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Dependent Variable: ADRL

Method: Panel Least Squares


Date: 01/03/24 Time: 09:03
Sample: 2015 2021
Periods included: 7
Cross-sections included: 10
Total panel (balanced) observations: 70

Variable Coefficient Std. Error t-Statistic Prob.

C 2.972568 0.617226 4.816008 0.0000


F_SIZE -0.121636 0.109015 -1.115780 0.2692
DIVIDEND -0.003706 0.020658 -0.179393 0.8583
EARNINGS 0.031429 0.019307 1.627833 0.1091

Effects Specification

Cross-section fixed (dummy variables)

R-squared 0.225146 Mean dependent var 3.300000


Adjusted R-squared 0.062019 S.D. dependent var 1.208065
S.E. of regression 1.170003 Akaike info criterion 3.317875
Sum squared resid 78.02776 Schwarz criterion 3.735453
Log likelihood -103.1256 Hannan-Quinn criter. 3.483742
F-statistic 1.380190 Durbin-Watson stat 1.615103
Prob(F-statistic) 0.202291

Dependent Variable: ADRL


Method: Panel EGLS (Cross-section random effects)
Date: 01/03/24 Time: 09:07
Sample: 2015 2021
Periods included: 7
Cross-sections included: 10
Total panel (balanced) observations: 70
Swamy and Arora estimator of component variances

Variable Coefficient Std. Error t-Statistic Prob.

C 3.214404 0.572667 5.613040 0.0000


F_SIZE -0.083363 0.075219 -1.108271 0.2718
DIVIDEND -0.001982 0.013560 -0.146147 0.8843
EARNINGS 0.015952 0.016139 0.988383 0.3266

Effects Specification
S.D. Rho

Cross-section random 0.391689 0.1008


Idiosyncratic random 1.170003 0.8992

Weighted Statistics

R-squared 0.029991 Mean dependent var 2.470318


Adjusted R-squared -0.014100 S.D. dependent var 1.158489
S.E. of regression 1.166627 Sum squared resid 89.82729
F-statistic 0.680204 Durbin-Watson stat 1.381209
Prob(F-statistic) 0.567277

Unweighted Statistics

R-squared 0.023056 Mean dependent var 3.300000


Sum squared resid 98.37830 Durbin-Watson stat 1.261155

Dependent Variable: ADRL


Method: Panel Least Squares
Date: 01/03/24 Time: 09:21
Sample: 2015 2021
Periods included: 7
Cross-sections included: 10
Total panel (balanced) observations: 70

Variable Coefficient Std. Error t-Statistic Prob.

C 3.368637 0.550781 6.116113 0.0000


F_SIZE -0.079497 0.067493 -1.177845 0.2431
DIVIDEND -0.001301 0.011870 -0.109646 0.9130
EARNINGS 0.009175 0.015402 0.595718 0.5534

R-squared 0.025963 Mean dependent var 3.300000


Adjusted R-squared -0.018312 S.D. dependent var 1.208065
S.E. of regression 1.219075 Akaike info criterion 3.289508
Sum squared resid 98.08555 Schwarz criterion 3.417993
Log likelihood -111.1328 Hannan-Quinn criter. 3.340544
F-statistic 0.586406 Durbin-Watson stat 1.268141
Prob(F-statistic) 0.626047

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