ROA

Full sample

Manufacturing

Services

Real estate

Intercept

−0.352*** (0.000)

−0.229*** (0.000)

−0.313*** (0.000)

−0.219 (0.445)

RC

0.551*** (0.000)

0.412*** (0.000)

0.641*** (0.000)

0.595*** (0.000)

SC

0.007 (0.101)

0.023*** (0.005)

0.007 (307)

−0.018** (0.030)

HC

0.007*** (0.000)

0.008*** (0.000)

0.006*** (0.008)

0.005*** (0.006)

SIZE

0.039*** (0.001)

0.025*** (0.003)

0.032*** (0.002)

0.025 (0.515)

LEV

−0.046*** (0.016)

−0.062*** (0.010)

−0.046*** (0.006)

0.139 (0.190)

Poolability

F (9, 103) 1.17

χ² (9) *15.38

F (9, 50)1.49

F (9, 10) ***22.67

Year effect

No

Yes

No

Yes

Breusch and Pagan LM test

x² (1) 806.87***

GLS applied

x² (1) = 166.48***

GLS applied

x² (1) = 459.49***

GLS applied

x² (1) = 82.32***

GLS applied

Hausman

Test

x² (14) 60.03***

FE

x² (14) = 20.05

RE

x² (14) = 148.55***

FE

x² (5) = 11.54**

FE

R-squared

0.6998

0.7245

0.7003

0.8699

Groups

104

42

51

11

Observations

1040

420

510

110

F-test

47.65***

671.56***

63.92***

841.83***