ROE Model

(Fixed Effect Result)

ROE Model

(Random Effect Result)

C

−8.39

(0.002)***

−4.11

(0.002)***

Cosize

−0.10

(0.053)**

−0.047

(0.16)

Codilig

−0.132

(0.042)**

−0.135

(0.03)**

Cocomp

−0.553

(0.158)

−0.34

(0.24)

Coexpert

0.364

(0.28)

0.38

(0.082)*

Cogend

0.18

(0.21)

0.279

(0.038)**

ERM

0.12

(0.051)*

0.061

(0.24)

Lev

−0.157

(0.000)***

−0.125

(0.000)***

Fs

0.375

(0.001)***

0.197

(0.000)***

F-statistics

8.47

(0.0000)***

84.26

(0.0000)***

R-squared

0.65

0.60

Hausman Test

Prob > chi2 = 0.716