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

44.208799

42.753443

42.753443

0.4122

BS_CG

6.439198

5.666552

5.666552

0.1376

CDLTY_CG

7.399612

4.383844

4.383844

0.1614

IND_CG

2.411155

2.548100

2.548100

0.1816

INSH_CG

3.976908

1.747053

1.747053

0.2000

LEVRG

−7.232945

−11.157902

−11.157902

0.1643

LISH_CG

−0.456500

−0.576441

−0.576441

0.6677

TMSH_CG

1.726647

2.124872

2.124872

0.4088

Period random effects test equation:

Dependent Variable: OP_OPR

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

478.1214

430.7207

1.110050

0.2724

AQ_CG

44.208799

22.69168

1.948238

0.0571

BS_CG

6.439198

4.440835

1.449997

0.1534

CDLTY_CG

7.399612

22.19667

0.333366

0.7403

IND_CG

2.411155

0.835731

2.885081

0.0058

INSH_CG

3.976908

7.387205

0.538351

0.5928

LEVRG

−7.232945

4.395095

−1.645685

0.1062

LISH_CG

−0.456500

1.150647

−0.396734

0.6933

TMSH_CG

1.726647

1.050084

1.644292

0.1065

Effects specification

Period fixed (dummy variables)

R-squared

0.545769

Mean dependent var

109.3379

Adjusted R-squared

0.388178

S.D. dependent var

65.26069

S.E. of regression

51.04628

Akaike info criterion

10.92778

Sum squared resid

127680.4

Schwarz criterion

11.52009

Log likelihood

−348.0807

Hannan-Quinn criter

11.16216

F-statistic

3.463209

Durbin-Watson stat

1.313357

Prob (F-statistic)

0.000339