Table 8.

Results of panel regression test: the comprehensive score (SCORE).

	Coefficient	t-statistics	p-value
Panel A
Constant	599.6884	3.3795	0.0009∗∗∗
ΔGDP	2.2620	2.9718	0.0033∗∗∗
ΔTA	0.1834	2.1279	0.0345∗∗
SIZE	−40.2730	−3.4693	0.0006∗∗∗
D921	13.1808	1.3359	0.1830
D911	−21.0432	−2.1222	0.0350∗∗
DSARS	−30.1353	−3.0629	0.0025∗∗∗
F-statistics [p-value] = 5.8465 [0.0000]∗∗∗, Adjusted R2 = 0.2186
Panel B
Constant	−18.0118	−7.9201	0.0000∗∗∗
ΔGDP	2.8618	3.9693	0.0001∗∗∗
F-statistics [p-value] = 4.0592 [0.0015]∗∗∗, Adjusted R2 = 0.0866
Panel C
Constant	−15.2307	−7.0948	0.0000∗∗∗
ΔTA	0.3061	3.7421	0.0002∗∗∗
F-statistics [p-value] = 3.7018 [0.0031]∗∗∗, Adjusted R2 = 0.0796

Note: Sample observations = 220.

∗Significance at the 10% level.

∗∗Significance at the 5% level.

∗∗∗Significance at the 1% level.