Table 2.
Panel data model estimation
| Variable | FE | RE | FE | RE | FE | RE | FE | RE |
|---|---|---|---|---|---|---|---|---|
| ln PHY | −0.888*** | −0.706*** | ||||||
| ln NUR | −0.757*** | − 0.833*** | ||||||
| ln PHA | −1.126*** | −0.731*** | ||||||
| ln MCB | −0.785*** | − 0.728*** | ||||||
| ln WORKL | 0.001 | 0.524*** | 0.181 | 0.537*** | 0.398 | 0.678*** | 0.296 | 0.486*** |
| ln HOS | −0.418*** | 0.046 | −0.316** | 0.094 | −0.443*** | 0.021 | −0.433*** | 0.039 |
| Constant | 5.289*** | 2.285*** | 4.646*** | 2.359*** | 2.764** | 0.790 | 3.345*** | 1.119** |
| Hausman test value | 33.30*** | 24.72*** | 33.45*** | 34.28*** | ||||
| P | 0.000 | 0.0001 | 0.000 | 0.000 | ||||
FE Fixed effect (FE) model; RE Random effect (RE) model
*** p < 0.01, ** p < 0.05, and * p < 0.1