| Using S.T. Leverage | ||||||||||||||
ROA | ROS | Market Cap. | |||||||||||||
Variable | Fixed Effect | Random Effect | Hausman Test | Fixed Effect | Random Effect | Hausman Test | Fixed Effect | Random Effect | Hausman Test | ||||||
C | Prob | C | Prob |
| C | Prob | C | Prob |
| C | Prob | C | Prob |
| |
Constant | −0.31 | 0.0001 | −0.308 | 0.0001 | 0.999 | −2.718 | 0 | −2.689 | 0 | 0.999 | 12.72 | 0 | 12.699 | 0 | 0.634 |
Firm Size | 0.029 | 0 | 0.0289 | 0 | 0.1735 | 0 | 0.172 | 0 | 0.303 | 0 | 0.3035 | 0 | |||
S.T.D | −0.4 | 0 | −0.406 | 0 | −0.765 | 0.0005 | −0.778 | 0.0004 | −0.463 | 0.083 | −0.447 | 0.0937 | |||
Industry | 0.099 | 0.0043 | 0.0989 | 0.0045 | 0.276 | 0.2815 | 0.273 | 0.286 | −0.074 | 0.814 | −0.073 | 0.816 | |||
Average VD | −0.35 | 0.0007 | −0.35 | 0.0007 | −1.366 | 0.0724 | −1.356 | 0.0744 | 2.084 | 0.026 | 2.0831 | 0.0256 |