Model 1 Fixed effect

Model 2 Random effect

Coef.

Std. err.

Coef.

Std. err.

lnDit

−0.075

(0.021)

***

−0.184

(0.021)

***

lnAit

1.578

(0.034)

***

1.492

(0.034)

***

Sit

0.075

(0.047)

+

0.199

(0.047)

***

Cit

0.029

(0.018)

*

0.040

(0.018)

**

Tit

−0.038

(0.018)

**

−0.026

(0.018)

+

constant

13.148

(0.117)

***

13.759

(0.117)

***

Number of obs.

8698

8698

Number of groups

1741

1741

R2 (overall)

0.615

0.641

Hausman test

Chi2(5) = 60.92, Prob. > Chi2 = 0.000