Table 7.

Estimated models for the whole sample and subsamples

	M1	M2	M3	M4	M5	M6
Sample	All hospitals	All hospitals > = 50 beds	General All	General > = 50 beds	Medium & long stay	Medium & long stay > = 50 beds
Commissioning	0.0332***	0.0317 ***	0.0223**	0.0335***	0.0400**	0.0209
	(0.0083)	(0.0089)	(0.0100)	(0.0110)	(0.0181)	(0.0189)
Beds (log)	0.0328*	0.0341*	0.0519	0.0500**	0.0722***	0.0852
	(0.0100) **	(0.0203)	(0.0162)**	(0.0231)	(0.0199)	(− 0.0546)
Age (log)	0.0108	0.0083	0.0187*	0.0032	0.0245	0.0756 ***
	(0.0080)	(− 0.0091)	(0.0097)	(0.0105)	−0.0193	(0.0216)
Techn.index	0.0172*	0.0203**	0.0225**	0.0260**	–	–
	(0.0092)	(0.0101)	(0.0110)	(0.0116)
Techn.index2	−0.0125 ***	− 0.0143***	− 0.0157***	− 0.0174***	–	–
	(0.0044)	(0.0045)	(0.0049)	(0.0051)
Leverage	−0.2264***	−0.2196***	− 0.2276***	−0.2213***	− 0.2570***	−0.2264***
	(0.0090)	(0.0108)	(0.0110)	(0.0134)	(0.0201)	(0.0217)
Tangibility	−0.0368***	−0.0641 ***	− 0.0800***	−0.0863***	− 0.0012	−0.0273
	(0.0133)	(0.0155)	(0.0172)	(0.0197)	(−0.0275)	(−0.0302)
Constant	0.0249	0.0193	−0.0715	−0.041	− 0.1455	−0.3807
	(0.0489)	(0.1006)	(0.0754)	(0.1137)	(0.1069)	(0.2685)
Yearsa	Yes	Yes	Yes	Yes	Yes	Yes
N Observations	3284	2183	2091	1467	751	532
R2 within	0.2076	0.2112	0.2235	0.2170	0.2541	0.2527
R2 between	0.2326	0.1092	0.2277	0.1155	0.0922	0.0217
R2 overall	0.1732	0.1397	0.1631	0.1118	0.1515	0.1121
rho	0.5273	0.5154	0.5673	0.5531	0.5407	0.6770

*, **, ***: significant to 10, 5 and 1%, respectively . Standard error in parentheses

^aYears estimation results can see in Additional file 2

Source: Own elaboration

Dependent variable: ROA. Estimation method: panel regression with fixed effects