Column 1: FEM panel data regression
xtreg Investment sdebtt1 qt1 director Indepen ceoage ceotenure ceoshare cf salest1 roa size liq,fe
Fixed-effects (within) regression Number of obs = 2552 Group variable: i Number of groups = 319
R-sq: within = 0.5223 Obs per group: min = 8
between = 0.1289 avg = 8.0
overall = 0.2937 max = 8
F(12.2221) = 202.35
corr(u_i, Xb) = -0.6064 Prob > F = 0.0000
-------------------------------------------------- ----------------------------
Investment | Coef. Std. Err. tP>|t| [95% Conf. Interval]
-------------+------------------------------------ ----------------------------
sdebtt1| | -.9279038 | .6460843 | -1.44 | 0.151 | -2.194896 | .3390885 | |
qt1 | | | .0692725 | .0263547 | 2.63 | 0.009 | .0175901 | .1209548 |
Director | | | -.2273218 | .2759947 | -0.82 | 0.410 | -.7685563 | .3139128 |
Indepen | | | -.8188344 | .9482959 | -0.86 | 0.388 | -2.678474 | 1.040805 |
CEO | | | 1.300138 | .9521251 | 1.37 | 0.172 | -.5670109 | 3.167286 |
ceotenure | | | -.4636948 | .134692 | -3.44 | 0.001 | -.7278303 | -.1995593 |
CEOShare | | | 3.48228 | 2.295112 | 1.52 | 0.129 | -1.018509 | 7.98307 |
cf | | | -.0324993 | .0053341 | -6.09 | 0.000 | -.0429597 | -.0220389 |
sales1 | | | .152464 | .003167 | 48.14 | 0.000 | .1462534 | .1586745 |
roll | | | -3.212088 | 1.158297 | -2.77 | 0.006 | -5.483546 | -.9406301 |
size | | | .4242575 | .1921895 | 2.21 | 0.027 | .0473677 | .8011474 |
liq | | | -.0154019 | .0113002 | -1.36 | 0.173 | -.0375621 | .0067582 |
_cons | | | -15.67791 | 6.349865 | -2.47 | 0.014 | -28.1302 | -3.22562 |
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-------------+------------------------------------ ----------------------------
sigma_u | 3.7758388
sigma_e | 3.3832948
rho | .55466686 (fraction of variance due to u_i)
-------------------------------------------------- ----------------------------
F test that all u_i=0: F(318, 2221) = 6.11 Prob > F = 0.0000
.
Column 2: FEM panel data regression, with additional variable sdebt *dqt-1
xtreg Investment sdebtt1 SdebtDqt qt1 director Indepen ceoage ceotenure ceoshare cf salest1 roa size liq,fe
Fixed-effects (within) regression Number of obs = 2552 Group variable: i Number of groups = 319
R-sq: within = 0.5224 Obs per group: min = 8
between = 0.1287 avg = 8.0
overall = 0.2938 max = 8
F(13.2220) = 186.77
corr(u_i, Xb) = -0.6060 Prob > F = 0.0000
-------------------------------------------------- ----------------------------
Investment | Coef. Std. Err. tP>|t| [95% Conf. Interval]
-------------+------------------------------------ ----------------------------
sdebtt1 | | -.8136199 | .668161 | -1.22 | 0.223 | -2.123906 | .4966659 |
SdebtDqt | | -.3755873 | .5588026 | -0.67 | 0.502 | -1.471418 | .7202432 |
qt1 | | .069979 | .0263789 | 2.65 | 0.008 | .0182492 | .1217089 |
Director | | -.2274691 | .2760288 | -0.82 | 0.410 | -.7687708 | .3138325 |
Indepen | | -.8299952 | .9485583 | -0.88 | 0.382 | -2.690149 | 1.030159 |
CEO | | 1.299903 | .9522427 | 1.37 | 0.172 | -.5674768 | 3.167282 |
-------------+------------------------------------ ----------------------------
sigma_u | 3.7685972
sigma_e | 3.3828473
rho | .55378365 (fraction of variance due to u_i)
-------------------------------------------------- ----------------------------
F test that all u_i=0: F(318, 2220) = 6.08 Prob > F = 0.0000
ceotenure
| | -.472106 | .1352887 | -3.49 | 0.000 | -.7374116 | -.2068003 | ||
CEOShare | | | 3.516383 | 2.295956 | 1.53 | 0.126 | -.986063 | 8.018828 | |
cf | | | -.0324473 | .0053354 | -6.08 | 0.000 | -.0429101 | -.0219845 | |
sales1 | | | .1524128 | .0031683 | 48.11 | 0.000 | .1461997 | .1586259 | |
roll | | | -3.096458 | 1.171144 | -2.64 | 0.008 | -5.393111 | -.7998052 | |
size | | | .4201838 | .1923087 | 2.18 | 0.029 | .0430599 | .7973076 | |
liq | | | -.0157937 | .0113166 | -1.40 | 0.163 | -.0379861 | .0063986 | |
_cons | | | -15.54966 | 6.353515 | -2.45 | 0.014 | -28.00911 | -3.090206 | |
-------------+------------------------------------ ---------------------------- sigma_u | 3.774577 sigma_e | 3.3837124 rho | .55444075 (fraction of variance due to u_i) -------------------------------------------------- ---------------------------- | ||||||||
F test that all u_i=0: F(318, 2220) | = | 6.11 Prob > F | = | 0.0000 | ||||
Column 3: FEM panel data regression, with additional | variable | sdebt*nature and nature | ||||||
Fixed-effects (within) regression | Number of obs = | 2552 | ||||||
Group variable: i | Number of groups = | 319 | ||||||
R-sq: within = 0.5226 | Obs per group: min = | 8 | ||||||
between = 0.1313 | avg = | 8.0 | ||||||
overall = 0.2951 | max = | 8 | ||||||
F(13.2220) = | 186.96 | |||||||
corr(u_i, Xb) = -0.6062 | Prob > F = | 0.0000 | ||||||
-------------------------------------------------- ---------------------------- Investment | Coef. Std. Err. tP>|t| [95% Conf. Interval] -------------+------------------------------------ ---------------------------- | ||||||||
sdebtt1 | | | -.8109293 | .6526356 | -1.24 | 0.214 | -2.090769 | .4689108 | |
SdebtNature | | | -1.238481 | .9829275 | -1.26 | 0.208 | -3.166034 | .6890729 | |
nature | | | 0 | (omitted) | |||||
qt1 | | | .0682365 | .026364 | 2.59 | 0.010 | .0165358 | .1199372 | |
Director | | | -.2414448 | .2761857 | -0.87 | 0.382 | -.7830541 | .3001645 | |
Indepen | | | -.7424476 | .9501066 | -0.78 | 0.435 | -2.605638 | 1.120743 | |
CEO | | | 1.367333 | .9534918 | 1.43 | 0.152 | -.5024962 | 3.237162 | |
ceotenure | | | -.4689785 | .1347395 | -3.48 | 0.001 | -.7332071 | -.2047499 | |
CEOShare | | | 3.498848 | 2.294846 | 1.52 | 0.127 | -1.001421 | 7.999117 | |
cf | | | -.0324226 | .0053338 | -6.08 | 0.000 | -.0428824 | -.0219629 | |
sales1 | | | .1524355 | .0031666 | 48.14 | 0.000 | .1462257 | .1586454 | |
roll | | | -3.297211 | 1.160113 | -2.84 | 0.005 | -5.572231 | -1.022192 | |
size | | | .4106389 | .1924678 | 2.13 | 0.033 | .0332032 | .7880746 | |
liq | | | -.0156538 | .0113005 | -1.39 | 0.166 | -.0378145 | .0065069 | |
_cons | | | -15.45529 | 6.351483 | -2.43 | 0.015 | -27.91076 | -2.99982 | |
Column 4: FEM panel data regression, nature
=1 | ||||
Fixed-effects (within) regression | Number of obs | = | 688 | |
Group variable: i | Number of groups | = | 86 | |
R-sq: within = 0.1480 | Obs per group: min | = | 8 | |
between = 0.0002 | avg | = | 8.0 | |
overall = 0.0151 | max | = | 8 | |
F(12,590) | = | 8.54 | ||
corr(u_i, Xb) = -0.8336
Prob > F
=
0.0000
-------------------------------------------------- ----------------------------
Investment | Coef. Std. Err. tP>|t| [95% Conf. Interval]
-------------+------------------------------------ ---------------------------- sdebtt1 | -1.15988 .4027371 -2.88 .004 -1.950853 -.3689071
qt1 | -.121045 .0910046 -1.33 .184 -.2997774 .0576873
director | -.0650583 .1123676 -0.58 0.563 -.2857475 .1556309
Indepen | .149963 .2906453 .52 .606 -.4208623 .7207883
ceoage | .5933268 .4590491 1.29 .197 -.3082423 1.494896
ceotenure | -.0539746 .0567217 -0.95 0.342 -.1653756 .0574264
ceoshare | -.0807475 .8919656 -0.09 0.928 -1.832562 1.671067
cf | .0195991 .0797855 .25 .806 -.137099 .1762972
salest1 | .0347967 .0053605 6.49 .000 .0242687 .0453247
roa | -.4496022 .6163596 -0.73 0.466 -1.660128 .7609237
size | .2542428 .0908002 2.80 .005 .0759118 .4325737
liq | -.0044153 .0052083 -0.85 0.397 -.0146444 .0058138
_cons | -8.032816 2.965037 -2.71 0.007 -13.85613 -2.209504
-------------+------------------------------------ ----------------------------
sigma_u | .8195669
sigma_e | .7498539
rho | .5443321 (fraction of variance due to u_i)
-------------------------------------------------- ----------------------------
F test that all u_i=0: F(85, 590) = 2.61 Prob > F = 0.0000
Column 5: FEM panel data regression, nature =1, with additional variable sdebt*dqt-1
Fixed-effects (within) regression Group variable: i
Number of obs = Number of groups =
688
86
R-sq: within = 0.1608
between = 0.0000
overall = 0.0187
Obs per group: min =
avg =
max =
8
8.0
8
corr(u_i, Xb) = -0.8307
F(13,589)
Prob > F
=
=
8.68
0.0000
-------------------------------------------------- ----------------------------
Investment | Coef. Std. Err. tP>|t| [95% Conf. Interval]
-------------+------------------------------------ ---------------------------- sdebtt1 | -1.146298 .4000596 -2.87 .004 -1.932015 -.3605807
SdebtDqt | .7750798 .2583527 3.00 .003 .2676752 1.282484
qt1 | -.1691546 .0918051 -1.84 .066 -.3494599 .0111507
director | -.0824405 .1117637 -0.74 0.461 -.3019444 .1370634
Indepen | .1621834 .2887233 .56 .575 -.404869 .7292359
ceoage | .6453725 .4562979 1.41 .158 -.2507963 1.541541
ceotenure | -.0496939 .0563591 -0.88 0.378 -.1603831 .0609953
ceoshare | -.2276696 .8873313 -0.26 0.798 -1.970388 1.515049
cf | .0143882 .079269 .18 .856 -.1412961 .1700725
salest1 | .0355044 .0053298 6.66 .000 .0250368 .0459721
roa | -.517731 .6126437 -0.85 0.398 -1.720963 .685501
size | .2357262 .0904017 2.61 .009 .0581773 .4132752
liq | -.0043052 .0051735 -0.83 0.406 -.014466 .0058555
_cons | -7.738209 2.946773 -2.63 0.009 -13.52567 -1.950747
-------------+------------------------------------ ----------------------------
sigma_u | .82268544
sigma_e | .74482095
rho | .54955184 (fraction of variance due to u_i)
-------------------------------------------------- ----------------------------
F test that all u_i=0:
F(85, 589) =
2.62
Prob > F = 0.0000
Column 6: FEM panel data regression, nature =0
Fixed-effects (within) regression Number of obs = 1864
Group variable: i
Number of groups | = | 233 | ||||||
R-sq: within = 0.5368 | Obs per group: min | = | 8 | |||||
between = 0.1523 | avg | = | 8.0 | |||||
overall = 0.3257 | max | = | 8 | |||||
F(12,1619) | = | 156.38 | ||||||
corr(u_i, Xb) = -0.5715 | Prob > F | = | 0.0000 | |||||
-------------------------------------------------- ------------------------- - Investment | Coef. Std. Err. tP>|t| [95% Conf. Interval] -------------+------------------------------------ ------------------------- - | ||||||||
sdebtt1 | | | -1.00733 | .7999542 | -1.26 | 0.208 | -2.576384 | .5617249 | |
qt1 | | | .0656834 | .0312677 | 2.10 | 0.036 | .004354 | .1270129 | |
Director | | | -.3230964 | .382818 | -0.84 | 0.399 | -1.073967 | .4277745 | |
Indepen | | | -2.166687 | 1.605784 | -1.35 | 0.177 | -5.31632 | .9829471 | |
CEO | | | 1.771804 | 1.241152 | 1.43 | 0.154 | -.6626295 | 4.206237 | |
ceotenure | | | -.6771796 | .1846434 | -3.67 | 0.000 | -1.039345 | -.3150145 | |
CEOShare | | | 6.413389 | 3.260248 | 1.97 | 0.049 | .0186386 | 12.80814 | |
cf | | | -.0326115 | .0062001 | -5.26 | 0.000 | -.0447727 | -.0204504 | |
sales1 | | | .1564663 | .0037071 | 42.21 | 0.000 | .1491951 | .1637375 | |
roll | | | -3.532162 | 1.527626 | -2.31 | 0.021 | -6.528494 | -.5358298 | |
size | | | .4476517 | .2532894 | 1.77 | 0.077 | -.0491578 | .9444612 | |
liq | | | -.0184628 | .0148611 | -1.24 | 0.214 | -.0476118 | .0106861 | |
_cons | | | -17.70418 | 8.40443 | -2.11 | 0.035 | -34.18889 | -1.219479 | |
-------------+------------------------------------ -------------------------
-
sigma_u | 4.1298125
sigma_e | 3.8875274
rho | .53019257 (fraction of variance due to u_i)
F test that all u_i=0: F(232, 1619) = 5.87 Prob > F = 0.0000
Column 7: FEM panel data regression, nature =0, with additional variable sdebt *dqt-1
Fixed-effects (within) regression Number of obs = 1864 Group variable: i Number of groups = 233
R-sq: within = 0.5372 Obs per group: min = 8
between = 0.1518 avg = 8.0
overall = 0.3259 max = 8
F(13,1618) = 144.48
corr(u_i, Xb) = -0.5708 Prob > F = 0.0000
-------------------------------------------------- ----------------------------
Investment | Coef. Std. Err. tP>|t| [95% Conf. Interval]
-------------+------------------------------------ ----------------------------
sdebtt1 | | | -.7069567 | .8424339 | -0.84 | 0.401 | -2.359333 | .9454194 |
SdebtDqt | | | -.8435155 | .7423666 | -1.14 | 0.256 | -2.299617 | .6125855 |
qt1 | | | .0666819 | .0312773 | 2.13 | 0.033 | .0053337 | .1280301 |
Director | | | -.3368158 | .382974 | -0.88 | 0.379 | -1.087993 | .4143613 |
Indepen | | | -2.181933 | 1.605696 | -1.36 | 0.174 | -5.331395 | .9675289 |
CEO | | | 1.797927 | 1.241253 | 1.45 | 0.148 | -.6367066 | 4.23256 |
ceotenure | | | -.6984816 | .1855762 | -3.76 | 0.000 | -1.062476 | -.3344867 |
CEOShare | | | 6.462642 | 3.260244 | 1.98 | 0.048 | .0678987 | 12.85739 |
cf | | | -.0325484 | .0061998 | -5.25 | 0.000 | -.044709 | -.0203879 |
sales1 | | | .1563686 | .0037078 | 42.17 | 0.000 | .1490961 | .1636412 |
roll | | | -3.241512 | 1.548759 | -2.09 | 0.037 | -6.279296 | -.203728 |
size | | | .4338748 | .2535567 | 1.71 | 0.087 | -.0634592 | .9312088 |
liq | | | -.019405 | .0148828 | -1.30 | 0.192 | -.0485967 | .0097867 |
_cons | | | -17.39558 | 8.408063 | -2.07 | 0.039 | -33.88742 | -.9037477 |
-------------+------------------------------------ ----------------------------
sigma_u | 4.1280646
sigma_e | 3.887178
rho | .53002645 (fraction of variance due to u_i)
-------------------------------------------------- ----------------------------
F test that all u_i=0: F(232, 1618) = 5.87 Prob > F = 0.0000
Regression results by FEM method with long-term debt variable (Ldebt i,t-1 ), tobin's Q is a variable representing growth
Column 1: FEM panel data regression
Fixed-effects (within) regression
Number of obs | = | 2552 | |||||||
Group variable: i | Number of groups | = | 319 | ||||||
R-sq: within = 0.5231 | Obs per group: min | = | 8 | ||||||
between = 0.1235 | avg | = | 8.0 | ||||||
overall = 0.2890 | max | = | 8 | ||||||
F(12.2221) | = | 202.97 | |||||||
corr(u_i, Xb) = -0.6127 | Prob > F | = | 0.0000 | ||||||
-------------------------------------------------- ---------------------------- Investment | Coef. Std. Err. tP>|t| [95% Conf. Interval] -------------+------------------------------------ ---------------------------- | |||||||||
ldebtt1 | | | -2.694286 | 1.134293 | -2.38 | 0.018 | -4.918673 | -.4698994 | ||
qt1 | | | .0686762 | .02622 | 2.62 | 0.009 | .0172579 | .1200945 | ||
Director | | | -.1828128 | .2766483 | -0.66 | 0.509 | -.725329 | .3597035 | ||
Indepen | | | -.8001965 | .9474534 | -0.84 | 0.398 | -2.658184 | 1.057791 | ||
CEO | | | 1.068992 | .9549579 | 1.12 | 0.263 | -.8037114 | 2.941696 | ||
ceotenure | | | -.4574887 | .1345174 | -3.40 | 0.001 | -.7212816 | -.1936958 | ||
CEOShare | | | 3.137392 | 2.295578 | 1.37 | 0.172 | -1.364311 | 7.639096 | ||
cf | | | -.0325725 | .0053236 | -6.12 | 0.000 | -.0430123 | -.0221327 | ||
sales1 | | | .1519546 | .0031728 | 47.89 | 0.000 | .1457326 | .1581765 | ||
roll | | | -3.201332 | 1.151465 | -2.78 | 0.005 | -5.459391 | -.9432721 | ||
size | | | .4388574 | .1921336 | 2.28 | 0.022 | .0620771 | .8156376 | ||
liq | | | -.0148618 | .0112387 | -1.32 | 0.186 | -.0369013 | .0071776 | ||
_cons | | | -15.12466 | 6.339476 | -2.39 | 0.017 | -27.55658 | -2.692744 | ||
-------------+------------------------------------ ---------------------------- sigma_u | 3.8285852 sigma_e | 3.3805743 rho | .56190561 (fraction of variance due to u_i) -------------------------------------------------- ---------------------------- | |||||||||
F test that all u_i=0: F(318, 2221) = | 6.14 Prob | > F | = | 0.0000 | |||||
. | |||||||||
Column 2: FEM panel data regression, additional variables | Ldebt*dqt-1 | ||||||||
Fixed-effects (within) regression | Number of obs | = | 2552 | ||||||
Group variable: i | Number of groups | = | 319 | ||||||
R-sq: within = 0.5232 | Obs per group: min | = | 8 | ||||||
between = 0.1219 | avg | = | 8.0 | ||||||
overall = 0.2886 | max | = | 8 | ||||||
F(13,2220) | = | 187.42 | |||||||
corr(u_i, Xb) = -0.6120 | Prob > F | = | 0.0000 | ||||||
-------------------------------------------------- ---------------------------- Investment | Coef. Std. Err. tP>|t| [95% Conf. Interval] -------------+------------------------------------ ---------------------------- | |||||||||
ldebtt1
| | -2.56541 | 1.14272 | -2.25 | 0.025 | -4.806321 | -.3244986 | |
LdebtDqt | | | -1.433491 | 1.537651 | -0.93 | 0.351 | -4.448876 | 1.581893 |
qt1 | | | .0692319 | .0262276 | 2.64 | 0.008 | .0177988 | .120665 |
Director | | | -.1765435 | .2767381 | -0.64 | 0.524 | -.7192362 | .3661491 |
Indepen | | | -.8085044 | .9475233 | -0.85 | 0.394 | -2.666629 | 1.04962 |
CEO | | | 1.066502 | .9549898 | 1.12 | 0.264 | -.8062643 | 2.939269 |
ceotenure | | | -.4603049 | .1345552 | -3.42 | 0.001 | -.7241722 | -.1964376 |
CEOShare | | | 3.052481 | 2.297452 | 1.33 | 0.184 | -1.452898 | 7.55786 |
cf | | | -.032547 | .0053238 | -6.11 | 0.000 | -.0429872 | -.0221068 |
sales1 | | | .1517607 | .0031797 | 47.73 | 0.000 | .1455252 | .1579962 |
roll | | | -3.171148 | 1.151954 | -2.75 | 0.006 | -5.430167 | -.9121283 |
size | | | .4405547 | .1921479 | 2.29 | 0.022 | .0637464 | .8173631 |
liq | | | -.0150558 | .011241 | -1.34 | 0.181 | -.0370997 | .0069881 |
_cons | | | -15.14242 | 6.339691 | -2.39 | 0.017 | -27.57476 | -2.710074 |
-------------+------------------------------------ ---------------------------- sigma_u | 3.82927 sigma_e | 3.3806739 rho | .56197915 (fraction of variance due to u_i) -------------------------------------------------- ---------------------------- F test that all u_i=0: F(318, 2220) = 6.13 Prob > F = 0.0000 | |||||||
.
Column 3: FEM panel data regression, with additional variables Ldebt*nature and nature
Fixed-effects (within) regression Number of obs = 2552 Group variable: i Number of groups = 319
R-sq: within = 0.5235 Obs per group: min = 8
between = 0.1213 avg = 8.0
overall = 0.2883 max = 8
F(13.2220) = 187.63
corr(u_i, Xb) = -0.6123 Prob > F = 0.0000
-------------------------------------------------- ----------------------------
Investment | Coef. Std. Err. tP>|t| [95% Conf. Interval]
-------------+------------------------------------ ----------------------------
ldebtt1| | -3.510118 | 1.25975 | -2.79 | 0.005 | -5.980529 | -1.039708 | |
LdebtNature | | | 2.464421 | 1.657419 | 1.49 | 0.137 | -.785832 | 5.714675 |
nature | | | 0 | (omitted) | ||||
qt1 | | | .0687862 | .026213 | 2.62 | 0.009 | .0173817 | .1201907 |
Director | | | -.1659595 | .276805 | -0.60 | 0.549 | -.7087833 | .3768644 |
Indepen | | | -.7777591 | .9473155 | -0.82 | 0.412 | -2.635476 | 1.079958 |
CEO | | | 1.017567 | .9553239 | 1.07 | 0.287 | -.8558552 | 2.890989 |
ceotenure | | | -.4592646 | .134486 | -3.41 | 0.001 | -.7229961 | -.1955331 |
CEOShare | | | 3.212533 | 2.295509 | 1.40 | 0.162 | -1.289036 | 7.714103 |
cf | | | -.0325678 | .0053222 | -6.12 | 0.000 | -.0430048 | -.0221309 |
sales1 | | | .1519001 | .0031721 | 47.89 | 0.000 | .1456795 | .1581208 |
roll | | | -3.181295 | 1.15123 | -2.76 | 0.006 | -5.438894 | -.923695 |
size | | | .4359877 | .1920909 | 2.27 | 0.023 | .059291 | .8126844 |
liq | | | -.0148542 | .0112356 | -1.32 | 0.186 | -.0368876 | .0071793 |
_cons | | | -14.87387 | 6.339993 | -2.35 | 0.019 | -27.30681 | -2.440936 |
-------------+------------------------------------ ----------------------------
sigma_u | 3.8333483
sigma_e | 3.3796531
rho | .56265177 (fraction of variance due to u_i)
-------------------------------------------------- ----------------------------
F test that all u_i=0: F(318, 2220) = 6.14 Prob > F = 0.0000
Column 4: FEM panel data regression, nature=1
Fixed-effects (within) regression
Number of obs = | 688 | |
Group variable: i | Number of groups = | 86 |
R-sq: within = 0.1396 | Obs per group: min = | 8 |
between = 0.0014
avg | = | 8.0 | ||
overall = 0.0196 | max | = | 8 | |
F(12,590) | = | 7.98 | ||
corr(u_i, Xb) = -0.8245 Prob > F | = | 0.0000 | ||
-------------------------------------------------- ----------------------------
Investment | Coef. Std. Err. tP>|t| [95% Conf. Interval]
-------------+------------------------------------ ----------------------------
sigma_u | .77479705
sigma_e | .7491679
rho | .51681266 (fraction of variance due to u_i)
-------------------------------------------------- ----------------------------
F test that all u_i=0: F(85, 589) = 2.43 Prob > F = 0.0000
ldebtt1 | | | -.637994 | .4029078 | -1.58 | 0.100 | -1.429302 | .1533141 |
qt1 | | | -.105773 | .0914651 | -1.16 | 0.248 | -.2854099 | .0738639 |
Director | | | -.0615697 | .1129083 | -0.55 | 0.586 | -.2833208 | .1601814 |
Indepen | | | .1435001 | .2920755 | 0.49 | 0.623 | -.4301341 | .7171343 |
CEO | | | .3873086 | .4569763 | 0.85 | 0.397 | -.5101897 | 1.284807 |
ceotenure | | | -.0446006 | .0570014 | -0.78 | 0.434 | -.156551 | .0673497 |
CEOShare | | | -.0860153 | .8974555 | -0.10 | 0.924 | -1.848612 | 1.676581 |
cf | | | .0281802 | .0802709 | 0.35 | 0.726 | -.1294714 | .1858317 |
sales1 | | | .033537 | .0054222 | 6.19 | 0.000 | .0228878 | .0441862 |
roll | | | -.5116016 | .6208858 | -0.82 | 0.410 | -1.731017 | .7078137 |
size | | | .2479649 | .0919688 | 2.70 | 0.007 | .0673389 | .428591 |
liq | | | -.0047966 | .0052371 | -0.92 | 0.360 | -.0150822 | .005489 |
_cons | | | -7.164736 | 2.958189 | -2.42 | 0.016 | -12.9746 | -1.354873 |
ldebtt1 | | | -.6166137 | .4006604 | -1.54 | 0.124 | -1.40351 | .1702832 |
LdebtDqt | | | 1.53159 | .5465076 | 2.80 | 0.005 | .458249 | 2.604931 |
qt1 | | | -.1367559 | .091608 | -1.49 | 0.136 | -.316674 | .0431622 |
Director | | | -.0787983 | .1124263 | -0.70 | 0.484 | -.2996036 | .142007 |
Indepen | | | .1439659 | .2903937 | 0.50 | 0.620 | -.4263672 | .7142989 |
CEO | | | .4440864 | .4547963 | 0.98 | 0.329 | -.4491335 | 1.337306 |
ceotenure | | | -.0502645 | .0567092 | -0.89 | 0.376 | -.1616413 | .0611124 |
CEOShare | | | -.0529239 | .8923657 | -0.06 | 0.953 | -1.80553 | 1.699682 |
cf | | | .0410208 | .0799401 | 0.51 | 0.608 | -.1159816 | .1980232 |
sales1 | | | .0331354 | .0053929 | 6.14 | 0.000 | .0225437 | .0437271 |
roll | | | -.5188249 | .6173159 | -0.84 | 0.401 | -1.731233 | .6935833 |
size | | | .2417577 | .091466 | 2.64 | 0.008 | .0621185 | .4213969 |
liq | | | -.0047369 | .005207 | -0.91 | 0.363 | -.0149634 | .0054896 |
_cons | | | -7.202964 | 2.941187 | -2.45 | 0.015 | -12.97945 | -1.426475 |
-------------+------------------------------------ ----------------------------
sigma_u | .78430543
sigma_e | .75350688
rho | .52001948 (fraction of variance due to u_i)
-------------------------------------------------- ----------------------------
-------------+------------------------------------ ----------------------------F test that all u_i=0: F(85, 590) = | 2.45 Prob > F | = | 0.0000 | |
Column 5: FEM panel data regression, nature=1, | Have | add variable Ldebt*dqt-1 | ||
Fixed-effects (within) regression | Number of obs = | 688 | ||
Group variable: i | Number of groups = | 86 | ||
R-sq: within = 0.1510 | Obs per group: min = | 8 | ||
between = 0.0016 | avg = | 8.0 | ||
overall = 0.0230 | max = | 8 | ||
F(13,589) = | 8.06 | |||
corr(u_i, Xb) = -0.8155 | Prob > F = | 0.0000 | ||
-------------------------------------------------- ---------------------------- Investment | Coef. Std. Err. tP>|t| [95% Conf. Interval] -------------+------------------------------------ ---------------------------- | ||||
Column 6: FEM panel data regression, nature=0
Fixed-effects (within) regression
Number of obs | = | 1864 | |||||||
Group variable: i | Number of groups | = | 233 | ||||||
R-sq: within = 0.5390 | Obs per group: min | = | 8 | ||||||
between = 0.1402 | avg | = | 8.0 | ||||||
overall = 0.3174 | max | = | 8 | ||||||
F(12,1619) | = | 157.76 | |||||||
corr(u_i, Xb) = -0.5821 | Prob > F | = | 0.0000 | ||||||
-------------------------------------------------- ---------------------------- Investment | Coef. Std. Err. tP>|t| [95% Conf. Interval] -------------+------------------------------------ ---------------------------- | |||||||||
ldebtt1 | | | -5.169866 | 1.700884 | -3.04 | 0.002 | -8.506031 | -1.8337 | ||
qt1 | | | .0657366 | .031003 | 2.12 | 0.034 | .0049263 | .1265469 | ||
Director | | | -.1995761 | .3844419 | -0.52 | 0.604 | -.9536321 | .5544799 | ||
Indepen | | | -2.254352 | 1.601999 | -1.41 | 0.160 | -5.396561 | .8878565 | ||
CEO | | | 1.313106 | 1.247445 | 1.05 | 0.293 | -1.133671 | 3.759883 | ||
ceotenure | | | -.6795053 | .1840942 | -3.69 | 0.000 | -1.040593 | -.3184175 | ||
CEOShare | | | 5.946329 | 3.251609 | 1.83 | 0.068 | -.431475 | 12.32413 | ||
cf | | | -.0324712 | .006175 | -5.26 | 0.000 | -.044583 | -.0203593 | ||
sales1 | | | .155579 | .0037113 | 41.92 | 0.000 | .1482996 | .1628584 | ||
roll | | | -3.588054 | 1.512881 | -2.37 | 0.018 | -6.555466 | -.6206431 | ||
size | | | .4519284 | .2524938 | 1.79 | 0.074 | -.0433205 | .9471773 | ||
liq | | | -.0179923 | .0147123 | -1.22 | 0.222 | -.0468495 | .0108648 | ||
_cons | | | -15.88223 | 8.400731 | -1.89 | 0.059 | -32.35968 | .5952134 | ||
-------------+------------------------------------ ---------------------------- sigma_u | 4.2337406 sigma_e | 3.8783806 rho | .54372215 (fraction of variance due to u_i) -------------------------------------------------- ---------------------------- | |||||||||
F test that all u_i=0: F(232, 1619) = | 5.95 Prob > F | = | 0.0000 | ||||||
Column 7: FEM panel data regression, nature=0, | Have | add variable Ldebt*dqt-1 | |||||||
Fixed-effects (within) regression | Number of obs = | 1864 | |||||||
Group variable: i | Number of groups = | 233 | |||||||
R-sq: within = 0.5394 | Obs per group: min = | 8 | |||||||
between = 0.1376 | avg = | 8.0 | |||||||
overall = 0.3170 | max = | 8 | |||||||
F(13,1618) = | 145.75 | ||||||||
corr(u_i, Xb) = -0.5802 | Prob > F = | 0.0000 | |||||||
-------------------------------------------------- ---------------------------- Investment | Coef. Std. Err. tP>|t| [95% Conf. Interval] -------------+------------------------------------ ---------------------------- | |||||||||
ldebtt1 | | | -4.741265 | 1.7427 | -2.72 | 0.007 | -8.159452 | -1.323078 | ||
LdebtDqt | | | -2.593437 | 2.30002 | -1.13 | 0.260 | -7.104768 | 1.917893 | ||
qt1 | | | .0664891 | .0310076 | 2.14 | 0.032 | .0056698 | .1273084 | ||
Director | | | -.2033995 | .3844246 | -0.53 | 0.597 | -.9574219 | .550623 | ||
Indepen | | | -2.25042 | 1.601868 | -1.40 | 0.160 | -5.392374 | .891535 | ||
CEO | | | 1.348376 | 1.247733 | 1.08 | 0.280 | -1.098966 | 3.795718 | ||
ceotenure | | | -.686057 | .1841704 | -3.73 | 0.000 | -1.047295 | -.3248195 | ||
CEOShare | | | 5.746426 | 3.256166 | 1.76 | 0.078 | -.6403197 | 12.13317 | ||
cf | | | -.0324508 | .0061745 | -5.26 | 0.000 | -.0445616 | -.0203399 | ||
sales1 | | | .1552585 | .0037218 | 41.72 | 0.000 | .1479584 | .1625586 | ||
roll | | | -3.524858 | 1.513792 | -2.33 | 0.020 | -6.494058 | -.5556582 | ||
size | | | .457202 | .2525159 | 1.81 | 0.070 | -.0380906 | .9524946 | ||
liq | | | -.0183649 | .0147148 | -1.25 | 0.212 | -.0472269 | .0104971 | ||
_cons | | | -16.13005 | 8.402901 | -1.92 | 0.055 | -32.61176 | .3516613 | ||