|
Model (1)Pooled OLS |
Model (2)Random Effect |
Model (3)Fixed Effect |
Model (4)OLS with Hetero & Serial Correlation |
Constant |
2.83(0.005) |
4.03 (0.000) |
3.91 0.000 |
2.91 (0.005) |
ESG |
0.38(0.703) |
-3.10 (0.002)*** |
-2.07 (0.039)** |
-2.00 (0.050)** |
EFC |
11.92(0.000)*** |
8.96 (0.000)*** |
8.95 (0.000)*** |
6.47 (0.000)*** |
LEV |
-3.17(0.002)*** |
-1.98 (0.048)*** |
-1.17 (0.242) |
1.21 (0.231) |
SIZE |
4.23( 0.000)*** |
3.30 (0.001)*** |
1.96 (0.051)* |
1.38 (0.171) |
BP- LM Test |
489.34(0.0000)*** |
- |
- |
Hausman Test |
- |
45.09(0.0000)*** |
- |
Observation |
483 |
483 |
483 |
483 |
r-square |
0.2603 |
0.2427 |
0.2289 |
0.2289 |
Model Fit(F-Stat) |
42.05(0.000)*** |
|
26.59 (0.000)*** |
12.65(0.000)*** |
Multicollinearity(mean VIF) |
1.21 |
1.21 |
1.21 |
1.21 |
Heteroskedasticity (
-Stat) |
- |
- |
56571.71(0.000)*** |
- |
Serial Correlation(F-Stat) |
- |
- |
12.619(0.000)*** |
- |