	y₃b	–0.0005	0.0103	Liquid	0.2596***	0.0538
y₁y₃	–0.0226**	0.0069	y₃t	–0.0005	0.0031	Unlisted	1.0778***	0.0447
y₁x₂	0.0163***	0.0046	$x_{2}^{2}$	0.0450***	0.0084	Listed	1.0861***	0.0443
y₁x₃	0.0441***	0.0077	x₂x₃	0.0247*	0.0105	Delisted	1.1192***	0.0518
y₁b	–0.0158***	0.0046	x₂b	–0.0143*	0.0064	σ²	0.0660***	0.0022
y₁t	–0.0000	0.0011	x₂t	–0.0005	0.0017	γ	0.0000	2.3107e

Notes: Number of observations =2,805; log-likelihood function =1,730.2; LR (χ²) test statistic on one-sided error =741.6. *,**,***Denote significance at the 10, 5 and 1 percent levels, respectively

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