Correlated Random Effects—Hausman Test

Equation: United

Test period random effects

Test Summary

Chi-Sq. Statistics

Chi-Sq. d.f.

Prob.

Period Random

0.000000

8

1.0000

*Period test variance is invalid. Hausman statistic set to zero.

Period random effects test comparisons:

Variable

Fixed

Random

Var(Diff.)

Prob.

AQ_CG

0.094895

0.095295

0.000006

0.8704

BS_CG

0.013504

0.013282

0.000000

0.7401

CDLTY_CG

0.060861

0.061076

0.000002

0.8821

IND_CG

0.002675

0.002768

0.000000

0.4476

INSH_CG

0.030617

0.030770

0.000004

0.9385

LEVRG

0.010921

0.010062

0.000011

0.7956

LISH_CG

0.004562

0.004425

0.000000

0.6864

TMSH_CG

0.000394

0.000626

0.000000

0.6888

Period random effects test equation:

Dependent Variable: TOBINQ_MP

Method: Panel Least Squares

Sample 2009-2018

Periods included: 10

Cross-sections included: 7

Total panel (unbalanced) observations: 68

Variable

Coefficient

Std. Error

t-statistics

Prob.

C

−0.654377

0.551844

−1.185803

0.2414

AQ_CG

0.094895

0.028934

3.279710

0.0019

BS_CG

0.013504

0.005848

2.308958

0.0252

CDLTY_CG

0.060861

0.027985

2.174791

0.0345

IND_CG

0.002675

0.001051

2.545520

0.0141

INSH_CG

0.030617

0.009461

3.236177

0.0022

LEVRG

0.010921

0.005630

1.939872

0.0582

LISH_CG

0.004562

0.001484

3.075204

0.0034

TMSH_CG

0.000394

0.001359

0.289559

0.7734

Effects specification

Period fixed (dummy variables)

R-squared

0.539090

Mean dependent var

1.052560

Adjusted R-squared

0.379182

S.D. dependent var

0.082997

S.E. of regression

0.065395

Akaike info criterion

−2.392309

Sum squared resid

0.209547

Schwarz criterion

−1.800003

Log likelihood

98.14235

Hannan-Quinn criter

−2.157932

F-statistic

3.371259

Durbin-Watson stat

1.560730

Prob (F-statistic)

0.000394