Industry

p

AIC

SBC

Adjusted R2

χ2 (1)

χ2 (4)

F-statistic

All

3

311.68

289.314

0.491

2.063

8.620*

7.815***

4

315.603

287.645

0.536

0.232

6.743

8.970***

HS06

2

285.674

268.899

0.45

0.028

14.889***

6.369**

3

288.667

266.3

0.491

0.001

7.886*

8.088***

4

290.304

262.347

0.518

1.010

3.777

6.615***

HS07

2

273.148

256.373

0.496

1.532

6.826

15.628***

3

274.302

251.936

0.519

4.368**

6.152

11.091***

HS08

2

263.327

246.552

0.178

0.811

2.768

3.942*

HS09

2

200.656

183.881

0.263

0.561

9.204*

5.616***

HS10

3

297.323

274.956

0.505

0.001

1.725

4.309*

HS11

1

290.347

279.164

0.228

0.005

6.246

9.037***

HS12

2

184.615

167.84

0.207

6.104**

7.455

3.418b

3

185.309

162.943

0.238

3.237*

4.875

2.017a

HS13

3

151.352

128.985

0.384

0.276

9.904**

6.61***

4

153.122

125.164

0.418

0.157

7.497

3.605b

HS15

2

257.508

240.733

0.389

2.060

5.174

5.507**

HS16

2

221.107

209.924

0.425

0.062

1.903

8.043***

3

220.687

203.912

0.417

2.005

3.155

6.565***

4

225.313

202.946

0.425

0.383

0.978

3.567b

HS17

2

211.658

194.884

0.241

1.144

3.997

3.414b

3

211.102

188.735

0.256

0.476

7.356

2.864b

4

214.922

186.964

0.320

0.001

6.396

2.218a