Table 4.
Static panel analysis – Models 1 to 4.
| Independent variables | Model 1 | Model 2 | Model 3 | Model 4 |
|---|---|---|---|---|
| BVCS | 0.421* (0.235) | 0.361 (0.236) | ||
| CoreEPS | 1.298** (0.515) | 1.304** (0.497) | ||
| NPAS | 2.155 (2.652) | −8.280 (5.957) | ||
| PAS | 4.719 (3.147) | −2.377 (11.185) | ||
| PLS | 2.874 (2.641) | −3.728 (9.641) | ||
| PensEPS | 0.235 (2.234) | −2.002 (2.722) | ||
| TNAS | 0.344 (0.277) | 0.355 (0.279) | ||
| LTDS | 0.101 (0.447) | 0.127 (0.452) | ||
| CorebPSCEPS | 1.353** (0.535) | 1.336** (0.528) | ||
| ACTGLPS | −1.342 (2.044) | −1.677 (2.359) | ||
| PSCPS | 59.844** (27.394) | 61.890** (27.194) | ||
| PIPS | 344.927** (138.620) | 195.600 (242.183) | ||
| PEPS | 300.853** (143.605) | 184.215 (219.773) | ||
| Constant | 8.061*** (1.434) | 4.739** (2.218) | 6.467*** (2.095) | 6.297*** (2.208) |
| No of observations | 570 | 570 | 570 | 570 |
| R2 | 0.318 | 0.351 | 0.376 | 0.380 |
Notes: Robust standard errors in parentheses. Time fixed effects are estimated but not reported.
***p < 0.01, **p < 0.05, *p < 0.1.