Panel unit root test: Summary 

Date: 02/24/19 Time: 12:43

Sample: 2006 2015
Exogenous variables: Individual effects
User specified lags at: 1
Newey-West bandwidth selection using Bartlett kernel

Cross-
Method Statistic Prob.** sections Obs
Null: Unit root (assumes common unit root process) 
Levin, Lin & Chu t*  6.17013  1.0000  17  136
Breitung t-stat -2.21859  0.0133  17  119

Null: Unit root (assumes individual unit root process) 

Im, Pesaran and Shin W-stat   64.3036  1.0000  17  136
ADF - Fisher Chi-square  64.6869  0.0012  17  136
PP - Fisher Chi-square  61.2374  0.0054  18  161

Null: No unit root (assumes common unit root process) 

Hadri Z-stat  6.00616  0.0000  18  179

** Probabilities for Fisher tests are computed using an asympotic Chi

        -square distribution. All other tests assume asymptotic normality.

Panel unit root test: Summary 

Date: 02/24/19 Time: 12:45
Sample: 2006 2015
Exogenous variables: Individual effects
User specified lags at: 1
Newey-West bandwidth selection using Bartlett kernel

Cross-
Method Statistic Prob.** sections Obs
Null: Unit root (assumes common unit root process) 
Levin, Lin & Chu t*  16.3753  1.0000  18  125
Breitung t-stat -0.87294  0.1913  18  107

Null: Unit root (assumes individual unit root process) 

Im, Pesaran and Shin W-stat  -7.19649  0.0000  18  125
ADF - Fisher Chi-square  75.1061  0.0001  18  125
PP - Fisher Chi-square  162.816  0.0000  18  143

Null: No unit root (assumes common unit root process) 

Hadri Z-stat  2.32261  0.0101  18  161

** Probabilities for Fisher tests are computed using an asympotic Chi

        -square distribution. All other tests assume asymptotic normality.

AC
Panel unit root test: Summary 
Date: 02/24/19 Time: 12:45
Sample: 2006 2015
Exogenous variables: Individual effects
User specified lags at: 1
Newey-West bandwidth selection using Bartlett kernel

Cross-
Method Statistic Prob.** sections Obs
Null: Unit root (assumes common unit root process) 
Levin, Lin & Chu t*  9.20652  1.0000  18  143
Breitung t-stat -0.75091  0.2264  18  125

Null: Unit root (assumes individual unit root process) 

Im, Pesaran and Shin W-stat   2.39047  0.9916  18  143
ADF - Fisher Chi-square  29.0353  0.7883  18  143
PP - Fisher Chi-square  99.4656  0.0000  18  161

Null: No unit root (assumes common unit root process) 

Hadri Z-stat  2.59992  0.0047  18  179

** Probabilities for Fisher tests are computed using an asympotic Chi

        -square distribution. All other tests assume asymptotic normality.

Panel unit root test: Summary 

Date: 02/24/19 Time: 12:46
Sample: 2006 2015
Exogenous variables: Individual effects
User specified lags at: 1
Newey-West bandwidth selection using Bartlett kernel

Cross-
Method Statistic Prob.** sections Obs
Null: Unit root (assumes common unit root process) 
Levin, Lin & Chu t* -5.26964  0.0000  18  125
Breitung t-stat -2.71329  0.0033  18  107

Null: Unit root (assumes individual unit root process) 

Im, Pesaran and Shin W-stat  -1.84223  0.0327  18  125
ADF - Fisher Chi-square  66.0246  0.0017  18  125
PP - Fisher Chi-square  169.205  0.0000  18  143

Null: No unit root (assumes common unit root process) 

Hadri Z-stat  5.36645  0.0000  18  161

** Probabilities for Fisher tests are computed using an asympotic Chi

        -square distribution. All other tests assume asymptotic normality.

CR
Panel unit root test: Summary 
Date: 02/24/19 Time: 12:47
Sample: 2006 2015
Exogenous variables: Individual effects
User specified lags at: 1
Newey-West bandwidth selection using Bartlett kernel

Cross-
Method Statistic Prob.** sections Obs
Null: Unit root (assumes common unit root process) 
Levin, Lin & Chu t* -3.45881  0.0003  18  143
Breitung t-stat -1.33535  0.0909  18  125

Null: Unit root (assumes individual unit root process) 

Im, Pesaran and Shin W-stat   0.00632  0.5025  18  143
ADF - Fisher Chi-square  37.4015  0.4046  18  143
PP - Fisher Chi-square  47.5002  0.0951  18  161

Null: No unit root (assumes common unit root process) 

Hadri Z-stat  4.64853  0.0000  18  179

** Probabilities for Fisher tests are computed using an asympotic Chi

        -square distribution. All other tests assume asymptotic normality.

Panel unit root test: Summary 

Date: 02/24/19 Time: 12:47
Sample: 2006 2015
Exogenous variables: Individual effects
User specified lags at: 1
Newey-West bandwidth selection using Bartlett kernel

Cross-
Method Statistic Prob.** sections Obs
Null: Unit root (assumes common unit root process) 
Levin, Lin & Chu t* -5.06196  0.0000  18  125
Breitung t-stat -2.52985  0.0057  18  107

Null: Unit root (assumes individual unit root process) 

Im, Pesaran and Shin W-stat  -2.18528  0.0144  18  125
ADF - Fisher Chi-square  58.9918  0.0092  18  125
PP - Fisher Chi-square  151.987  0.0000  18  143

Null: No unit root (assumes common unit root process) 

Hadri Z-stat  4.71574  0.0000  18  161

** Probabilities for Fisher tests are computed using an asympotic Chi

        -square distribution. All other tests assume asymptotic normality.

DPR1
Panel unit root test: Summary 
Date: 02/24/19 Time: 12:48
Sample: 2006 2015
Exogenous variables: Individual effects
User specified lags at: 1
Newey-West bandwidth selection using Bartlett kernel

Cross-
Method Statistic Prob.** sections Obs
Null: Unit root (assumes common unit root process) 
Levin, Lin & Chu t*  18  143
Breitung t-stat  0.24509  0.5968  18  125

Null: Unit root (assumes individual unit root process) 

Im, Pesaran and Shin W-stat  NA  18  143
ADF - Fisher Chi-square  21.6416  0.9719  18  143
PP - Fisher Chi-square  79.5854  0.0000  18  161

Null: No unit root (assumes common unit root process) 

Hadri Z-stat  5.21351  0.0000  18  179

Test statistic value of 'NA' due to the present of a p-value of one or zero
** Probabilities for Fisher tests are computed using an asympotic Chi
        -square distribution. All other tests assume asymptotic normality.

Panel unit root test: Summary 

Date: 02/24/19 Time: 12:49
Sample: 2006 2015
Exogenous variables: Individual effects
User specified lags at: 1
Newey-West bandwidth selection using Bartlett kernel

Cross-
Method Statistic Prob.** sections Obs
Null: Unit root (assumes common unit root process) 
Levin, Lin & Chu t*  18  125
Breitung t-stat -1.40800  0.0796  18  107

Null: Unit root (assumes individual unit root process) 

Im, Pesaran and Shin W-stat  NA  18  125
ADF - Fisher Chi-square  39.4379  0.3188  18  125
PP - Fisher Chi-square  152.741  0.0000  18  143

Null: No unit root (assumes common unit root process) 

Hadri Z-stat  5.68805  0.0000  18  161

Test statistic value of 'NA' due to the present of a p-value of one or zero
** Probabilities for Fisher tests are computed using an asympotic Chi
        -square distribution. All other tests assume asymptotic normality.
DPR2

Panel unit root test: Summary 

Date: 02/24/19 Time: 12:50
Sample: 2006 2015
Exogenous variables: Individual effects
User specified lags at: 1
Newey-West bandwidth selection using Bartlett kernel

Cross-
Method Statistic Prob.** sections Obs
Null: Unit root (assumes common unit root process) 
Levin, Lin & Chu t*  18  143
Breitung t-stat -0.10743  0.4572  18  125

Null: Unit root (assumes individual unit root process) 

Im, Pesaran and Shin W-stat  NA  18  143
ADF - Fisher Chi-square  34.6902  0.5308  18  143
PP - Fisher Chi-square  100.285  0.0000  18  161

Null: No unit root (assumes common unit root process) 

Hadri Z-stat  4.53561  0.0000  18  179

Test statistic value of 'NA' due to the present of a p-value of one or zero
** Probabilities for Fisher tests are computed using an asympotic Chi
        -square distribution. All other tests assume asymptotic normality.

DPR2

Panel unit root test: Summary 

Date: 02/24/19 Time: 12:50
Sample: 2006 2015
Exogenous variables: Individual effects
User specified lags at: 1
Newey-West bandwidth selection using Bartlett kernel

Cross-
Method Statistic Prob.** sections Obs
Null: Unit root (assumes common unit root process) 
Levin, Lin & Chu t*  18  125
Breitung t-stat -1.87385  0.0305  18  107

Null: Unit root (assumes individual unit root process) 

Im, Pesaran and Shin W-stat  NA  18  125
ADF - Fisher Chi-square  45.2566  0.1386  18  125
PP - Fisher Chi-square  148.453  0.0000  18  143

Null: No unit root (assumes common unit root process) 

Hadri Z-stat  3.16140  0.0008  18  161
Test statistic value of 'NA' due to the present of a p-value of one or zero
** Probabilities for Fisher tests are computed using an asympotic Chi
        -square distribution. All other tests assume asymptotic normality.

Panel unit root test: Summary 

Date: 02/24/19 Time: 12:54
Sample: 2006 2015
Exogenous variables: Individual effects
User specified lags at: 1
Newey-West bandwidth selection using Bartlett kernel

Cross-
Method Statistic Prob.** sections Obs
Null: Unit root (assumes common unit root process) 
Levin, Lin & Chu t*  18  125
Breitung t-stat -1.87385  0.0305  18  107

Null: Unit root (assumes individual unit root process) 

Im, Pesaran and Shin W-stat  NA  18  125
ADF - Fisher Chi-square  45.2566  0.1386  18  125
PP - Fisher Chi-square  148.453  0.0000  18  143

Null: No unit root (assumes common unit root process) 

Hadri Z-stat  3.16140  0.0008  18  161

Test statistic value of 'NA' due to the present of a p-value of one or zero
** Probabilities for Fisher tests are computed using an asympotic Chi
        -square distribution. All other tests assume asymptotic normality.

DER

Panel unit root test: Summary 

Date: 02/24/19 Time: 12:52
Sample: 2006 2015
Exogenous variables: Individual effects
User specified lags at: 1
Newey-West bandwidth selection using Bartlett kernel

Cross-
Method Statistic Prob.** sections Obs
Null: Unit root (assumes common unit root process) 
Levin, Lin & Chu t* -159.731  0.0000  18  143
Breitung t-stat  0.71623  0.7631  18  125

Null: Unit root (assumes individual unit root process) 

Im, Pesaran and Shin W-stat  -23.6444  0.0000  18  143
ADF - Fisher Chi-square  56.3569  0.0166  18  143
PP - Fisher Chi-square  55.0058  0.0222  18  161

Null: No unit root (assumes common unit root process) 

Hadri Z-stat  3.86826  0.0001  18  179

** Probabilities for Fisher tests are computed using an asympotic Chi

        -square distribution. All other tests assume asymptotic normality.

PE
Panel unit root test: Summary 
Date: 02/24/19 Time: 12:56
Sample: 2006 2015
Exogenous variables: Individual effects
User specified lags at: 1
Newey-West bandwidth selection using Bartlett kernel

Cross-
Method Statistic Prob.** sections Obs
Null: Unit root (assumes common unit root process) 
Levin, Lin & Chu t*  9.99482  1.0000  18  125
Breitung t-stat -4.37191  0.0000  18  107

Null: Unit root (assumes individual unit root process) 

Im, Pesaran and Shin W-stat  -1.99428  0.0231  18  125
ADF - Fisher Chi-square  61.0752  0.0056  18  125
PP - Fisher Chi-square  193.305  0.0000  18  143

Null: No unit root (assumes common unit root process) 

Hadri Z-stat  5.07157  0.0000  18  161

** Probabilities for Fisher tests are computed using an asympotic Chi

        -square distribution. All other tests assume asymptotic normality.

none none
Panel unit root test: Summary 
Date: 02/24/19 Time: 12:57
Sample: 2006 2015
Exogenous variables: Individual effects
User specified lags at: 1
Newey-West bandwidth selection using Bartlett kernel

Cross-
Method Statistic Prob.** sections Obs
Null: Unit root (assumes common unit root process) 
Levin, Lin & Chu t*  9.25946  1.0000  18  143
Breitung t-stat  0.14653  0.5582  18  125

Null: Unit root (assumes individual unit root process) 

Im, Pesaran and Shin W-stat  -0.63014  0.2643  18  143
ADF - Fisher Chi-square  50.9815  0.0502  18  143
PP - Fisher Chi-square  136.603  0.0000  18  161

Null: No unit root (assumes common unit root process) 

Hadri Z-stat  5.00006  0.0000  18  179

** Probabilities for Fisher tests are computed using an asympotic Chi

        -square distribution. All other tests assume asymptotic normality.

FIXED FIXED
Dependent Variable: DPR1
Method: Panel Least Squares
Date: 02/24/19 Time: 13:37
Sample: 2006 2015
Cross-sections included: 18
Total panel (unbalanced) observations: 179

Variable Coefficient Std. Error t-Statistic Prob.  

AC -33.15882 24.78130 -1.338058 0.1830

DER -26.33562 6.975712 -3.775330 0.0002
EPS 0.277468 0.262638 1.056466 0.2925
GROWTH -1.465876 1.501776 -0.976095 0.3307
PB 2.699404 1.032880 2.613473 0.0099
PDIV 0.028697 0.042396 0.676863 0.4996
PE 0.112508 0.010065 11.17823 0.0000
CR -9.301458 0.885419 -10.50514 0.0000
SAGE -20.21151 7.880240 -2.564835 0.0114
SIZE -4.234452 2.388428 -1.772903 0.0784
C 109.8621 17.03307 6.449928 0.0000

Effects Specification

Cross-section fixed (dummy variables)

Period fixed (dummy variables)

R-squared 0.690963     Mean dependent var 21.88313

Adjusted R-squared 0.612615     S.D. dependent var 58.96596
S.E. of regression 36.70057     Akaike info criterion 10.22531
Sum squared resid 191264.3     Schwarz criterion 10.88416
Log likelihood -878.1653     F-statistic 8.819199
Durbin-Watson stat 1.298940     Prob(F-statistic) 0.000000
Dependent Variable: DPR1
Method: Panel Least Squares
Date: 02/24/19 Time: 13:40
Sample (adjusted): 2006 2015
Periods included: 10
Cross-sections included: 18
Total panel (balanced) observations: 180

Variable Coefficient Std. Error t-Statistic Prob.

AC -12.62449 22.41726 -0.563159 0.5741

AGE 0.217941 1.087781 0.200354 0.8414
__CHANGE_IN_SALES 0.005685 0.084117 0.067589 0.9462
CR -9.104380 0.791317 -11.50536 0.0000
EPS 0.359777 0.230423 1.561377 0.1203
GROWTH -1.824113 1.316305 -1.385783 0.1676
P_DIV 0.068799 0.032223 2.135097 0.0342
PB 1.129161 0.829961 1.360499 0.1755
PE 0.115626 0.008921 12.96152 0.0000
SAGE -12.78499 17.84036 -0.716633 0.4746
SIZE -6.317718 1.742408 -3.625854 0.0004
C 83.53121 10.91612 7.652094 0.0000

R-squared 0.608993 Mean dependent var 21.76156

Adjusted R-squared 0.583391 S.D. dependent var 58.82364
S.E. of regression 37.96786 Akaike info criterion 10.17570
Sum squared resid 242181.9 Schwarz criterion 10.38856
Log likelihood -903.8128 Hannan-Quinn criter. 10.26200
F-statistic 23.78723 Durbin-Watson stat 0.873082
Prob(F-statistic) 0.000000

RANDOM EFFECT
Dependent Variable: DPR1
Method: Panel EGLS (Cross-section random effects)
Date: 02/24/19 Time: 13:41
Sample (adjusted): 2006 2015
Periods included: 10
Cross-sections included: 18
Total panel (balanced) observations: 180
Swamy and Arora estimator of component variances

Variable Coefficient Std. Error t-Statistic Prob.

AC -10.19127 21.03889 -0.484401 0.6287

AGE 0.725925 1.152934 0.629632 0.5298
CR -9.074559 0.738068 -12.29502 0.0000
EPS 0.333940 0.221194 1.509716 0.1330
GROWTH -1.785071 1.241177 -1.438208 0.1522
P_DIV 0.051227 0.032537 1.574403 0.1173
PB 1.323361 0.799677 1.654870 0.0998
PE 0.113678 0.008514 13.35127 0.0000
SAGE -19.82640 18.68968 -1.060821 0.2903
SIZE -5.997007 1.758962 -3.409400 0.0008
C 81.97151 11.36111 7.215097 0.0000

Effects Specification
S.D. Rho

Cross-section random 8.469678 0.0553

Idiosyncratic random 35.02082 0.9447

Weighted Statistics

R-squared 0.600139 Mean dependent var 17.28578

Adjusted R-squared 0.576479 S.D. dependent var 56.41568
S.E. of regression 36.71448 Sum squared resid 227804.1
F-statistic 25.36472 Durbin-Watson stat 0.886333
Prob(F-statistic) 0.000000

Unweighted Statistics

R-squared 0.607404 Mean dependent var 21.76156

Sum squared resid 243166.2 Durbin-Watson stat 0.830338

FIXED EFFECT AND PERIOD

Dependent Variable: DPR1
Method: Panel Least Squares
Date: 02/24/19 Time: 13:45
Sample (adjusted): 2006 2015
Periods included: 10
Cross-sections included: 18
Total panel (balanced) observations: 180

Variable Coefficient Std. Error t-Statistic Prob.

AC -8.768577 22.83161 -0.384054 0.7015

AGE 9.564033 2.565382 3.728112 0.0003
CR -8.439825 0.829151 -10.17888 0.0000
EPS 0.119181 0.250480 0.475810 0.6349
GROWTH -1.671555 1.399957 -1.194004 0.2345
P_DIV -0.009325 0.041847 -0.222845 0.8240
PB 2.551798 0.937545 2.721787 0.0073
PE 0.103486 0.009598 10.78158 0.0000
SAGE -130.9672 35.99668 -3.638315 0.0004
SIZE -3.553390 2.418970 -1.468968 0.1440
C 53.41740 17.55716 3.042484 0.0028

Effects Specification

Cross-section fixed (dummy variables)

Period fixed (dummy variables)

R-squared 0.713164 Mean dependent var 21.76156

Adjusted R-squared 0.640953 S.D. dependent var 58.82364
S.E. of regression 35.24743 Akaike info criterion 10.14366
Sum squared resid 177660.5 Schwarz criterion 10.79999
Log likelihood -875.9295 Hannan-Quinn criter. 10.40977
F-statistic 9.876173 Durbin-Watson stat 0.919125
Prob(F-statistic) 0.000000

RANDOM EFFECT AND NONE PERIOD

Dependent Variable: DPR1
Method: Panel EGLS (Cross-section random effects)
Date: 02/24/19 Time: 13:45
Sample: 2006 2015
Cross-sections included: 18
Total panel (unbalanced) observations: 179
Swamy and Arora estimator of component variances

Variable Coefficient Std. Error t-Statistic Prob.  

AC -21.69380 22.07696 -0.982645 0.3272

DER -18.70249 5.398932 -3.464108 0.0007
EPS 0.400954 0.226136 1.773068 0.0780
GROWTH -2.218149 1.292055 -1.716760 0.0879
PB 2.681681 0.906062 2.959710 0.0035
PDIV 0.084289 0.029409 2.866100 0.0047
PE 0.113148 0.008751 12.93029 0.0000
CR -9.279902 0.783982 -11.83687 0.0000
SAGE -11.32707 4.360576 -2.597608 0.0102
SIZE -4.372740 1.821742 -2.400307 0.0175
 C 85.59432 10.25059 8.350182 0.0000

Effects Specification

Cross-section random S.D. / Rho 5.869980 0.0254

Idiosyncratic random S.D. / Rho 36.32772 0.9746

Weighted Statistics

R-squared 0.633892     Mean dependent var 19.48818

Adjusted R-squared 0.612100     S.D. dependent var 58.14914
S.E. of regression 36.21622     Sum squared resid 220351.2
F-statistic 29.08814     Durbin-Watson stat 1.211897
Prob(F-statistic) 0.000000

Unweighted Statistics

R-squared 0.637444     Mean dependent var 21.88313

Sum squared resid 224387.3     Durbin-Watson stat 1.190098

NONE AND FIXED PERIO

Dependent Variable: DPR1

Method: Panel Least Squares
Date: 02/24/19 Time: 13:47
Sample: 2006 2015
Cross-sections included: 18
Total panel (unbalanced) observations: 179

Variable Coefficient Std. Error t-Statistic Prob.  

AC -35.66211 23.31677 -1.529462 0.1281

DER -20.95636 5.655627 -3.705399 0.0003
EPS 0.343193 0.229948 1.492485 0.1376
GROWTH -1.889168 1.354262 -1.394980 0.1650
PB 2.667208 0.924890 2.883810 0.0045
PDIV 0.094073 0.028744 3.272800 0.0013
PE 0.111463 0.008977 12.41671 0.0000
CR -9.178132 0.848788 -10.81322 0.0000
SAGE -10.70208 4.138218 -2.586156 0.0106
SIZE -3.823057 1.820356 -2.100170 0.0373
C 84.84219 9.798281 8.658885 0.0000

Effects Specification

Period fixed (dummy variables)

R-squared 0.649433     Mean dependent var 21.88313

Adjusted R-squared 0.607541     S.D. dependent var 58.96596
S.E. of regression 36.94013     Akaike info criterion 10.16146
Sum squared resid 216967.2     Schwarz criterion 10.51759
Log likelihood -889.4503     F-statistic 15.50267
Durbin-Watson stat 1.170306     Prob(F-statistic) 0.000000

NONE AND RANDOM WITH WALLACE AND HUSSAIN

Dependent Variable: DPR1
Method: Panel EGLS (Period random effects)
Date: 02/24/19 Time: 13:48
Sample: 2006 2015
Cross-sections included: 18
Total panel (unbalanced) observations: 179
Wallace and Hussain estimator of component variances

Variable Coefficient Std. Error t-Statistic Prob.  

AC -22.28379 22.25724 -1.001193 0.3182

DER -18.62245 5.360810 -3.473812 0.0007
EPS 0.420731 0.225201 1.868248 0.0635
GROWTH -2.259190 1.296828 -1.742089 0.0833
PB 2.649554 0.906478 2.922909 0.0039
PDIV 0.089202 0.028413 3.139508 0.0020
PE 0.113073 0.008741 12.93603 0.0000
CR -9.248565 0.792419 -11.67130 0.0000
SAGE -10.91032 4.123359 -2.645979 0.0089
SIZE -4.417050 1.785307 -2.474112 0.0144
C 84.85287 9.771906 8.683349 0.0000

Effects Specification

Period random S.D. / Rho 0.000000 0.0000

Idiosyncratic random S.D. / Rho 37.00150 1.0000

Weighted Statistics

R-squared 0.637622     Mean dependent var 21.88313

Adjusted R-squared 0.616052     S.D. dependent var 58.96596
S.E. of regression 36.53739     Sum squared resid 224276.8
F-statistic 29.56046     Durbin-Watson stat 1.196217
Prob(F-statistic) 0.000000

Unweighted Statistics

R-squared 0.637622     Mean dependent var 21.88313

Sum squared resid 224276.8     Durbin-Watson stat 1.196217

FIXED AND FIXED WALLECE

Dependent Variable: DPR1

Method: Panel Least Squares
Date: 02/24/19 Time: 13:50
Sample: 2006 2015
Cross-sections included: 18
Total panel (unbalanced) observations: 179

Variable Coefficient Std. Error t-Statistic Prob.  

AC -33.15882 24.78130 -1.338058 0.1830

DER -26.33562 6.975712 -3.775330 0.0002
EPS 0.277468 0.262638 1.056466 0.2925
GROWTH -1.465876 1.501776 -0.976095 0.3307
PB 2.699404 1.032880 2.613473 0.0099
PDIV 0.028697 0.042396 0.676863 0.4996
PE 0.112508 0.010065 11.17823 0.0000
CR -9.301458 0.885419 -10.50514 0.0000
SAGE -20.21151 7.880240 -2.564835 0.0114
SIZE -4.234452 2.388428 -1.772903 0.0784
C 109.8621 17.03307 6.449928 0.0000

Effects Specification

Cross-section fixed (dummy variables)

Period fixed (dummy variables)

R-squared 0.690963     Mean dependent var 21.88313

Adjusted R-squared 0.612615     S.D. dependent var 58.96596
S.E. of regression 36.70057     Akaike info criterion 10.22531
Sum squared resid 191264.3     Schwarz criterion 10.88416
Log likelihood -878.1653     F-statistic 8.819199
Durbin-Watson stat 1.298940     Prob(F-statistic) 0.000000

FIXED FIXED WHITE CROSS SECTION

Dependent Variable: DPR1

Method: Panel Least Squares
Date: 02/24/19 Time: 13:53
Sample: 2006 2015
Cross-sections included: 18
Total panel (unbalanced) observations: 179
White cross-section standard errors & covariance (d.f. corrected)

Variable Coefficient Std. Error t-Statistic Prob.  

AC -33.15882 13.85861 -2.392650 0.0180

DER -26.33562 5.482503 -4.803576 0.0000
EPS 0.277468 0.440658 0.629667 0.5299
GROWTH -1.465876 1.101801 -1.330436 0.1855
PB 2.699404 0.642212 4.203288 0.0000
PDIV 0.028697 0.020563 1.395545 0.1650
 PE 0.112508 0.018007 6.247859 0.0000
CR -9.301458 1.569771 -5.925359 0.0000
SAGE -20.21151 8.351151 -2.420207 0.0168
SIZE -4.234452 1.794745 -2.359361 0.0197
C 109.8621 24.65588 4.455818 0.0000

Effects Specification

Cross-section fixed (dummy variables)

Period fixed (dummy variables)

R-squared 0.690963     Mean dependent var 21.88313

Adjusted R-squared 0.612615     S.D. dependent var 58.96596
S.E. of regression 36.70057     Akaike info criterion 10.22531
Sum squared resid 191264.3     Schwarz criterion 10.88416
Log likelihood -878.1653     F-statistic 8.819199
Durbin-Watson stat 1.298940     Prob(F-statistic) 0.000000

WHITE WITH FIXED FIXED

Dependent Variable: DPR1
Method: Panel Least Squares
Date: 02/24/19 Time: 13:54
Sample: 2006 2015
Cross-sections included: 18
Total panel (unbalanced) observations: 179
White period standard errors & covariance (d.f. corrected)

Variable Coefficient Std. Error t-Statistic Prob.  

AC -33.15882 25.56231 -1.297176 0.1967

DER -26.33562 10.38065 -2.536990 0.0123
EPS 0.277468 0.433336 0.640307 0.5230
GROWTH -1.465876 0.976597 -1.501004 0.1356
PB 2.699404 1.311808 2.057773 0.0414
PDIV 0.028697 0.019816 1.448180 0.1498
PE 0.112508 0.025153 4.472922 0.0000
CR -9.301458 2.127210 -4.372609 0.0000
SAGE -20.21151 6.155796 -3.283330 0.0013
SIZE -4.234452 2.700596 -1.567969 0.1191
C 109.8621 24.45415 4.492575 0.0000

Effects Specification

Cross-section fixed (dummy variables)

Period fixed (dummy variables)

R-squared 0.690963     Mean dependent var 21.88313

Adjusted R-squared 0.612615     S.D. dependent var 58.96596
S.E. of regression 36.70057     Akaike info criterion 10.22531
Sum squared resid 191264.3     Schwarz criterion 10.88416
Log likelihood -878.1653     F-statistic 8.819199
Durbin-Watson stat 1.298940     Prob(F-statistic) 0.000000

MODEL DPR 2

NONE- NONE

Dependent Variable: DPR2

Method: Panel Least Squares
Date: 02/24/19 Time: 13:56
Sample (adjusted): 2006 2015
Periods included: 10
Cross-sections included: 18
Total panel (balanced) observations: 180

Variable Coefficient Std. Error t-Statistic Prob.

AC -0.377266 13.79125 -0.027355 0.9782

AGE 0.331924 0.669211 0.495994 0.6205
__CHANGE_IN_SALES 0.015049 0.051749 0.290799 0.7716
CR -1.741081 0.486824 -3.576410 0.0005
EPS -0.007571 0.141758 -0.053405 0.9575
GROWTH -0.934062 0.809800 -1.153448 0.2504
P_DIV 0.076933 0.019824 3.880825 0.0001
PB 0.198483 0.510598 0.388726 0.6980
PE 0.023464 0.005488 4.275365 0.0000
SAGE -5.599634 10.97551 -0.510193 0.6106
SIZE -2.105978 1.071942 -1.964639 0.0511
C 31.25922 6.715675 4.654665 0.0000

R-squared 0.225757 Mean dependent var 17.04206

Adjusted R-squared 0.175062 S.D. dependent var 25.71738
S.E. of regression 23.35809 Akaike info criterion 9.204105
Sum squared resid 91660.89 Schwarz criterion 9.416968
Log likelihood -816.3694 Hannan-Quinn criter. 9.290412
F-statistic 4.453274 Durbin-Watson stat 1.293916
Prob(F-statistic) 0.000007

NONE NONE
Dependent Variable: DPR2
Method: Panel Least Squares
Date: 02/24/19 Time: 13:58
Sample: 2006 2015
Cross-sections included: 18
Total panel (unbalanced) observations: 179

Variable Coefficient Std. Error t-Statistic Prob.  

AC -5.877628 16.88163 -0.348167 0.7282

CHANGEINTA 6.89E-05 0.001669 0.041305 0.9671
DER -3.471014 3.590367 -0.966757 0.3351
EPS 0.000362 0.166783 0.002171 0.9983
GROWTH -0.861195 0.834134 -1.032442 0.3034
 PB 0.524124 0.603539 0.868418 0.3864
PDIV 0.088095 0.018692 4.712896 0.0000
PE 0.024429 0.005793 4.217240 0.0000
QR -1.045795 0.579776 -1.803792 0.0731
CR -0.981226 0.724769 -1.353846 0.1777
ROA 0.012695 0.033784 0.375757 0.7076
RONW -0.091738 0.203100 -0.451689 0.6521
SAGE -0.229418 2.766116 -0.082939 0.9340
SIZE -1.013536 1.427948 -0.709785 0.4789
TANLN -1.586761 1.713416 -0.926080 0.3558
C 37.26437 9.336204 3.991384 0.0001

R-squared 0.248439     Mean dependent var 17.13726

Adjusted R-squared 0.179277     S.D. dependent var 25.75769
S.E. of regression 23.33486     Akaike info criterion 9.222909
Sum squared resid 88756.07     Schwarz criterion 9.507815
Log likelihood -809.4504     F-statistic 3.592128
Durbin-Watson stat 1.404670     Prob(F-statistic) 0.000022

DPR 2 FIXED FIXED

Dependent Variable: DPR2

Method: Panel Least Squares
Date: 02/24/19 Time: 13:59
Sample: 2006 2015
Cross-sections included: 18
Total panel (unbalanced) observations: 179

Variable Coefficient Std. Error t-Statistic Prob.  

AC -21.53159 18.11740 -1.188448 0.2367

CHANGEINTA 0.000970 0.001698 0.571336 0.5687
DER -11.14201 4.352806 -2.559730 0.0116
EPS -0.089202 0.171362 -0.520548 0.6035
GROWTH 0.406836 0.896958 0.453573 0.6509
PB 0.609817 0.645436 0.944814 0.3464
PDIV 0.039557 0.025675 1.540655 0.1257
PE 0.015940 0.006355 2.508505 0.0133
QR -0.646622 0.601161 -1.075621 0.2840
CR -0.957028 0.776492 -1.232503 0.2199
ROA -0.041857 0.038936 -1.075027 0.2843
RONW -0.171056 0.200684 -0.852364 0.3955
SAGE 0.776621 4.991212 0.155598 0.8766
SIZE -0.204503 1.713470 -0.119350 0.9052
TANLN -2.871118 2.171635 -1.322100 0.1883
C 55.19513 13.35306 4.133519 0.0001

Effects Specification
Cross-section fixed (dummy variables)
Period fixed (dummy variables)

R-squared 0.446687     Mean dependent var 17.13726

Adjusted R-squared 0.281097     S.D. dependent var 25.75769
S.E. of regression 21.83947     Akaike info criterion 9.207184
Sum squared resid 65343.86     Schwarz criterion 9.955062
Log likelihood -782.0429     F-statistic 2.697547
Durbin-Watson stat 1.398306     Prob(F-statistic) 0.000009

DPR 2

RANDOM

Dependent Variable: DPR2

Method: Panel EGLS (Cross-section random effects)
Date: 02/24/19 Time: 14:00
Sample: 2006 2015
Cross-sections included: 18
Total panel (unbalanced) observations: 179
Swamy and Arora estimator of component variances

Variable Coefficient Std. Error t-Statistic Prob.  

AC -6.340950 16.57044 -0.382666 0.7025

CHANGEINTA 0.000128 0.001614 0.079443 0.9368
DER -4.834577 3.641121 -1.327772 0.1861
EPS -0.006879 0.163048 -0.042191 0.9664
GROWTH -0.625288 0.817403 -0.764969 0.4454
PB 0.591887 0.600480 0.985690 0.3257
PDIV 0.076602 0.019991 3.831848 0.0002
PE 0.022733 0.005791 3.925717 0.0001
QR -0.967063 0.566964 -1.705686 0.0900
CR -0.986253 0.710682 -1.387756 0.1671
ROA -0.003856 0.034494 -0.111798 0.9111
RONW -0.100387 0.196033 -0.512091 0.6093
SAGE 0.035064 3.160401 0.011095 0.9912
SIZE -0.703395 1.476875 -0.476273 0.6345
TANLN -1.674306 1.791342 -0.934666 0.3513
C 38.49806 10.02781 3.839131 0.0002

Effects Specification

Cross-section random S.D. / Rho 6.396652 0.0761

Idiosyncratic random S.D. / Rho 22.29134 0.9239

Weighted Statistics

R-squared 0.206678     Mean dependent var 12.69393

Adjusted R-squared 0.133673     S.D. dependent var 24.31244
S.E. of regression 22.62921     Sum squared resid 83469.24
F-statistic 2.831008     Durbin-Watson stat 1.400748
Prob(F-statistic) 0.000598

Unweighted Statistics

R-squared 0.241445     Mean dependent var 17.13726

Sum squared resid 89582.05     Durbin-Watson stat 1.305165

DPR 1

RANDOM

Dependent Variable: DPR1

Method: Panel EGLS (Cross-section random effects)
Date: 02/24/19 Time: 14:02
Sample: 2006 2015
Cross-sections included: 18
Total panel (unbalanced) observations: 179
Swamy and Arora estimator of component variances

Variable Coefficient Std. Error t-Statistic Prob.  

AC -20.34082 26.09766 -0.779412 0.4369

CHANGEINTA 0.004359 0.002540 1.716268 0.0880
DER -19.82374 5.740142 -3.453528 0.0007
EPS 0.490939 0.256744 1.912174 0.0576
GROWTH -2.345978 1.287328 -1.822363 0.0702
PB 2.401744 0.946104 2.538563 0.0121
PDIV 0.072006 0.031575 2.280494 0.0239
PE 0.120231 0.009125 13.17560 0.0000
QR -2.812063 0.892837 -3.149581 0.0019
CR -6.881988 1.119254 -6.148728 0.0000
ROA -0.032704 0.054396 -0.601218 0.5485
RONW -0.449687 0.308558 -1.457380 0.1469
SAGE -10.21280 5.004000 -2.040927 0.0429
SIZE -3.058668 2.329900 -1.312789 0.1911
TANLN -2.954989 2.827237 -1.045186 0.2975
C 104.6315 15.84608 6.602988 0.0000

Effects Specification

Cross-section random S.D. / Rho 10.31729 0.0796

Idiosyncratic random S.D. / Rho 35.07630 0.9204

Weighted Statistics

R-squared 0.660315     Mean dependent var 16.02621

Adjusted R-squared 0.629056     S.D. dependent var 57.12001
S.E. of regression 34.78906     Sum squared resid 197275.4
F-statistic 21.12375     Durbin-Watson stat 1.226404
Prob(F-statistic) 0.000000

Unweighted Statistics

R-squared 0.663181     Mean dependent var 21.88313

Sum squared resid 208458.1     Durbin-Watson stat 1.160614

Table: Panel

Variable Coefficient t-Statistic Prob.  

-0.779412
AC -20.34082 (0.4369) 0.4369
1.716268
CHANGEINTA 0.004359 (0.0880) 0.0880
-3.453528
DER -19.82374 (0.0007) 0.0007
1.912174
EPS 0.490939 (0.0576) 0.0576
-1.822363
GROWTH -2.345978 (0.0702) 0.0702
2.538563
PB 2.401744 (0.0121) 0.0121
2.280494
PDIV 0.072006 (0.0239) 0.0239
13.17560
PE 0.120231 (0.0000) 0.0000
CR -6.881988 -6.148728 0.0000
AGE -10.21280 -2.040927 0.0429
SIZE -3.058668 -1.312789 0.1911
TANLN -2.954989 -1.045186 0.2975
C 104.6315 6.602988 0.0000

10.31729 0.0796

35.07630 0.9204

R-squared 0.660315 16.02621

Adjusted R-squared 0.629056 57.12001

S.E. of regression 34.78906 197275.4

F-statistic 21.12375 1.226404
Prob(F-statistic) 0.000000

R-squared 0.663181 21.88313

Sum squared resid 208458.1 1.160614

Dependent Variable: DPR1

Method: Panel EGLS (Cross-section random effects)
Date: 02/24/19 Time: 14:08
Sample: 2006 2015
Cross-sections included: 18
Total panel (unbalanced) observations: 179
Swamy and Arora estimator of component variances

Variable Coefficient Std. Error t-Statistic Prob.  

AC -22.56283 22.20613 -1.016063 0.3111

CHANGEINTA 0.003190 0.002424 1.315807 0.1900
DER -20.44641 5.617930 -3.639493 0.0004
EPS 0.352890 0.230543 1.530696 0.1277
GROWTH -2.352929 1.307452 -1.799630 0.0737
PB 2.519917 0.924523 2.725641 0.0071
PDIV 0.075734 0.030573 2.477170 0.0142
PE 0.115139 0.008965 12.84261 0.0000
CR -9.417313 0.792253 -11.88675 0.0000
SAGE -11.26894 4.558452 -2.472098 0.0144
SIZE -4.604032 1.871079 -2.460629 0.0149
C 88.18093 10.76823 8.188990 0.0000

Effects Specification

Cross-section random S.D. / Rho 7.724877 0.0433

Idiosyncratic random S.D. / Rho 36.31053 0.9567

Weighted Statistics

R-squared 0.635930     Mean dependent var 18.15891

Adjusted R-squared 0.611949     S.D. dependent var 57.73239
S.E. of regression 35.96367     Sum squared resid 215995.3
F-statistic 26.51841     Durbin-Watson stat 1.226816
Prob(F-statistic) 0.000000

Unweighted Statistics
R-squared 0.641205     Mean dependent var 21.88313
Sum squared resid 222059.1     Durbin-Watson stat 1.193315