NPM

Full sample

Manufacturing

Services

Real estate

Intercept

−1.299*** (0.000)

−.837*** (0.001)

−1.880*** (0.001)

−1.173 (0.230)

RC

1.139*** (0.000)

0.757*** (0.004)

1.878*** (0.000)

1.263* (0.068)

SC

−0.085*** (0.011)

−0.042 (0.211)

−0.101 ** (0.062)

−.255*** (0.000)

HC

0.075*** (0.000)

0.057 *** (0.000)

0.092 *** (0.000)

.077 *** (0.000)

SIZE

0.137*** (0.001)

0.087*** (0.009)

0.166 *** (0.004)

0.111 (0.401)

LEV

−0.204*** (0.012)

−0.173 (0.152)

−0.381*** (0.000)

0.835 (0.270)

Poolability

F (9,103)0.55

χ² (9) 15.22

F (9, 50)0.51

χ² (9)***70.67

Year effect

No

No

No

Yes

Breusch and

Pagan LM test

x² (1) 792.64***

GLS applied

x² (1) 270.28***

GLS applied

x² (1) 302.72***

GLS applied

x² (1) = 50.55***

GLS applied

Hausman

Test

x² (14) 51.96***

FE

x² (14) = 3.16

RE

x² (14) 208.11***

FE

x² (14) = 7.76

RE

R-squared

0.5462

0.5231

0.6119

0.4569

Groups

104

42

51

11

Observations

1040

420

510

110

F-test

14.35***

191.75***

11.90***

111.52***