Dependent Variable:

DR 1

DR 2

Panel Least Squares

Panel Least Squares

Panel Least Squares

Panel Least Squares

TA

0.0163***

0.0116**

1.35E−09**

5.01E−10

(2.948)

(1.969)

(2.373)

(0.838)

TAN

0.091

0.092

0.129

0.043

(1.176)

(1.202)

(1.623)

(1.689)

PR

−0.0005

−0.0005

−0.009

−0.008

(−0.995)

(−0.958)

(−1.587)

(−1.541)

MTB

−0.0004

−0.003

−0.008

−0.0007

(−0.0800)

(−0.072)

(−0.154)

(−0.143)

DEF

0.00485**

8.08E−09***

(2.263)

(4.015)

No of Obs

490

490

490

490

F-Test

18.401***

18.402***

32.658***

33.606***

R square

0.763

0.766

0.851

0.856

Durbin-Watson stat

1.121

1.126

1.059

1.092

Hausman Test

10.1461**

11.700**

14.846**