Variables | Expected sign | Model 1 | Model 2 |
No. of observations |
| 116 | 107 |
FAM | +/− | 0.009935 [0.326] | n/a |
INST | − | n/a | −0.026823 [0.011] |
VOL | − | −0.005287 [0.011] | −0.006551 [0.067] |
GAR | + | 0.007687 [0.272] | 0.024210 [0.000] |
INCT | − | −0.001095 [0.821] | −0.017073 [0.000] |
PUBL | − | 0.029748 [0.000] | 0.037067 [0.000] |
LEV | + | −0.004913 [0.564] | 0.011129 [0.363] |
ROA | − | 0.007862 [0.717] | −0.038007 [0.147] |
CONS |
| 0.038854 [0.008] | 0.054590 [0.003] |
F |
| (7.108) = 12.80 | (7.99) = 10.29 |
Prob > F |
| 0.0000 | 0.0000 |
R2 |
| 0.2268 | 0.4311 |