Full sample

Manufacturing

Services

Real estate

Intercept

0.189*** (0.000)

0.255*** (0.000)

0.139** (0.014)

−1.388*** (0.000)

VAIC

−0.001* (0.096)

−0.001 (0.191)

−0.002* (0.085)

−0.001 (0.372)

SIZE

−0.017*** (0.001)

−0.003*** (0.000)

−0.011 (0.140)

0.194*** (0.000)

LEV

0.048*** (0.000)

0.039* (0.054)

0.048*** (0.000)

0.706*** (0.000)

R-squared

0.1848

0.2093

0.2249

0.2231

F-stats

31.58***

16.76**

15.75***

9.19***

Groups

104

42

51

11

Observations

1040

420

510

110

Hausman

χ² (3) 1.58

Random effect

χ² (3) 4.70

Random effect

χ² (3) 2.72

Random effect

χ² (3) 14.39***

Fixed effect

Breusch-Pagan LM

χ² (1) 56.17***

GLS applied

χ² (1) 8.88***

GLS applied

χ² (1) 31.39***

GLS applied

χ² (1) 14.82***

GLS applied

Year effect

Yes

Yes

Yes

Yes