Table 8

Results of model estimations

Mod. No1234567
CountryCEEBulgariaCzechiaHungaryPolandRomaniaSlovakia
ModelFixed effectsFixed effectsFixed effectsFixed effectsFixed effectsFixed effectsFixed effects
Constant0.580***
(0.0101)		0.483***
(0.0365)		0.458***
(0.0334)		0.664***
(0.0162)		0.628***
(0.0441)		0.592***
(0.0170)		0.504***
(0.0407)
TANG−0.107***
(0.0122)		−0.115***
(0.0438)		−0.073**
(0.0305)		−0.158***
(0.0226)		−0.101**
(0.0426)		−0.080***
(0.0217)		−0.085**
(0.0361)
SIZE0.058***
(0.0042)		0.083***
(0.0142)		0.074***
(0.0142)		0.027***
(0.0067)		0.042***
(0.0150)		0.069***
(0.0072)		0.115***
(0.0167)
GROW0.026***
(0.0019)		0.023***
(0.0043)		0.029***
(0.0052)		0.030***
(0.0035)		0.028***
(0.0062)		0.024***
(0.0034)		0.025***
(0.0060)
PROF−0.352***
(0.0126)		−0.308***
(0.0341)		−0.319***
(0.0308)		−0.326***
(0.0254)		−0.459***
(0.0393)		−0.365***
(0.0219)		−0.338***
(0.0413)
LIQ−0.028***
(0.0009)		−0.016***
(0.0013)		−0.018***
(0.0016)		−0.039***
(0.0021)		−0.032***
(0.0045)		−0.031***
(0.0020)		−0.025***
(0.0029)
NDTS−0.450***
(0.0456)		−0.425***
(0.1116)		−0.344***
(0.0873)		−0.799***
(0.0108)		−0.573***
(0.1677)		−0.309***
(0.0821)		−0.047
(0.1619)
No. of observation35,6514,4235,6238,9573,0309,7463,872
Joint test on named regressorF = 452 p < 0.0001F = 73 p < 0.0001F = 54 p < 0.0001F = 130 p < 0.0001F = 50 p < 0.0001F = 144 p < 0.0001F = 50 p < 0.0001
Breusch–Pagan testLM = 16,947 p < 0.0001LM = 2,391 p < 0.0001LM = 2,105 p < 0.0001LM = 4,668 p < 0.0001LM = 1,331 p < 0.0001LM = 4,663 p < 0.0001LM = 1,626 p < 0.0001
Hausman testH = 1,603 p < 0.0001H = 645 p < 0.0001H = 782 p < 0.0001H = 540 p < 0.0001H = 219 p < 0.0001H = 1,125 p < 0.0001H = 488 p < 0.0001

Note(s): * dependence is significant at the level of 0.1; ** dependence is significant at the level of 0.05; *** dependence is significant at the level of 0.01 (standard errors in parentheses)

Source(s): Own elaboration

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