Variable Obs Mean Std. dev.
Min Max
ff_w 540 545.5426 501.5079 -2540 1401
pers_w 540 -118263.7 352016.1 -2543350 266446
size_w 540 28509.2 1632.59 24339 32347
sdebt_w 540 644.6 238.8273 114 984
ldebt_w 540 355.3981 238.8259 16 886
octotal_w 540 .2851852 .4519212 0 1
ocdpr_w 540 .6166667 .4866492 0 1
ocder_w 540 .2111111 .4084755 0 1
ocinvest_w 540 .2537037 .4355335 0 1
der_w 540 1465.646 2598.724 -2542 17304
agr_w 540 52.88333 206.06 -457 1125
lev_w 540 543.0481 466.6906 52 3593
nwc_w 540 122.1889 368.927 -2044 794
cashflow_w 540 65.15185 105.1905 -191 461
liq_w 540 2276.043 2397.872 60 14560
roa_w 540 13.2037 134.3232 -679 447
ff_w 1.0000
pers_w -0.1544* 1.0000
size_w 0.1442* -0.3267* 1.0000
sdebt_w 0.1029 -0.0927 -0.0974 1.0000
ldebt_w -0.1029 0.0927 0.0974 -1.0000* 1.0000
octotal_w -0.1574* 0.1581* -0.0700 0.0278 -0.0278 1.0000
ocdpr_w -0.2179* 0.2576* -0.2955* -0.0910 0.0910 0.4305* 1.0000
ocder_w -0.2471* 0.0965 0.0929 -0.0034 0.0034 0.6381* 0.1652* 1.0000
ocinvest_w 0.0365 0.0481 -0.0102 0.0786 -0.0786 0.5460* 0.0395 0.1051 1.0000
der_w -0.1424* 0.0901 0.0775 0.0623 -0.0623 0.4561* 0.1583* 0.6124* 0.0856 1.0000
agr_w 0.1495* -0.0558 0.1105 0.0343 -0.0343 -0.0689 -0.2235* -0.0227 0.0001 -0.0031 1.0000
lev_w -0.9780* 0.1462* -0.1728* -0.0814 0.0814 0.1404* 0.1999* 0.2283* -0.0360 0.1163* -0.1509*
> 1.0000
nwc_w 0.7449* -0.1338* 0.0478 -0.0048 0.0049 -0.1627* -0.2471* -0.1871* 0.0014 -0.1360* 0.1454*
> -0.7165* 1.0000
cashflow_w 0.1368* -0.2202* 0.1802* 0.1340* -0.1341* -0.1267* -0.1911* -0.0881 -0.0071 -0.0681 0.0079
> -0.0808 0.0664 1.0000
liq_w 0.4191* -0.0494 -0.2314* -0.2242* 0.2242* -0.1939* -0.0826 -0.2627* -0.0213 -0.2397* 0.0126
> -0.3598* 0.5259* 0.0015 1.0000
roa_w 0.4655* -0.2644* 0.2418* 0.1526* -0.1526* -0.1834* -0.3662* -0.1271* -0.0210 -0.0746 0.3629*
> -0.4464* 0.4672* 0.3639* 0.1363* 1.0000
3. a
Panel variable: firmid (strongly balanced)
Time variable: YEAR, 2018 to 2020
Delta: 1 unit
. reg roa_w sdebt ldebt octotal ocdpr ocder ocinvest
Source SS df MS Number of obs = 540
F(6, 533) = 19.16
Model 1725496.12 6 287582.686 Prob > F = 0.0000
Residual 7999533.48 533 15008.5056 R-squared = 0.1774
Adj R-squared = 0.1682
Total 9725029.59 539 18042.7265 Root MSE = 122.51
roa_w Coefficient Std. err. t P>|t| [95% conf. interval]
sdebt -480.695 122.8623 -3.91 0.000 -722.0487 -239.3413
ldebt -480.7651 122.8628 -3.91 0.000 -722.1198 -239.4103
octotal 14.26596 22.96408 0.62 0.535 -30.84523 59.37716
ocdpr -100.559 13.05878 -7.70 0.000 -126.212 -74.90605
ocder -29.86588 18.90821 -1.58 0.115 -67.00964 7.277886
ocinvest -9.012419 16.66336 -0.54 0.589 -41.74633 23.72149
_cons 480798.8 122862.4 3.91 0.000 239444.8 722152.8
3b1.
Fixed-effects (within) regression Number of obs = 540
Group variable: firmid Number of groups = 180
R-squared: Obs per group:
Within = 0.0897 min = 3
Between = 0.1921 avg = 3.0
Overall = 0.1328 max = 3
F(7,179) = .
corr(u_i, Xb) = 0.1859 Prob > F = .
(Std. err. adjusted for 180 clusters in firmid)
Robust
roa_w Coefficient std. err. t P>|t| [95% conf. interval]
sdebt -215.7042 10.62639 -20.30 0.000 -236.6733 -194.7351
ldebt -215.7151 10.58592 -20.38 0.000 -236.6043 -194.8258
octotal 10.4458 23.36503 0.45 0.655 -35.66054 56.55214
ocdpr -30.79689 12.90257 -2.39 0.018 -56.2576 -5.336178
ocder -40.54698 27.33623 -1.48 0.140 -94.48971 13.39576
ocinvest -1.981608 11.60787 -0.17 0.865 -24.88748 20.92427
YEAR
2019 -2.19322 7.201177 -0.30 0.761 -16.40334 12.0169
2020 -36.91698 11.49956 -3.21 0.002 -59.60913 -14.22482
_cons 215759 10613.58 20.33 0.000 194815.2 236702.8
sigma_u 105.10269
sigma_e 87.68595
rho .58960976 (fraction of variance due to u_i)
.
3b2.
Fixed-effects (within) regression Number of obs = 540
Group variable: firmid Number of groups = 180
R-squared: Obs per group:
Within = 0.0522 min = 3
Between = 0.1985 avg = 3.0
Overall = 0.1406 max = 3
F(6,179) = 20437.42
corr(u_i, Xb) = 0.2062 Prob > F = 0.0000
(Std. err. adjusted for 180 clusters in firmid)
Robust
roa_w Coefficient std. err. t P>|t| [95% conf. interval]
sdebt -229.7339 7.685041 -29.89 0.000 -244.8988 -214.569
ldebt -229.7606 7.630534 -30.11 0.000 -244.818 -214.7032
octotal 4.953606 23.51057 0.21 0.833 -41.43993 51.34714
ocdpr -38.76242 13.74724 -2.82 0.005 -65.88992 -11.63492
ocder -34.93925 28.79137 -1.21 0.227 -91.75341 21.87492
ocinvest -22.87448 12.49931 -1.83 0.069 -47.53942 1.79047
_cons 229791.9 7667.914 29.97 0.000 214660.7 244923
sigma_u 103.79552
sigma_e 89.217991
rho .57509757 (fraction of variance due to u_i)
3b3.
Fixed-effects (within) regression Number of obs = 540
Group variable: firmid Number of groups = 180
R-squared: Obs per group:
Within = 0.0522 min = 3
Between = 0.1985 avg = 3.0
Overall = 0.1406 max = 3
F(6,179) = 20437.42
corr(u_i, Xb) = 0.2062 Prob > F = 0.0000
(Std. err. adjusted for 180 clusters in firmid)
Robust
roa_w Coefficient std. err. t P>|t| [95% conf. interval]
sdebt -229.7339 7.685041 -29.89 0.000 -244.8988 -214.569
ldebt -229.7606 7.630534 -30.11 0.000 -244.818 -214.7032
octotal 4.953606 23.51057 0.21 0.833 -41.43993 51.34714
ocdpr -38.76242 13.74724 -2.82 0.005 -65.88992 -11.63492
ocder -34.93925 28.79137 -1.21 0.227 -91.75341 21.87492
ocinvest -22.87448 12.49931 -1.83 0.069 -47.53942 1.79047
sektorid
2 0 (omitted)
3 0 (omitted)
4 0 (omitted)
_cons 229791.9 7667.914 29.97 0.000 214660.7 244923
sigma_u 103.79552
sigma_e 89.217991
rho .57509757 (fraction of variance due to u_i)
3c1.
Linear regression, absorbing indicators Number of obs = 540
F(2, 2) = .
Prob > F = .
R-squared = 0.1879
Adj R-squared = 0.1757
Root MSE = 121.96
(Std. err. adjusted for 3 clusters in YEAR)
Robust
roa_w Coefficient std. err. t P>|t| [95% conf. interval]
sdebt -470.2929 4.488713 -104.77 0.000 -489.6063 -450.9795
ldebt -470.3581 4.476961 -105.06 0.000 -489.6209 -451.0952
octotal 18.11277 16.91015 1.07 0.396 -54.64574 90.87129
ocdpr -100.1453 14.74162 -6.79 0.021 -163.5734 -36.71724
ocder -32.94702 7.201158 -4.58 0.045 -63.93111 -1.962942
ocinvest 2.418576 11.3069 0.21 0.850 -46.23111 51.06826
_cons 470391.3 4490.372 104.76 0.000 451070.8 489711.9
3c2.
Linear regression, absorbing indicators Number of obs = 540
F(3, 2) = .
Prob > F = .
R-squared = 0.1879
Adj R-squared = 0.1757
Root MSE = 121.96
(Std. err. adjusted for 3 clusters in YEAR)
Robust
roa_w Coefficient std. err. t P>|t| [95% conf. interval]
sdebt -470.2929 4.488794 -104.77 0.000 -489.6066 -450.9792
ldebt -470.3581 4.477046 -105.06 0.000 -489.6212 -451.0949
octotal 18.11277 16.91015 1.07 0.396 -54.64574 90.87129
ocdpr -100.1453 14.74162 -6.79 0.021 -163.5734 -36.71724
ocder -32.94702 7.201158 -4.58 0.045 -63.93111 -1.962942
ocinvest 2.418576 11.3069 0.21 0.850 -46.23111 51.06826
_cons 470391.4 4490.456 104.75 0.000 451070.5 489712.2
3c3.
HDFE Linear regression Number of obs = 540
Absorbing 1 HDFE group F( 6, 2) = .
Statistics robust to heteroskedasticity Prob > F = .
R-squared = 0.1943
Adj R-squared = 0.1806
Within R-sq. = 0.1663
Number of clusters (YEAR) = 3 Root MSE = 121.5904
(Std. err. adjusted for 3 clusters in YEAR)
Robust
roa_w Coefficient std. err. t P>|t| [95% conf. interval]
sdebt -459.2963 . . . . .
ldebt -459.3633 . . . . .
octotal 7.911717 . . . . .
ocdpr -94.38285 . . . . .
ocder -26.72304 . . . . .
ocinvest 7.995045 . . . . .
_cons 459392 . . . . .
Absorbed degrees of freedom:
Absorbed FE Categories - Redundant = Num. Coefs
sektorid 4 0 4
3d1.
HDFE Linear regression Number of obs = 540
Absorbing 1 HDFE group F( 6, 3) = .
Statistics robust to heteroskedasticity Prob > F = .
R-squared = 0.1879
Adj R-squared = 0.1757
Within R-sq. = 0.1727
Number of clusters (sektorid) = 4 Root MSE = 121.9567
(Std. err. adjusted for 4 clusters in sektorid)
Robust
roa_w Coefficient std. err. t P>|t| [95% conf. interval]
sdebt -470.2929 . . . . .
ldebt -470.3581 . . . . .
octotal 18.11277 . . . . .
ocdpr -100.1453 . . . . .
ocder -32.94702 . . . . .
ocinvest 2.418576 . . . . .
_cons 470391.4 . . . . .
Absorbed degrees of freedom:
Absorbed FE Categories - Redundant = Num. Coefs
YEAR 3 0 3
3d2.
HDFE Linear regression Number of obs = 540
Absorbing 1 HDFE group F( 6, 3) = .
Statistics robust to heteroskedasticity Prob > F = .
R-squared = 0.7103
Adj R-squared = 0.5588
Within R-sq. = 0.0522
Number of clusters (sektorid) = 4 Root MSE = 89.2180
(Std. err. adjusted for 4 clusters in sektorid)
Robust
roa_w Coefficient std. err. t P>|t| [95% conf. interval]
sdebt -229.7339 . . . . .
ldebt -229.7606 . . . . .
octotal 4.953606 . . . . .
ocdpr -38.76242 . . . . .
ocder -34.93925 . . . . .
ocinvest -22.87448 . . . . .
_cons 229791.9 . . . . .
Absorbed degrees of freedom:
Absorbed FE Categories - Redundant = Num. Coefs
firmid 180 180 0 *
* = FE nested within cluster; treated as redundant for DoF computation
.
3d3.
HDFE Linear regression Number of obs = 540
Absorbing 1 HDFE group F( 6, 3) = .
Statistics robust to heteroskedasticity Prob > F = .
R-squared = 0.1943
Adj R-squared = 0.1806
Within R-sq. = 0.1663
Number of clusters (sektorid) = 4 Root MSE = 121.5904
(Std. err. adjusted for 4 clusters in sektorid)
Robust
roa_w Coefficient std. err. t P>|t| [95% conf. interval]
sdebt -459.2963 . . . . .
ldebt -459.3633 . . . . .
octotal 7.911717 . . . . .
ocdpr -94.38285 . . . . .
ocder -26.72304 . . . . .
ocinvest 7.995045 . . . . .
_cons 459392 . . . . .
Absorbed degrees of freedom:
Absorbed FE Categories - Redundant = Num. Coefs
sektorid 4 4 0 *
* = FE nested within cluster; treated as redundant for DoF computation
3e1.
HDFE Linear regression Number of obs = 540
Absorbing 2 HDFE groups F( 6, 2) = .
Statistics robust to heteroskedasticity Prob > F = .
R-squared = 0.7217
Adj R-squared = 0.5739
Within R-sq. = 0.0314
Number of clusters (YEAR) = 3 Root MSE = 87.6860
(Std. err. adjusted for 3 clusters in YEAR)
Robust
roa_w Coefficient std. err. t P>|t| [95% conf. interval]
sdebt -215.7042 223.7466 -0.96 0.437 -1178.408 746.9997
ldebt -215.7151 223.7965 -0.96 0.437 -1178.634 747.2037
octotal 10.4458 7.709648 1.35 0.308 -22.72613 43.61774
ocdpr -30.79689 13.93572 -2.21 0.158 -90.75744 29.16367
ocder -40.54698 13.66656 -2.97 0.097 -99.34943 18.25547
ocinvest -1.981608 12.60608 -0.16 0.890 -56.22121 52.25799
_cons 215745.9 223776.4 0.96 0.437 -747086.4 1178578
Absorbed degrees of freedom:
Absorbed FE Categories - Redundant = Num. Coefs
YEAR 3 3 0 *
firmid 180 1 179
* = FE nested within cluster; treated as redundant for DoF computation
3e2.
HDFE Linear regression Number of obs = 540
Absorbing 2 HDFE groups F( 6, 2) = .
Statistics robust to heteroskedasticity Prob > F = .
R-squared = 0.2097
Adj R-squared = 0.1932
Within R-sq. = 0.1664
Number of clusters (YEAR) = 3 Root MSE = 120.6498
(Std. err. adjusted for 3 clusters in YEAR)
Robust
roa_w Coefficient std. err. t P>|t| [95% conf. interval]
sdebt -443.4465 . . . . .
ldebt -443.5075 . . . . .
octotal 11.6147 . . . . .
ocdpr -92.43745 . . . . .
ocder -30.16967 . . . . .
ocinvest 25.65766 . . . . .
_cons 443534.2 . . . . .
Absorbed degrees of freedom:
Absorbed FE Categories - Redundant = Num. Coefs
YEAR 3 3 0 *
sektorid 4 1 3
* = FE nested within cluster; treated as redundant for DoF computation
3e3.
HDFE Linear regression Number of obs = 540
Absorbing 2 HDFE groups F( 6, 2) = .
Statistics robust to heteroskedasticity Prob > F = .
R-squared = 0.7103
Adj R-squared = 0.5588
Within R-sq. = 0.0522
Number of clusters (YEAR) = 3 Root MSE = 89.2180
(Std. err. adjusted for 3 clusters in YEAR)
Robust
roa_w Coefficient std. err. t P>|t| [95% conf. interval]
sdebt -229.7339 . . . . .
ldebt -229.7606 . . . . .
octotal 4.953606 . . . . .
ocdpr -38.76242 . . . . .
ocder -34.93925 . . . . .
ocinvest -22.87448 . . . . .
_cons 229791.9 . . . . .
Absorbed degrees of freedom:
Absorbed FE Categories - Redundant = Num. Coefs
firmid 180 0 180
sektorid 4 4 0
