Independent variable | Pooled OLS | Fixed effect | Random effect | |||||||
Coefficient | t-statistic | P value | Coefficient | t-statistic | P value | Coefficient | t-statistic | P value | ||
Constant | −53277.59 | −47.31 | 0.00* | −38646.72 | −26.07 | 0.00* | −38805.38 | −13.64 | 0.00* | |
Leverage (TOL_TNW) | 124.56 | 7.21 | 0.00* | 106.84 | 8.90 | 0.00* | 106.75 | 8.90 | 0.00* | |
Firm quality (Z score) | 4321.41 | 20.46 | 0.00* | 2267.24 | 12.48 | 0.00* | 2266.91 | 12.50 | 0.00* | |
Size (Ln TA) | 7288.81 | 75.79 | 0.00* | 5480.17 | 28.15 | 0.00* | 5506.70 | 28.54 | 0.00* | |
Tangibility (FA_TA) | 2965.68 | 4.32 | 0.00* | 1258.79 | 1.54 | 0.12 | 1255.61 | 1.54 | 0.12 | |
Profitability (ROA) | −298.58 | −8.45 | 0.00* | −219.19 | −7.67 | 0.00* | −218.48 | −7.65 | 0.00* | |
Growth (GRWTA) | −10.25 | −1.26 | 0.20 | −11.42 | −1.96 | 0.05** | −11.50 | −1.97 | 0.04** | |
Liquidity (CR) | 174.80 | 5.13 | 0.00* | 109.72 | 4.51 | 0.00* | 110.25 | 4.53 | 0.00* | |
GDP growth (GDPGR) | 260.38 | 3.85 | 0.00* | 351.24 | 7.66 | 0.00* | 351.38 | 7.66 | 0.00* | |
Inflation (Infl) | −198.62 | −3.68 | 0.00* | −23.29 | −0.57 | 0.56 | −25.86 | −0.64 | 0.51 | |
R2 | 0.500 | 0.776 | 0.193 | |||||||
Adjusted R2 | 0.499 | 0.775 | 0.192 | |||||||
F-statistic | 803.082 | 835.803 | 193.139 | |||||||
Prob (F-statistic) | 0.000 | 0.000 | 0.000 | |||||||
D-W statistics | 0.541 | 1.206 | 1.202 | |||||||
F test | F statistic = 412.903, P = 0.00000 |
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Hausman test |
| Chi square statistic = 4.36604, P value = 0.8857 | ||||||||