|
| Full sample | Manufacturing | Services | Real estate |
| Intercept | 0.329*** (0.000) | 0.514*** (0.000) | 0.314*** (0.001) | −1.449*** (0.000) |
| RCE | −0.064*** (0.008) | −0.174** (0.043) | −0.186*** (0.001) | 0.307** (0.031) |
| SCE | 0.017** (0.023) | 0.006 (0.660) | 0.021** (0.029) | 0.021* (0.068) |
| HCE | 0.001 (0.642) | 0.002 (0.505) | 0.001 (0.632) | −0.006** (0.027) |
| SIZE | −0.035*** (0.001) | −0.059*** (0.000) | −0.033*** (0.005) | 0.201*** (0.000) |
| LEV | 0.044** (0.037) | 0.058* (0.082) | 0.028 (0.001) | −0.556*** (0.000) |
| R-squared4 | 0.0417 | 0.0639 | 0.0443 | 0.2809 |
| F-stats | 5.83*** | 4.63*** | 3.68*** | 103.07*** |
| Groups | 104 | 42 | 51 | 11 |
| Observations | 1040 | 420 | 510 | 110 |
| Hausman | χ2 (5) 12.66** Fixed effect | χ2 (5) 12.52** Fixed effect | χ2 (5) 9.77*** Fixed effect | χ2 (5) 16.86*** Fixed effect |
| Breusch-Pagan LM | χ2 (1) 60.46*** GLS applied | χ2 (1) 9.85*** GLS applied | χ2 (1) 35.05*** GLS applied | χ2 (1) 3.47** GLS applied |
| Year effect | Yes | Yes | Yes | Yes |