Table 4.

Results of panel regression test: occupancy rate (OPR).

	Coefficient	t-statistics	p-value
Panel A
Constant	−0.8391	−1.8865	0.0606∗
ΔGDP	2.2620	1.7368	0.0839∗
ΔTA	0.1834	5.0696	0.0000∗∗∗
SIZE	0.1014	3.4850	0.0006∗∗∗
D921	−0.0399	−1.6144	0.1080
D911	−0.2927	−11.8671	0.0000∗∗∗
DSARS	−0.0741	−2.9800	0.0032∗∗∗
F-statistics [p-value] = 60.1464 [0.0000]∗∗∗, Adjusted R2 = 0.7298
Panel B
Constant	0.6920	90.8774	0.0000∗∗∗
ΔGDP	0.0045	1.8465	0.0662∗
F-statistics [p-value] = 36.7593 [0.0000]∗∗∗, Adjusted R2 = 0.4495
Panel C
Constant	0.6952	105.2568	0.0000∗∗∗
ΔTA	0.0016	6.4488	0.0000∗∗∗
F-statistics [p-value] = 50.7300 [0.0000]∗∗∗, Adjusted R2 = 0.5317

Note: Sample observations = 220.

∗Significance at the 10% level.

∗∗Significance at the 5% level.

∗∗∗Significance at the 1% level.