Random effect model results
| Random-effects GLS: regression | Number of obs. | =180 | ||||
| Group variable: id | Number of groups | =43 | ||||
| R2: | Obs. per group: | |||||
| Within | =0.4863 | min. | =1 | |||
| Between | =0.5568 | avg. | =1.8 | |||
| Overall | =0.5553 | max. | =2 | |||
| Wald R2(10) | =83.46 | |||||
| corr (u_i, X) | =0 (assumed) | Prob>χ2 | =0 | |||
| fund_growth | Coef. | SE | z | P>|z| | [95% Conf. interval] | |
| fund_age | 0.0017292 | 0.002885 | 0.6 | 00.549 | −0.0039254 | 0.0073837 |
| fees | −0.02914 | 0.0133873 | −2.18 | 0.030 | −0.0553785 | −0.002901 |
| foreign | 0.0732539 | 0.0230202 | 30.18 | 0.001 | 0.0281352 | 0.1183727 |
| passive_fund | 0.149792 | 0.031154 | 40.81 | 00.000 | 0.0887313 | 0.2108527 |
| board_size | 0.014618 | 0.0155439 | 00.94 | 00.347 | −0.0158474 | 0.0450835 |
| eco_growth | 0.1914701 | 0.0310461 | −6.17 | 00.000 | −0.2523194 | −0.130621 |
| voice | 1.981103 | 0.3212283 | 60.17 | 00.000 | 1.351507 | 2.610699 |
| pol_sta | 0.9709123 | 0.1574297 | 60.17 | 00.000 | 0.6623557 | 1.279469 |
| gov_eff | 1.674365 | 0.2714918 | 60.17 | 00.000 | 1.14225 | 2.206479 |
| reg_qua | 3.325126 | 0.5391566 | 60.17 | 00.000 | 2.268399 | 4.381854 |
| rule_law | 0.2471539 | 0.0400751 | 0.17 | 0.000 | 0.1686082 | 0.3256996 |
| corruption | 3.205011 | 0.5196804 | 60.17 | 00.000 | 2.186456 | 4.223566 |
| _cons | 1.327493 | 0.200612 | 60.62 | 00.000 | 0.9343006 | 1.720685 |
| sigma_u | 0.034913 | (fraction of variance due to u_i) | ||||
| sigma_e | 0.0666426 | |||||
| ρ | 0.2153505 | |||||
| Random-effects GLS: regression | Number of obs. | =180 | ||||
| Group variable: id | Number of groups | =43 | ||||
| Obs. per group: | ||||||
| Within | min. | = | ||||
| Between | avg. | = | ||||
| Overall | max. | = | ||||
| Wald | =83.46 | |||||
| corr (u_i, | =0 (assumed) | Prob> | =0 | |||
| fund_growth | Coef. | SE | [95% Conf. interval] | |||
| fund_age | 0.0017292 | 0.002885 | 0.6 | 00.549 | −0.0039254 | 0.0073837 |
| fees | −0.02914 | 0.0133873 | −2.18 | 0.030 | −0.0553785 | −0.002901 |
| foreign | 0.0732539 | 0.0230202 | 30.18 | 0.001 | 0.0281352 | 0.1183727 |
| passive_fund | 0.149792 | 0.031154 | 40.81 | 00.000 | 0.0887313 | 0.2108527 |
| board_size | 0.014618 | 0.0155439 | 00.94 | 00.347 | −0.0158474 | 0.0450835 |
| eco_growth | 0.1914701 | 0.0310461 | −6.17 | 00.000 | −0.2523194 | −0.130621 |
| voice | 1.981103 | 0.3212283 | 60.17 | 00.000 | 1.351507 | 2.610699 |
| pol_sta | 0.9709123 | 0.1574297 | 60.17 | 00.000 | 0.6623557 | 1.279469 |
| gov_eff | 1.674365 | 0.2714918 | 60.17 | 00.000 | 1.14225 | 2.206479 |
| reg_qua | 3.325126 | 0.5391566 | 60.17 | 00.000 | 2.268399 | 4.381854 |
| rule_law | 0.2471539 | 0.0400751 | 0.17 | 0.000 | 0.1686082 | 0.3256996 |
| corruption | 3.205011 | 0.5196804 | 60.17 | 00.000 | 2.186456 | 4.223566 |
| _cons | 1.327493 | 0.200612 | 60.62 | 00.000 | 0.9343006 | 1.720685 |
| sigma_u | 0.034913 | (fraction of variance due to u_i) | ||||
| sigma_e | 0.0666426 | |||||
| 0.2153505 | ||||||
Source: Author’s calculation