Dependent Variable: LDR

Method: Panel Least Squares

Date: 12/19/15 Time: 21:38
Sample: 2005 2010
Periods included: 6
Cross-sections included: 10
Total panel (balanced) observations: 60
Variable

Coefficient

Std. Error

t-Statistic

Prob.

93.49735

4.693638

19.92002

0.0000

CAR

-1.990453

0.335711

-5.929068

0.0000

ROA

27.08804

4.550665

5.952545

0.0000

ROE

-2.808960

0.465505

-6.034221

0.0000

R-squared

0.537173

Mean dependent var

66.20788

Adjusted R-squared

0.512378

S.D. dependent var

14.31628

S.E. of regression

9.997049

Akaike info criterion

7.506797

Sum squared resid

5596.695

Schwarz criterion

7.646420

Hannan-Quinn criter.

7.561412

Durbin-Watson stat

0.556141

Log likelihood

-221.2039

F-statistic

21.66514

Prob(F-statistic)

0.000000

Dependent Variable: LDR

Method: Panel Least Squares
Date: 12/19/15 Time: 21:38
Sample: 2005 2010
Periods included: 6
Cross-sections included: 10
Total panel (balanced) observations: 60
Variable

Coefficient

Std. Error

t-Statistic

Prob.

C
CAR
ROA
ROE

99.91760
-2.252649
23.66871
-2.680194

5.186050
0.310046
4.776777
0.493176

19.26661
-7.265540
4.954953
-5.434555

0.0000
0.0000
0.0000
0.0000

Effects Specification
Cross-section fixed (dummy variables)
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
F-statistic
Prob(F-statistic)

0.857963
0.821699
6.045154
1717.562
-185.7658
23.65840
0.000000

Mean dependent var

S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat

66.20788
14.31628
6.625527
7.079302
6.803023
1.866987

Redundant Fixed
Effects Tests
Equation: FE
Test cross-section fixed effects

Effects Test

Statistic

d.f.

Prob.

Cross-section F

11.794443

(9,47)

0.0000

Cross-section Chi-square

70.876207

0.0000

Cross-section fixed effects test equation:

Dependent Variable: LDR
Method: Panel Least Squares
Date: 12/20/15 Time: 19:45
Sample: 2005 2010
Periods included: 6
Cross-sections included: 10
Total panel (balanced) observations: 60

Variable

Coefficient

Std. Error

t-Statistic

Prob.

93.49735

4.693638

19.92002

0.0000

CAR

-1.990453

0.335711

-5.929068

0.0000

CAE

-2.808960

0.465505

-6.034221

0.0000

CAO

27.08804

4.550665

5.952545

0.0000

R-squared

0.537173

Mean dependent var

66.20788

Adjusted R-squared

0.512378

S.D. dependent var

14.31628

S.E. of regression

9.997049

Akaike info criterion

7.506797

Sum squared resid

5596.695

Schwarz criterion

7.646420

Hannan-Quinn criter.

7.561412

Durbin-Watson stat

0.556141

Log likelihood

-221.2039

F-statistic

21.66514

Prob(F-statistic)

0.000000

Dependent Variable: LDR

Method: Panel EGLS (Cross-section random effects)
Date: 12/19/15 Time: 21:39
Sample: 2005 2010
Periods included: 6
Cross-sections included: 10
Total panel (balanced) observations: 60
Swamy and Arora estimator of component variances

Variable

Coefficient

Std. Error

t-Statistic

Prob.

98.73359

5.719936

17.26131

0.0000

CAR

-2.215255

0.295489

-7.496913

0.0000

ROA

24.09312

4.505234

5.347808

0.0000

ROE

-2.673442

0.462440

-5.781159

0.0000

Effects Specification
S.D.

Rho

Cross-section random

9.837134

0.7259

Idiosyncratic random

6.045154

0.2741

Weighted Statistics

R-squared

0.551718

Mean dependent var

16.11085

Adjusted R-squared

0.527703

S.D. dependent var

8.613841

S.E. of regression

5.919765

Sum squared resid

1962.443

F-statistic

22.97379

Durbin-Watson stat

1.614144

Prob(F-statistic)

0.000000

Unweighted Statistics

R-squared

0.519772

Mean dependent var

66.20788

Sum squared resid

5807.107

Durbin-Watson stat

0.545481

Correlated Random Effects - Hausman Test

Equation: RE
Test cross-section random effects
Test Summary
Cross-section random

Chi-Sq. Statistic

Chi-Sq. d.f.

Prob.

0.700991

0.8730

Random

Var(Diff.)

Prob.

-2.215255
24.093124
-2.673442

0.008815
2.520465
0.029372

0.6904
0.7892
0.9686

Cross-section random effects test comparisons:

Variable
CAR
CAO
CAE

Fixed
-2.252649
23.668706
-2.680194

Cross-section random effects test equation:

Dependent Variable: LDR
Method: Panel Least Squares
Date: 12/20/15 Time: 19:44
Sample: 2005 2010
Periods included: 6
Cross-sections included: 10
Total panel (balanced) observations: 60
Variable

Coefficient

Std. Error

t-Statistic

Prob.

C
CAR
CAO
CAE

99.91760
-2.252649
23.66871
-2.680194

5.186050
0.310046
4.776777
0.493176

19.26661
-7.265540
4.954953
-5.434555

0.0000
0.0000
0.0000
0.0000

Effects Specification
Cross-section fixed (dummy variables)
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
F-statistic
Prob(F-statistic)

0.857963
0.821699
6.045154
1717.562
-185.7658
23.65840
0.000000

Mean dependent var

S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat

66.20788
14.31628
6.625527
7.079302
6.803023
1.866987