|
| PNP | ROA | RFA | RPA | RCD | |||||
| Level variables | ||||||||||
|
| Stat | Prob | Stat | Prob | Stat | Prob | Stat | Prob | Stat | Prob |
| LLC | −6.759 | 0.000 | −5.107 | 0.000 | −0.255 | 0.399 | −4.173 | 0.000 | −1.990 | 0.023 |
| IPS | −1.443 | 0.073 | −3.055 | 0.001 | 1.476 | 0.930 | −3.970 | 0.000 | −1.200 | 0.115 |
| Variables in first difference | ||||||||||
|
| Stat | Prob | Stat | Prob | Stat | Prob | Stat | Prob | Stat | Prob |
| LLC | −6.759 | 0.000 | −11.150 | 0.000 | −4.745 | 0.000 | −15.607 | 0.000 | −8.089 | 0.000 |
| IPS | −4.328 | 0.000 | −7.638 | 0.000 | −2.909 | 0.001 | −12.944 | 0.000 | −5.777 | 0.000 |