Dependent Variable: Consulting to Total Fees (%)

Method: Panel EGLS (Period random effects)

Period: 2018-2021

Cross-sections included: 34

Total panel (balanced) observations: 136

Variable

Coefficient

Std. Error

t-Statistic

Prob.

Total Fees

−0.01921

0.041943

−0.457935

0.6477

Constant

3.575542

0.594965

6.009665

0

R-squared

0.001586

For both variables, we used their natural logarithm in order to have normal distributions