Table 5.

Results of panel regression test: ROA.

	Coefficient	t-statistics	p-value
Panel A
Constant	36.2428	4.3907	0.0000∗∗∗
ΔGDP	0.0014	0.0400	0.9681
ΔTA	0.0089	2.2169	0.0277∗∗
SIZE	−2.2982	−4.2559	0.0000∗∗∗
D921	−0.2021	−0.4403	0.6602
D911	−0.0123	−0.0266	0.9788
DSARS	−0.6652	−1.4536	0.1476
F-statistics [p-value] = 23.7500 [0.0000]∗∗∗, Adjusted R2 = 0.5095
Panel B
Constant	1.0799	11.2085	0.0000∗∗∗
ΔTA	0.0094	2.5654	0.0110∗∗∗
F-statistics [p-value] = 38.5857 [0.0000]∗∗∗, Adjusted R2 = 0.4748

Note: Sample observations = 220.

∗Significance at the 10% level.

∗∗Significance at the 5% level.

∗∗∗Significance at the 1% level.