Table 2 Estimation results from the...

Table 2

Estimation results from the non-structural revenue function

Variable	Name of coefficient	Entire period 2004–2018		Period 2004–2008		Period 2009–2018
Variable	Name of coefficient	Coefficient value	Standard error	Coefficient value	Standard error	Coefficient value	Standard error
$\log p_{1}$	$b_{1}$	−0.003	−0.033	0.085	−0.037**	−0.102	−0.034**
$\log p_{2}$	$b_{2}$	0.325	−0.067***	0.025	−0.068	0.743	−0.085***
$\log p_{3}$	$b_{3}$	0.046	−0.064	0.035	−0.085	−0.238	−0.09***
Total asset	$φ$	0.614	−0.071***	0.316	−0.099***	0.858	−0.04***
Time dummies	$φ$	YES		YES		YES
Constant	$α$	4.033	−0.672***	5.802	−0.998**	1.32	−3.669
R-Squared (within)		0.6059		0.8381		0.6345
H Statistics		0.3682		0.1461		0.4026
F Value to test H statistic		19.49***		1.87		17.18***
No. of companies		15		12		14
Observations		180		59		121

Variable	Name of coefficient	Entire period 2004–2018		Period 2004–2008		Period 2009–2018
Variable	Name of coefficient	Coefficient value	Standard error	Coefficient value	Standard error	Coefficient value	Standard error
$\log p_{1}$	$b_{1}$	−0.003	−0.033	0.085	−0.037**	−0.102	−0.034**
$\log p_{2}$	$b_{2}$	0.325	−0.067***	0.025	−0.068	0.743	−0.085***
$\log p_{3}$	$b_{3}$	0.046	−0.064	0.035	−0.085	−0.238	−0.09***
Total asset	$φ$	0.614	−0.071***	0.316	−0.099***	0.858	−0.04***
Time dummies	$φ$	YES		YES		YES
Constant	$α$	4.033	−0.672***	5.802	−0.998**	1.32	−3.669
R-Squared (within)		0.6059		0.8381		0.6345
H Statistics		0.3682		0.1461		0.4026
F Value to test H statistic		19.49***		1.87		17.18***
No. of companies		15		12		14
Observations		180		59		121

Note(s): Standard errors of coefficients in parentheses. ***, ** and * indicate that the coefficient is significantly different from zero with a level of 1%, 5% and 10%, respectively

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