Dependent Variable

OP_OPR

Tobin Q

ROA

Independent Variables

Durbin Score Chi2

Wu- Hausman

Durbin Score Chi2

Wu- Hausman

Durbin Score Chi2

Wu- Hausman

Ind_CG

0.8548

0.8548

0.4930

0.5074

0.9352

0.9295

CDLTY_CG

0.9056

0.9056

0.5050

0.5152

0.5893

0.6511

AQ_CG

0.0401*

0.0401*

0.8498

0.8542

0.3875

0.4141

BS_CG

0.2991

0.2991

0.8490

0.8532

0.2519

0.2779

LISH_CG

0.6308

0.6308

0.5680

0.5811

0.0296*

0.0368*

INSH_CG

0.5543

0.5543

0.0000*

0.0000*

0.0005*

0.0006*

TMSH_CG

0.4586

0.4586

0.8492

0.8357

0.0579

0.0700

LEVRG

0.0270

0.0334

0.9990

0.1085

0.9078

0.9812