. 2022 Nov 7;13:927617. doi: 10.3389/fpsyg.2022.927617

Table 4.

Estimation results for the impact of investor sentiment.

	Organizational performance (ROA)
	Random-effect, Model 3	Fixed-effect, Model 4
$S R_{i, t - 1}$	−0.000 (0.000)	0.759 (0.241)
$O P I_{i, t - 1}$	0.042^*** (0.004)	0.058^*** (0.004)
$G R W_{i, t - 1}$	0.078^*** (0.003)	0.109^*** (0.004)
$N E M_{i, t - 1}$	−0.180^*** (0.007)	−0.192^*** (0.011)
$A S T_{i, t - 1}$	0.080^*** (0.008)	0.045^*** (0.012)
$A L R_{i, t - 1}$	−0.095^*** (0.011)	−0.045^*** (0.014)
$C F_{i, t - 1}$	−0.031^*** (0.008)	0.051^*** (0.009)
$S H E Q_{i, t - 1}$	0.005^*** (0.000)	0.015^*** (0.001)
$D P S_{i, t - 1}$	−0.405^**** (0.033)	0.621^*** (0.030)
$E P S_{i, t - 1}$	0.679^*** (0.013)	0.717^*** (0.016)
$E N T_{i}$	Categorical variable	_
$Y E A R_{t}$	_	_
Cons	28.680 (24.984)	5.561^*** (0.239)
$R^{2}$ : Within	0.694	0.751
$R^{2}$ : Between	0.711	0.664
$R^{2}$ : Overall	0.673	0.623

^***p < 0.01; ^**p < 0.05. According to the Hausman test, $χ^{2}$ (10) = 845.83, p < 0.05. Hence, the fixed-effect model fit the data set better than random-effect model.