Dependent Variable:

NTSC

NTQ

Panel Least Squares

Panel Least Squares

Panel Least Squares

Panel Least Squares

−3

−4

−3

−4

DEF

0.212***

0.143***

0.352***

0.285***

(9.492)

(4.692)

(15.113)

(8.974)

DEF_sq

(0.000)***

(0.00)***

(3.308)

(3.052)

No. of observations

490

490

490

490

F-Test

4.172***

4.365***

8.793***

8.972***

R square

0.41

0.425

0.594

0.603

Durbin-Watson stat

2.608

2.566

2.544

2.515

Hausman Test

20.604***

27.711***

5.690**

9.823***