nplr

0.054

−0.031

0.061

−0.036

siz

2.378***

−3.410***

2.016*

−3.851*

−0.717

liqr

−0.024

−0.095*

−0.076

−0.097

−0.095

provr

0.301*

0.027

0.331

−0.024

smr

−0.830*

0.056

−1.229**

−0.303

−1.030

rgdp

−0.645

−0.505

−0.543

−0.298

infl

−0.147

−0.239

−0.139

−0.106

itbl

−0.015

−0.483***

−0.056

−0.421***

−0.452

HHI_AS

0.024***

−0.002

0.021**

0.001

0.023

Adj R²

0.307

0.143

F-stastic

4.930***

2.005**

F(12, 11) = 1.789***

Null hypothesis

Groups common intercept: Welch F(11, 36.8) = 0.574; p-value = 0.836

Groups common intercept: Welch F(11, 24.8) = 0.796; p-value = 0.641