| 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 |