Variable

Model 1

Model 2

log(transfers)

0.470***

0.433***

(0.047)

(0.059)

log(ownrev)

0.306***

0.212***

(0.040)

(0.047)

Constant

4.008***

5.547***

(0.905)

(1.033)

Year Dummy

NO

YES

Wald chi2

138.10

178.59

Prob > chi2

0.000

0.000

Log likelihood

−95.031

−85.662

Number of ID

17

17

Observations

136

136