ROE Model

(Fixed Effect Result)

ROE Model

(Random Effect Result)

C

3.672

(0.004)***

1.075

(0.021)**

Cosize

0.086

(0.006)***

0.021

(0.056)*

Codilig

−0.066

(0.004)***

−0.051

(0.02)**

Cocomp

−0.151

(0.589)

−0.302

(0.076)*

Coexpert

0.170

(0.16)

0.009

(0.88)

Cogend

0.017

(0.717)

−0.04

(0.35)

ERM

0.022

(0.413)

0.0559

(0.034)**

Lev

0.029

(0.081)*

0.016

(0.179)

Fs

−0.146

(0.005)***

−0.023

(0.14)

F-statistics

3.03

(0.0101)***

40.46

(0.0000)***

R-squared

0.395

0.24

Hausman Test

Prob > chi2 = 0.13