ROE

Full sample

Manufacturing

Services

Real estate

Intercept

−0.794*** (0.000)

−0.913*** (0.000)

−0.885*** (0.000)

−0.442 (0.377)

RC

0.883*** (0.000)

0.772*** (0.000)

0.955*** (0.000)

0.992*** (0.000)

SC

0.013* (0.087)

0.026** (0.049)

0.018* (0.096)

−0.030*** (0.021)

HC

0.009*** (0.000)

0.011*** (0.002)

0.009* (0.064)

0.005** (0.042)

SIZE

0.093*** (0.000)

0.113*** (0.001)

0.101** (0.000)

0.053 (0.435)

LEV

−0.087*** (0.001)

−0.162*** (0.010)

−0.033 (0.174)

0.231 (0.107)

Poolability

F (9, 103) 1.02

F (9, 41) 0.44

F (9, 50)** 2.80

F (9, 10)*** 13.40

Year effect

No

No

Yes

Yes

Breusch and Pagan LM test

x² (1) = 831.03***

GLS applied

x² (1) = 102.67***

GLS applied

x² (1) 454.86***

GLS applied

x² (1) = 59.13***

GLS applied

Hausman

Test

x² (14) = 87.11***

FE

x² (14) 38.86***

FE

x² (14) 80.83***

FE

x² (5) = 18.01

FE

R-squared

0.6203

0.6810

0.5580

0.7851

Groups

104

42

51

11

Observations

1040

420

510

110

F-test

43.12***

42.56***

37.09***

189.03***