Wednesday April 9 21:22:41 2025 Page 1

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Statistics/Data Analysis

ROA Lev BGD SIZE

name: <unnamed>
log: C:\Users\user\Downloads\résultat leila V2.smcl
log type: smcl
opened on: 25 Mar 2025, 17:08:30

1 . summarize ROA Lev BGD CSR ETR SIZE

Variable Obs Mean Std. dev. Min Max

ROA 900 .0678471 .1778857 -2.459641 1.398627

Lev 899 .2468258 .1838999 0 1.446826
BGD 900 16.32859 13.30502 0 63.63636
CSR 900 51.43348 22.44009 3.248013 94.33357
ETR 900 .201211 1.51524 -32.66667 21.5

SIZE 900 22.28534 1.762718 14.3184 26.3015

2 . pwcorr ROA Lev BGD SIZE, star(5)

ROA Lev BGD SIZE

ROA 1.0000
Lev -0.0985* 1.0000
BGD 0.0633 0.1356* 1.0000
SIZE 0.1857* 0.4001* 0.1969* 1.0000

3 . regress CSR BGD ROA Lev SIZE

Source SS df MS Number of obs = 899

F(4, 894) = 230.13
Model 229599.998 4 57399.9996 Prob > F = 0.0000
Residual 222982.785 894 249.421459 R-squared = 0.5073
Adj R-squared = 0.5051
Total 452582.783 898 503.989736 Root MSE = 15.793

CSR Coefficient Std. err. t P>|t| [95% conf. interval]

BGD .6405111 .0405085 15.81 0.000 .5610082 .720014

ROA -10.70046 3.074954 -3.48 0.001 -16.73543 -4.665492
Lev 2.275865 3.194208 0.71 0.476 -3.993155 8.544885
SIZE 6.811656 .3403205 20.02 0.000 6.143736 7.479577
_cons -110.6588 7.194177 -15.38 0.000 -124.7782 -96.53935

4 . vif

Variable VIF 1/VIF

SIZE 1.30 0.771947

Lev 1.24 0.804948
ROA 1.08 0.927889
BGD 1.05 0.955555

Mean VIF 1.17

5 . xtreg CSR BGD ROA Lev SIZE, fe

must specify panelvar; use xtset
r(459);
 Wednesday April 9 21:22:41 2025 Page 2

6 . ssc install xtreg

ssc install: "xtreg" not found at SSC, type search xtreg
(To find all packages at SSC that start with x, type ssc describe x)
r(601);

7 . xtset ID Year

Panel variable: ID (strongly balanced)

Time variable: Year, 2010 to 2021
Delta: 1 unit

8 .
9 . xtreg CSR BGD ROA Lev SIZE, fe

Fixed-effects (within) regression Number of obs = 899

Group variable: ID Number of groups = 75

R-squared: Obs per group:

Within = 0.3063 min = 11
Between = 0.5519 avg = 12.0
Overall = 0.5028 max = 12

F(4,820) = 90.50
corr(u_i, Xb) = 0.2320 Prob > F = 0.0000

CSR Coefficient Std. err. t P>|t| [95% conf. interval]

BGD .5657215 .0354868 15.94 0.000 .4960657 .6353772

ROA -5.057311 2.476179 -2.04 0.041 -9.917706 -.1969165
Lev -1.047338 3.75511 -0.28 0.780 -8.418099 6.323422
SIZE 5.119021 .8459625 6.05 0.000 3.458514 6.779528
_cons -71.27556 18.58928 -3.83 0.000 -107.7637 -34.78739

sigma_u 14.151951
sigma_e 8.326686
rho .74283841 (fraction of variance due to u_i)

F test that all u_i=0: F(74, 820) = 32.38 Prob > F = 0.0000

10 . estimate store fe

11 . xtreg CSR BGD ROA Lev SIZE, re

Random-effects GLS regression Number of obs = 899

Group variable: ID Number of groups = 75

R-squared: Obs per group:

Within = 0.3056 min = 11
Between = 0.5528 avg = 12.0
Overall = 0.5056 max = 12

Wald chi2(4) = 446.27

corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.0000

CSR Coefficient Std. err. z P>|z| [95% conf. interval]

BGD .5650451 .034344 16.45 0.000 .4977321 .632358

ROA -5.624307 2.418179 -2.33 0.020 -10.36385 -.8847642
Lev -.3157617 3.547905 -0.09 0.929 -7.269528 6.638005
SIZE 5.932752 .6433326 9.22 0.000 4.671843 7.193661
_cons -89.55111 14.14145 -6.33 0.000 -117.2678 -61.83437

sigma_u 13.772882
sigma_e 8.326686
rho .73232916 (fraction of variance due to u_i)
 Wednesday April 9 21:22:42 2025 Page 3

12 . hausman fe

Coefficients
(b) (B) (b-B) sqrt(diag(V_b-V_B))
fe . Difference Std. err.

BGD .5657215 .5650451 .0006764 .0089335

ROA -5.057311 -5.624307 .5669961 .5327961
Lev -1.047338 -.3157617 -.7315768 1.230131
SIZE 5.119021 5.932752 -.8137307 .5493411

b = Consistent under H0 and Ha; obtained from xtreg.

B = Inconsistent under Ha, efficient under H0; obtained from xtreg.

Test of H0: Difference in coefficients not systematic

chi2(4) = (b-B)'[(V_b-V_B)^(-1)](b-B)
= 3.91
Prob > chi2 = 0.4180

13 . xttest0

Breusch and Pagan Lagrangian multiplier test for random effects

CSR[ID,t] = Xb + u[ID] + e[ID,t]

Estimated results:
Var SD = sqrt(Var)

CSR 503.9897 22.44972

e 69.3337 8.326686
u 189.6923 13.77288

Test: Var(u) = 0
chibar2(01) = 2534.57
Prob > chibar2 = 0.0000

14 . xtserial CSR BGD ROA Lev SIZE

Wooldridge test for autocorrelation in panel data

H0: no first-order autocorrelation
F( 1, 74) = 78.475
Prob > F = 0.0000

15 . xtreg ETR BGD ROA Lev SIZE, fe

Fixed-effects (within) regression Number of obs = 899

Group variable: ID Number of groups = 75

R-squared: Obs per group:

Within = 0.0134 min = 11
Between = 0.0017 avg = 12.0
Overall = 0.0018 max = 12

F(4,820) = 2.78
corr(u_i, Xb) = -0.3812 Prob > F = 0.0258

ETR Coefficient Std. err. t P>|t| [95% conf. interval]

BGD .0154514 .0062189 2.48 0.013 .0032445 .0276583

ROA -.7617103 .4339407 -1.76 0.080 -1.613476 .0900551
Lev -.2244193 .6580686 -0.34 0.733 -1.516117 1.067278
SIZE .1142473 .1482516 0.77 0.441 -.1767501 .4052447
_cons -2.49038 3.257699 -0.76 0.445 -8.88479 3.904031

sigma_u .64363035
sigma_e 1.4592195
rho .16286485 (fraction of variance due to u_i)

F test that all u_i=0: F(74, 820) = 1.61 Prob > F = 0.0013
 Wednesday April 9 21:22:42 2025 Page 4

16 . estimate store fe

17 . xtreg ETR BGD ROA Lev SIZE, re

Random-effects GLS regression Number of obs = 899

Group variable: ID Number of groups = 75

R-squared: Obs per group:

Within = 0.0007 min = 11
Between = 0.3439 avg = 12.0
Overall = 0.0309 max = 12

Wald chi2(4) = 26.68

corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.0000

ETR Coefficient Std. err. z P>|z| [95% conf. interval]

BGD .0038495 .003886 0.99 0.322 -.0037669 .0114658

ROA 1.08466 .294489 3.68 0.000 .5074725 1.661848
Lev .0584756 .3077504 0.19 0.849 -.5447042 .6616554
SIZE .0698476 .0328935 2.12 0.034 .0053775 .1343178
_cons -1.50628 .6956166 -2.17 0.030 -2.869663 -.1428964

sigma_u .09486396
sigma_e 1.4592195
rho .00420852 (fraction of variance due to u_i)

18 . hausman fe

Coefficients
(b) (B) (b-B) sqrt(diag(V_b-V_B))
fe . Difference Std. err.

BGD .0154514 .0038495 .0116019 .0048554

ROA -.7617103 1.08466 -1.846371 .3187174
Lev -.2244193 .0584756 -.2828949 .5816733
SIZE .1142473 .0698476 .0443997 .1445564

b = Consistent under H0 and Ha; obtained from xtreg.

B = Inconsistent under Ha, efficient under H0; obtained from xtreg.

Test of H0: Difference in coefficients not systematic

chi2(4) = (b-B)'[(V_b-V_B)^(-1)](b-B)
= 46.89
Prob > chi2 = 0.0000

19 . xttest0

Breusch and Pagan Lagrangian multiplier test for random effects

ETR[ID,t] = Xb + u[ID] + e[ID,t]

Estimated results:
Var SD = sqrt(Var)

ETR 2.298496 1.516079

e 2.129322 1.459219
u .0089992 .094864

Test: Var(u) = 0
chibar2(01) = 1.78
Prob > chibar2 = 0.0911
 Wednesday April 9 21:22:42 2025 Page 5

20 . xtserial ETR BGD ROA Lev SIZE

Wooldridge test for autocorrelation in panel data

H0: no first-order autocorrelation
F( 1, 74) = 18.677
Prob > F = 0.0000

21 . xtreg ETR BGD CSR ROA Lev SIZE, fe

Fixed-effects (within) regression Number of obs = 899

Group variable: ID Number of groups = 75

R-squared: Obs per group:

Within = 0.0141 min = 11
Between = 0.0020 avg = 12.0
Overall = 0.0021 max = 12

F(5,819) = 2.34
corr(u_i, Xb) = -0.3675 Prob > F = 0.0405

ETR Coefficient Std. err. t P>|t| [95% conf. interval]

BGD .018019 .0071196 2.53 0.012 .0040441 .0319938

CSR -.0045385 .0061215 -0.74 0.459 -.0165543 .0074772
ROA -.7846631 .4351625 -1.80 0.072 -1.638828 .0695022
Lev -.2291727 .6582805 -0.35 0.728 -1.521288 1.062943
SIZE .1374801 .1515671 0.91 0.365 -.1600256 .4349859
_cons -2.813866 3.287675 -0.86 0.392 -9.267126 3.639395

sigma_u .64040818
sigma_e 1.4596203
rho .16142657 (fraction of variance due to u_i)

F test that all u_i=0: F(74, 819) = 1.61 Prob > F = 0.0013

22 . estimate store fe

23 . xtreg ETR BGD CSR ROA Lev SIZE, re

Random-effects GLS regression Number of obs = 899

Group variable: ID Number of groups = 75

R-squared: Obs per group:

Within = 0.0004 min = 11
Between = 0.3356 avg = 12.0
Overall = 0.0316 max = 12

Wald chi2(5) = 26.84

corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.0001

ETR Coefficient Std. err. z P>|z| [95% conf. interval]

BGD .0056017 .0044124 1.27 0.204 -.0030464 .0142498

CSR -.0026257 .0032324 -0.81 0.417 -.0089612 .0037097
ROA 1.044888 .2974017 3.51 0.000 .4619917 1.627785
Lev .0628359 .3093576 0.20 0.839 -.5434938 .6691656
SIZE .0878923 .039737 2.21 0.027 .0100092 .1657753
_cons -1.800338 .785736 -2.29 0.022 -3.340353 -.260324

sigma_u .10765457
sigma_e 1.4596203
rho .0054104 (fraction of variance due to u_i)
 Wednesday April 9 21:22:42 2025 Page 6

24 . hausman fe

Coefficients
(b) (B) (b-B) sqrt(diag(V_b-V_B))
fe . Difference Std. err.

BGD .018019 .0056017 .0124173 .0055875

CSR -.0045385 -.0026257 -.0019128 .0051985
ROA -.7846631 1.044888 -1.829551 .317677
Lev -.2291727 .0628359 -.2920086 .5810604
SIZE .1374801 .0878923 .0495879 .1462654

b = Consistent under H0 and Ha; obtained from xtreg.

B = Inconsistent under Ha, efficient under H0; obtained from xtreg.

Test of H0: Difference in coefficients not systematic

chi2(5) = (b-B)'[(V_b-V_B)^(-1)](b-B)
= 46.43
Prob > chi2 = 0.0000

25 . xttest0

Breusch and Pagan Lagrangian multiplier test for random effects

ETR[ID,t] = Xb + u[ID] + e[ID,t]

Estimated results:
Var SD = sqrt(Var)

ETR 2.298496 1.516079

e 2.130492 1.45962
u .0115895 .1076546

Test: Var(u) = 0
chibar2(01) = 1.85
Prob > chibar2 = 0.0871

26 . xtserial ETR BGD CSR ROA Lev SIZE

Wooldridge test for autocorrelation in panel data

H0: no first-order autocorrelation
F( 1, 74) = 18.663
Prob > F = 0.0000

27 . log close
name: <unnamed>
log: C:\Users\user\Downloads\résultat leila V2.smcl
log type: smcl
closed on: 25 Mar 2025, 17:47:50