Independent Variables | Fixed Effects | Robust Standard Error |
LEV | −0.142** | 0.0470 |
TANG | −0.199 | 0.171 |
LIQ | −0.0151 | 0.00724 |
SIZE | 0.0130* | 0.00564 |
GROW | 0.000710* | 0.000301 |
NDTS | 0.933 | 1.364 |
ZSC | −0.000131 | 6.65e−05 |
Constant | 0.123* | 0.0505 |
Observations | 70 | |
Number of Cross-Sections | 5 | |
Number of Time-Periods | 14 | |
R-squared | 0.262 | |
Country FE | YES | |
Time FE | NO | |
F-test | 0.0018 | |
L.M. test | F.E | |
S.H. test | F.E |