NPM

Full sample

Manufacturing

Services

Real estate

Intercept

−1.071*** (0.000)

−0.811*** (0.001)

−1.324*** (0.002)

0.397 (0.766)

VAIC

0.065*** (0.000)

0.042*** (0.000)

0.091*** (0.000)

0.069*** (0.000)

SIZE

0.119*** (0.002)

0.102*** (0.005)

0.140*** (0.005)

−0.114 (0.513)

LEV

−0.330*** (0.000)

−0.338*** (0.005)

−0.325*** (0.004)

−0.221 (0.835)

Poolability

F (9,103) *1.77

χ² (9) **20.51

F (9, 50) 1.31

χ² (8) *** 8080

Year effect

yes

Yes

No

yes

Breusch and

Pagan LM test

x² (1) 730.14***

GLS applied

x² (1) = 246.82***

GLS applied

x² (1) 218.06***

GLS applied

x² (1) = 34.87***

GLS applied

Hausman

Test

x² (12) 39.41***

FE

x² (12) 3.91

RE

x² (12) 73.24***

FE

x² (12) 2.6

RE

R-squared

0.3083

0.3416

0.3408

0.4300

Groups

104

42

51

11

Observations

1040

420

510

110

F-test

10.21***

85.76***

4.44***

59.81***