Variable

Parameter

Coefficient with p-value in parenthesis

Opec (logOC)

PL (logpw)

${\beta }_1$

0.1392 (0.020)**

PK1 (logmserv)

${\beta }_2$

0.0401 (0.722)

PK2 (logcap)

${\beta }_3$

0.0053 (0.815)

Lpfit (logprofit)

${\beta }_4$

−0.2037 (0.001)***

Lpotr (logptret)

${\beta }_5$

1.1246 (0.000)***

Lcont (logcntr)

${\beta }_6$

−0.0196 (0.623)

Closed

${\beta }_7$

0.2047 (0.015)**

Open

${\beta }_8$

−0.0544 (0.479)

MA

${\beta }_9$

−0.1650 (0.003)***

Constant

${\beta }_0$

1.0596 (0.135)*

Sigma²

${\sigma }^2={\sigma }_u^2+{\sigma }_v^2$

0.3055

Gamma (γ)

$\gamma ={\sigma }_u^2/{\sigma }_u^2$

0.9835

Prob > Chi2

0.0000***

L-R Chi2

2177.29

Log-likelihood

L.L.F

53.1318