Dependent Variable: ROA

Method: Panel Least Squares

Date: 04/29/15 Time: 23:24
Sample: 2006 2012
Periods included: 7
Cross-sections included: 42
Total panel (balanced) observations: 294

Variable Coefficient Std. Error t-Statistic Prob.

FS 2.83E-11 2.17E-11 1.308282 0.1918

CI 0.000230 0.000265 0.865699 0.3874
CR 0.000576 5.63E-05 10.24308 0.0000
OPER -0.011016 0.001345 -8.192781 0.0000
LR 0.170423 0.045835 3.718178 0.0002
TAX -0.000679 0.001379 -0.492397 0.6228
ROE -0.001325 0.002542 -0.521338 0.6025
GDP -0.003491 0.005938 -0.587971 0.5570
INF 0.000268 0.002209 0.121467 0.9034
C 0.015446 0.048232 0.320241 0.7490

R-squared 0.554628 Mean dependent var -0.017079

Adjusted R-squared 0.540514 S.D. dependent var 0.133314
S.E. of regression 0.090367 Akaike info criterion -1.936443
Sum squared resid 2.319224 Schwarz criterion -1.811151
Log likelihood 294.6571 Hannan-Quinn criter. -1.886267
F-statistic 39.29660 Durbin-Watson stat 0.868449
Prob(F-statistic) 0.000000

Random Model

Dependent Variable: ROA

Method: Panel EGLS (Cross-section random effects)
Date: 04/29/15 Time: 23:28
Sample: 2006 2012
Periods included: 7
Cross-sections included: 42
Total panel (balanced) observations: 294
Swamy and Arora estimator of component variances

Variable Coefficient Std. Error t-Statistic Prob.

FS 1.72E-11 2.89E-11 0.594842 0.5524

CI 0.000172 0.000205 0.839472 0.4019
CR 0.000895 5.95E-05 15.03860 0.0000
OPER -0.007607 0.001290 -5.896250 0.0000
LR 0.126827 0.044715 2.836324 0.0049
TAX -0.000850 0.001070 -0.794577 0.4275
ROE -0.000356 0.001975 -0.180188 0.8571
GDP -0.002686 0.004435 -0.605625 0.5452
INF 0.000124 0.001633 0.075706 0.9397
C 0.007299 0.037385 0.195230 0.8454

Effects Specification
 S.D. Rho

Cross-section random 0.045817 0.3253

Idiosyncratic random 0.065983 0.6747

Weighted Statistics

R-squared 0.632660 Mean dependent var -0.008165

Adjusted R-squared 0.621019 S.D. dependent var 0.116686
S.E. of regression 0.071834 Sum squared resid 1.465470
F-statistic 54.34725 Durbin-Watson stat 1.147266
Prob(F-statistic) 0.000000

Unweighted Statistics

R-squared 0.501280 Mean dependent var -0.017079

Sum squared resid 2.597026 Durbin-Watson stat 0.647388

Fixed Effect Model

Dependent Variable: ROA

Method: Panel Least Squares
Date: 04/29/15 Time: 23:28
Sample: 2006 2012
Periods included: 7
Cross-sections included: 42
Total panel (balanced) observations: 294

Variable Coefficient Std. Error t-Statistic Prob.

FS -9.76E-12 5.36E-11 -0.182022 0.8557

CI 0.000178 0.000208 0.854644 0.3936
CR 0.001182 7.29E-05 16.21117 0.0000
OPER -0.004035 0.001507 -2.677501 0.0079
LR 0.039601 0.052248 0.757936 0.4492
TAX -0.001042 0.001094 -0.952705 0.3417
ROE 3.40E-05 0.002016 0.016876 0.9865
GDP -0.002141 0.004723 -0.453380 0.6507
INF -0.000139 0.001699 -0.081916 0.9348
C 0.006616 0.041195 0.160609 0.8725

Effects Specification

Cross-section fixed (dummy variables)

R-squared 0.796832 Mean dependent var -0.017079

Adjusted R-squared 0.755028 S.D. dependent var 0.133314
S.E. of regression 0.065983 Akaike info criterion -2.442409
Sum squared resid 1.057973 Schwarz criterion -1.803421
Log likelihood 410.0342 Hannan-Quinn criter. -2.186514
F-statistic 19.06113 Durbin-Watson stat 1.545630
Prob(F-statistic) 0.000000

Dependent Variable: ROE

Method: Panel Least Squares
Date: 04/29/15 Time: 23:33
Sample: 2006 2012
Periods included: 7
Cross-sections included: 42
Total panel (balanced) observations: 294

Variable Coefficient Std. Error t-Statistic Prob.

FS 2.14E-10 4.94E-10 0.432630 0.6656

CI 0.000726 0.006168 0.117649 0.9064
CR -0.000477 0.001307 -0.365141 0.7153
OPER -0.016849 0.031068 -0.542324 0.5880
LR 0.147978 1.064995 0.138947 0.8896
TAX 0.002043 0.032079 0.063687 0.9493
GDP 0.015054 0.050803 0.296329 0.7672
INF -0.002914 0.016567 -0.175878 0.8605

R-squared 0.002307 Mean dependent var 0.004329

Adjusted R-squared -0.022112 S.D. dependent var 2.079354
S.E. of regression 2.102218 Akaike info criterion 4.350697
Sum squared resid 1263.926 Schwarz criterion 4.450931
Log likelihood -631.5525 Hannan-Quinn criter. 4.390838
Durbin-Watson stat 2.368034

Random Model

Dependent Variable: ROE

Method: Panel EGLS (Cross-section random effects)
Date: 04/29/15 Time: 23:35
Sample: 2006 2012
Periods included: 7
Cross-sections included: 42
Total panel (balanced) observations: 294
Swamy and Arora estimator of component variances

Variable Coefficient Std. Error t-Statistic Prob.

C -0.266562 1.123947 -0.237166 0.8127

FS 2.34E-10 5.48E-10 0.426203 0.6703
CI 0.000598 0.006226 0.096103 0.9235
 CR -0.000483 0.001390 -0.347230 0.7287
OPER -0.015410 0.032645 -0.472040 0.6373
LR 0.183238 1.118001 0.163898 0.8699
TAX 0.002555 0.032398 0.078858 0.9372
GDP 0.044660 0.137956 0.323725 0.7464
INF 0.008481 0.051276 0.165403 0.8687

Effects Specification
S.D. Rho

Cross-section random 0.368466 0.0300

Idiosyncratic random 2.095531 0.9700

Weighted Statistics

R-squared 0.002177 Mean dependent var 0.003925

Adjusted R-squared -0.025832 S.D. dependent var 2.050828
S.E. of regression 2.077147 Sum squared resid 1229.644
F-statistic 0.077730 Durbin-Watson stat 2.428927
Prob(F-statistic) 0.999685

Unweighted Statistics

R-squared 0.002480 Mean dependent var 0.004329

Sum squared resid 1263.707 Durbin-Watson stat 2.363457

Fixed Model

Dependent Variable: ROE

Method: Panel Least Squares
Date: 04/29/15 Time: 23:36
Sample: 2006 2012
Periods included: 7
Cross-sections included: 42
Total panel (balanced) observations: 294

Variable Coefficient Std. Error t-Statistic Prob.

C -0.199377 1.308233 -0.152402 0.8790

FS 5.23E-11 1.70E-09 0.030689 0.9755
CI 0.000162 0.006618 0.024530 0.9804
CR -0.000864 0.002316 -0.373303 0.7092
OPER -0.017144 0.047843 -0.358351 0.7204
LR 0.612614 1.658850 0.369300 0.7122
TAX 0.006050 0.034736 0.174161 0.8619
GDP 0.033386 0.149988 0.222590 0.8240
INF 0.006371 0.053947 0.118106 0.9061

Effects Specification

Cross-section fixed (dummy variables)

R-squared 0.154228 Mean dependent var 0.004329
Adjusted R-squared -0.015619 S.D. dependent var 2.079354
S.E. of regression 2.095531 Akaike info criterion 4.471215
Sum squared resid 1071.465 Schwarz criterion 5.097674
Log likelihood -607.2686 Hannan-Quinn criter. 4.722093
F-statistic 0.908038 Durbin-Watson stat 2.787308
Prob(F-statistic) 0.648364