Table 4. Panel data regression results...

Table 4.

Panel data regression results

Dependent variable – corporate sustainability
GD	0.113* (3.98)
NBMY	−0.203 (−1.54)
Per_ID	−0.182 (−0.76)
CEO_D	0.333 (0.04)
TQ	0.436* (2.62)
Size	5.749* (7.42)
Intercept	−41.482* (−4.84)
F-stat	20.89*
R²	0.130
Restricted F test	21.47*
BP-LM test	1,316.25*
Hausman Test	17.41*
Hettest	1.94
Imtest	509.81*

Dependent variable – corporate sustainability
GD	0.113* (3.98)
NBMY	−0.203 (−1.54)
Per_ID	−0.182 (−0.76)
CEO_D	0.333 (0.04)
TQ	0.436* (2.62)
Size	5.749* (7.42)
Intercept	−41.482* (−4.84)
F-stat	20.89*
R²	0.130
Restricted F test	21.47*
BP-LM test	1,316.25*
Hausman Test	17.41*
Hettest	1.94
Imtest	509.81*

Notes:

Figures in brackets are t-values.

Restricted F test is the test for selection between OLS and FEM $F = \sim F_{[(d - 1), (n-d-k)]}$ Here, $R_{U R}^{2}$ stands for goodness of fit of the FEM, $R_{R}^{2}$ for goodness of fit of the OLS, d for the number of groups, n represents the total number of observations and k represents the number of explanatory variables. LM test is the Breusch and Pagan’s (1980) Lagrange multiplier test which provides selection between OLS and REM. Hausman test is the Hausman (1978) specification test for selection between FEM and REM. Hettest is the Breusch-Pagan/Cook-Weisberg test for heteroskedasticity. Imtest is the information matrix test for heteroskedasticity (White, 1980). *Denotes 1% level of significanceSource: Authors’ calculation

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