Variables

Aprori

Sign

Pooled

Ordinary Least Square

Random

Effect Model

Fixed Effect Model

Panel Corrected Standard Error

C

−0.2148

{1.105}

(−1.63)

−0.2153

{0.189}

(−1.31)

−0.6928

{0.000}

(−3.94)

−0.2148

{0.001}

(−3.25)

BZ

+

0.0184

{0.029}

(2.20)

0.0030

{0.704}

0.38

0.0051

{0.514}

(0.65)

0.0184

{0.016}

(2.4)

BI

+

0.0014

{0.322}

(0.99)

−0.0009

{0.517}

(−0.65)

−0.0035

{0.017}

(−2.41)

0.0184

{0.190}

(1.31)

GD

+

0.0039

{0.004}

(2.88)

0.0011

{0.482}

(0.70)

−0.0006

{0.679}

(−0.41)

0.0039

{0.00}

(5.55)

MO

+

0.0038

{0.010}

(2.60)

−0.0008

[0.772}

(−0.29)

0.0018

{0.633}

(−0.48)

0.0038

{0.001}

(3.42)

IO

+

0.0012

{0.310}

(1.02)

0.0032

{0.004}

(2.91)

0.0029

{0.000}

(2.62)

0.0012

{0.227}

(1.210

FA

+

−0.0012

{0.114}

(−1.59)

0.0045

{0.018}

(2.36)

0.0240

{0.000}

(6.61)

0.0012

{0.001}

(−3.37)

Model Parameter:

R square

0.0738

0.0738

Adjusted R square

0.0524

F. Stat./Wald Stat

Prb.

3.45

0.0027

17.50

0.0076

10.10

0.000

66.10

0.000

Breusch and Pagan Lagrangian multiplier test for random effects:

Chi2

Prob.

347.43

0.000

Hausman Test:

Chi2

Prb.

0.000

Multicollonearity Test: VIF

VIF (mean)

1.17

Heteroskedasticity Test: Breusch-Pagan/Cook-Weisberg

Chi2

Prb.

14.76

0.0001

Cross-Sectional Dependence: Pesaran’s Test

F Stat.

Prb.

5.627

0.000

Autocorrelation: Wooldridge Test

F Stat.

Prb.

155.320

0.000