Correlated Random Effects—Hausman Test

Equation: Untitled

Test period random effects

Test Summary

Chi-Sq. Statistic

Chi-Sq. d.f.

Prob.

Period random

2.860933

4

0.5814

WARNING: estimated period random effects variance is zero.

Period random effects test comparisons:

Variable

Fixed

Random

Var (Diff.)

Prob.

BS BMF AUCS

OWNCON

−0.072334

−0.399033

0.092175

0.034930

−0.025366

−0.392908

0.106620

0.033933

0.000815

0.002661

0.003208

0.000001

0.1000

0.9055

0.7987

0.3440

Period random effects test equation:

Dependent Variable: TOBINQ Method:

Panel Least Squares

2010 2020

Periods included: 11

Cross-sections included: 14

Total panel (unbalanced) observations: 154

Variable

Coefficient

Std. Error

t-Statistic

Prob.

C BS BMF AUCS

OWNCON

5.389343

−0.072334

−0.399033

0.092175

0.034930

1.889672

0.211476

0.223020

0.246807

0.013904

2.851999

−0.342043

−1.789228

0.373470

2.512277

0.0050

0.7329

0.0759

0.7094

0.0132

Effects Specification

Period fixed (dummy variables)

R-squared

Adjusted R-squared

S.E. of regression

Sum squared resid

Log likelihood

F-statistic

Prob (F-statistic)

0.108570

0.014025

3.641778

1750.656

−390.6665

1.148336

0.322815

Mean dependent var

S.D. dependent var

Akaike info criterion

Schwarz criterion

Hannan-Quinn criter.

Durbin-Watson stat

4.713061

3.667587

5.519272

5.824418

5.643256

0.194103