ROA

Full sample

Manufacturing

Services

Real estate

Intercept

−0.088 (0.432)

−0.204*** (0.002)

−0.008 (0.917)

0.118 (0.433)

VAIC

0.013*** (0.000)

0.011*** (0.000)

0.017*** (0.000)

0.011*** (0.000)

SIZE

0.010 (0.490)

0.030*** (0.002)

−0.003 (0.714)

−0.022 (0.271)

LEV

−0.075*** (0.004)

−0.125*** (0.000)

−0.027 (0.237)

0.016 (0.896)

Poolability

F (9, 103) **2.21

χ² (9) **17.20

F (9, 50) *1.87

χ² (9) 2.84

Year effect

Yes

Yes

Yes

No

Breusch and

Pagan LM test

x² (1) = 1157.66***

GLS applied

x² (1) = 309.78***

GLS applied

x² (1) = 650.53***

GLS applied

x² (1) = 35.52***

GLS applied

Hausman

Test

x² (12) = 32.23***

FE

x² (12) = 9.32

RE

x² (12) = 1.46***

FE

x² (12) = 1.04

RE

R-squared

0.3714

0.3963

0.3656

0.4029

Groups

104

42

51

11

Observations

1040

420

510

110

F-test

14.09***

303.15***

10.11***

104.18***