EPS

Full sample

Manufacturing

Services

Real estate

Intercept

−0.590*** (0.009)

−0.802*** (0.001)

−0.843*** (0.002)

0.385* (0.066)

VAIC

0.021*** (0.000)

0.018*** (0.000)

0.029*** (0.000)

0.011*** (0.000)

SIZE

0.087*** (0.005)

0.124*** (0.000)

0.114*** (0.001)

−0.075** (0.041)

LEV

−0.193*** (0.001)

−0.290*** (0.000)

−0.067 (0.468)

−0.500*** (0.012)

Poolability

F (9,103)1.00

χ² (9)14.00

F (9, 50) 0.79

χ² (9)5.99

Year effect

No

No

No

No

Breusch and

Pagan LM test

x² (1) 1323.58***

GLS applied

x² (1) = 342.77***

GLS applied

x² (1) 777.28***

GLS applied

x² (1) = 25.77***

GLS applied

Hausman

Test

x² (12) = 19.02*

FE

x² (12) = 1.82

RE

x² (12) = 20.04*

FE

x² (12) = 0.85

RE

R-squared

0.1763

0.4013

0.1794

0.4789

Groups

104

42

51

11

Observations

1040

420

510

110

F-test

9.08***

154.21***

3.91***

65.00***