EPS

Full sample

Manufacturing

Services

Real estate

Intercept

−1.052*** (0.000)

−1.007** (0.024)

−1.465*** (0.000)

0.237 (0.178)

RC

0.932*** (0.000)

0.718*** (0.004)

1.180*** (0.000)

0.247 (0.102)

SC

0.029** (0.026)

0.036 (0.115)

0.059*** (0.006)

−0.034*** (0.009)

HC

0.009*** (0.006)

0.013*** (0.004)

0.004 (0.619)

0.011*** (0.000)

SIZE

0.136*** (0.000)

0.136** (0.030)

0.183*** (0.000)

−0.034 (0.134)

LEV

−0.145*** (0.009)

−0.206** (0.036)

−0.094 (0.292)

−0.325** (0.033)

Poolability

F (9, 103) 0.77

F (9, 41) 1.06

F (9, 50) 1.19

χ² (9)*** 30.54

Year effect

No

No

No

Yes

Breusch and

Pagan LM test

x² (1) = 760.85***

GLS applied

x² (1) = 55.35***

GLS applied

x² (1) = 586.30***

GLS applied

x² (1) = 24.41***

GLS applied

Hausman

Test

x² (14) = 22.29*

FE

x² (14) 25.25**

FE

x² (14) = 26.96***

FE

x² (5) = 7.23

RE

R-squared

0.3300

0.3528

0.3355

0.6286

Groups

104

42

51

11

Observations

1040

420

510

110

F-test

17.35***

26.59***

8.07***

786.99***