Table 11 Hausman test: hypothesis choice...

Table 11

Hausman test: hypothesis choice

Variables	Coefficients		(b−B) difference	sqrt(diag(V_b−V_B) S.E.
Variables	(b) Fixed4	(B) Random4	(b−B) difference	sqrt(diag(V_b−V_B) S.E.
BEE	0.0031033	0.003653	4.79e−15	6.44e−11
SEOSize	0.0004103	0.0005138	−2.42e−15	8.72e−11
Dividend	0.0030211	0.0051447	3.99e−15	4.59e−11
TotalAssetT	0.3911045	0.5124639	−9.78e−13	1.20e−08
Debt/Equity	0.0033841	0.0031037	3.013e−15	2.31e−11
MBVR	0.0094210	0.0043928	−2.09e−13	1.71e−10
ROA	0.0040194	0.0093810	−3.01e−15	2.31e−11
InflAdj	0.0051927	0.0071923	3.11e−13	1.43e−10
yeardummy2	0.0041642	0.0067981	1.27e−14	1.54e−10
yeardummy3	0.0209412	0.012078	3.66e−15	6.75e−11
yeardummy4	0.0052331	0.0087806	1.66e−14	1.98e−10
yeardummy5	−0.2419451	−0.2592725	−2.02e−13	2.32e−09
yeardummy6	−0.0000319	−0.0000289	1.42e−15	5.19e−11

Variables	Coefficients		(b−B) difference	sqrt(diag(V_b−V_B) S.E.
Variables	(b) Fixed4	(B) Random4	(b−B) difference	sqrt(diag(V_b−V_B) S.E.
BEE	0.0031033	0.003653	4.79e−15	6.44e−11
SEOSize	0.0004103	0.0005138	−2.42e−15	8.72e−11
Dividend	0.0030211	0.0051447	3.99e−15	4.59e−11
TotalAssetT	0.3911045	0.5124639	−9.78e−13	1.20e−08
Debt/Equity	0.0033841	0.0031037	3.013e−15	2.31e−11
MBVR	0.0094210	0.0043928	−2.09e−13	1.71e−10
ROA	0.0040194	0.0093810	−3.01e−15	2.31e−11
InflAdj	0.0051927	0.0071923	3.11e−13	1.43e−10
yeardummy2	0.0041642	0.0067981	1.27e−14	1.54e−10
yeardummy3	0.0209412	0.012078	3.66e−15	6.75e−11
yeardummy4	0.0052331	0.0087806	1.66e−14	1.98e−10
yeardummy5	−0.2419451	−0.2592725	−2.02e−13	2.32e−09
yeardummy6	−0.0000319	−0.0000289	1.42e−15	5.19e−11

Note(s): b = consistent under H1A and H1B; obtained from xtreg

B = inconsistent under H1B, efficient under H1A; obtained from xtreg

Test: H1A: difference in coefficients not systematic

χ²(8) = (b−B)'[(V_b−V_B)ˆ(−1)](b−B) = 0.00

Prob > χ² = 1.0000

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