ROE Model

(Fixed Effect Result)

ROE Model

(Random Effect Result)

C

−0.58

(0.72)

1.30

(0.11)

Cosize

0.009

(0.76)

−0.06

(0.038)**

Codilig

−0.012

(0.72)

0.025

(0.48)

Cocomp

1.5

(0.000)***

1.355

(0.003)***

Coexpert

0.389

(0.10)*

1.02

(0.000)***

Cogend

0.11

(0.22)

0.38

(0.000)***

ERM

0.11

(0.033)**

0.115

(0.063)*

Lev

0.014

(0.55)

−0.016

(0.13)

Fs

−0.038

(0.57)

−0.105

(0.001)***

F-statistics

5.58

(0.000)

68.81

(0.000)

R-squared

0.56

0.37

Hausman Test

Prob > chi2 = 0.000***