Correlated Random Effects—Hausman Test

Equation: Untitled

Test period random effects

Test Summary

Chi-Sq. Statistic

Chi-Sq. d.f.

Prob.

Period random

5.694888

4

0.2231

WARNING: estimated period random effects variance is zero.

Period random effects test comparisons:

Variable

Fixed

Random

Var (Diff.)

Prob.

AUCS

−0.201434

−0.522662

0.021889

0.0299

BMF

−1.539572

−1.251433

0.018154

0.0325

BS

1.079440

1.033327

0.005564

0.5364

OWNCON

0.026986

0.031651

0.000008

0.0899

Period random effects test equation: Dependent Variable: ROA

Method: Panel Least Squares Sample: 2010 2020

Periods included: 11

Cross-sections included: 14

Total panel (unbalanced) observations: 154

Variable

Coefficient

Std. Error

t-Statistic

Prob.

C

3.638639

4.936070

0.737153

0.4623

AUCS

−0.201434

0.644691

−0.312450

0.7552

BMF

−1.539572

0.582557

−2.642785

0.0092

BS

1.079440

0.552404

1.954078

0.0528

OWNCON

0.026986

0.036318

0.743033

0.4588

Effects Specification

Period fixed (dummy variables)

R-squared

0.096085

Mean dependent var

6.437279

Adjusted R-squared

0.000215

S.D. dependent var

9.513824

S.E. of regression

9.512800

Akaike info criterion

7.439604

Sum squared resid

11945.12

Schwarz criterion

7.744751

Log likelihood

−531.8109

Hannan-Quinn criter.

7.563589

F-statistic

1.002247

Durbin-Watson stat

0.241128

Prob (F-statistic)

0.454953