ROE

Full sample

Manufacturing

Services

Real estate

Intercept

−0.364*** (0.003)

−0.687*** (0.001)

−0.427*** (0.000)

0.128 (0.612)

VAIC

0.020*** (0.000)

0.016*** (0.000)

0.025*** (0.000)

0.016*** (0.000)

SIZE

0.046*** (0.006)

0.098*** (0.002)

0.049*** (0.000)

−0.026 (0.424)

LEV

−0.134*** (0.002)

−0.287*** (0.000)

−0.006 (0.859)

0.071 (0.726)

Poolability

F (9,103) *1.88

F (9, 41) *1.97

F (9, 50) **2.35

χ² (9) 2.5

Year effect

Yes

Yes

Yes

No

Breusch and Pagan LM test

x² (1) 922.42***

GLS applied

x² (1) 213.61***

GLS applied

x² (1) 530.98***

GLS applied

x² (1) = 27.35***

GLS applied

Hausman

Test

x² (12) 47.03***

FE

x² (12) 20.71**

FE

x² (12) = 47.28***

FE

x² (12) = 0.46

RE

R-squared

0.3228

0.4112

0.2959

0.3473

Groups

104

42

51

11

Observations

1040

420

510

110

F-test

10.97***

20.27***

6.36***

74.52***