Independent

variable

Pooled OLS

Fixed effect

Random effect

Coefficient

t-statistic

P value

Coefficient

t-statistic

P value

Coefficient

t-statistic

P value

Constant

−39497.58

−40.72

0.00*

−25164.13

−19.20

0.00*

−25407.74

−10.64

0.00*

Leverage (TOL_TNW)

−101.78

−6.85

0.00*

−40.77

−3.84

0.00*

−41.05

−3.87

0.00*

Firm quality (Z score)

4626.95

25.44

0.00*

2610.21

16.26

0.00*

2608.95

16.28

0.00*

Size (Ln TA)

5398.29

65.17

0.00*

3348.93

19.46

0.00*

3387.77

19.89

0.00*

Tangibility (FA_TA)

208.14

0.35

0.72

1822.10

2.52

0.01*

1797.22

2.50

0.01*

Profitability (ROA)

−247.84

−8.15

0.00*

−117.81

−4.67

0.00*

−116.88

−4.63

0.00*

Growth (GRWTA)

−5.06

−0.73

0.47

6.87

1.34

0.18

6.72

1.31

0.19

Liquidity (CR)

91.00

3.10

0.00*

90.15

4.19

0.00*

90.77

4.22

0.00*

GDP growth (GDPGR)

219.30

3.77

0.00*

258.11

6.37

0.00*

258.47

6.38

0.00*

Inflation (Infl)

−316.38

−6.82

0.00*

−100.44

−2.83

0.00*

−104.29

−2.94

0.00*

R²

0.417

0.725

0.130

Adjusted R²

0.416

0.724

0.129

F-statistic

574.456

635.566

120.213

Prob (F-statistic)

0.000

0.000

0.00

D-W statistics

0.598

1.260

0.535

F test

F statistic = 374.850, P = 0.00000

Hausman test

Chi square statistic = 6.738177, P value = 0.6644