Dependent Variable: HSM

Method: Panel Least Squares

Date: 04/08/19 Time: 11:19
Sample: 2013 2017
Periods included: 5
Cross-sections included: 24
Total panel (balanced) observations: 120

Variable Coefficient Std. Error t-Statistic Prob.

ROA -149.9849 93.50741 -1.603989 0.1115

ROE 246.7052 37.18108 6.635235 0.0000
EPS 18.37375 0.717828 25.59631 0.0000
NPM -165.2061 39.58321 -4.173641 0.0001
C -180.2884 1074.025 -0.167862 0.8670

R-squared 0.880391 Mean dependent var 11374.19

Adjusted R-squared 0.876231 S.D. dependent var 14129.78
S.E. of regression 4970.971 Akaike info criterion 19.90139
Sum squared resid 2.84E+09 Schwarz criterion 20.01754
Log likelihood -1189.084 Hannan-Quinn criter. 19.94856
F-statistic 211.6174 Durbin-Watson stat 1.271594
Prob(F-statistic) 0.000000

50
Series: Standardized Residuals
Sample 2013 2017
40
Observations 120

30 Mean -3.93e-12
Median 47.35555
Maximum 31642.14
20 Minimum -12681.00
Std. Dev. 4886.712
10
Skewness 2.401207
Kurtosis 17.23875

0 Jarque-Bera 1129.026
-10000 0 10000 20000 30000
Probability 0.000000
Panel Cross-section Heteroskedasticity LR Test
Null hypothesis: Residuals are homoskedastic
Equation: UNTITLED
Specification: HSM ROA ROE EPS NPM C

Value df Probability
Likelihood ratio 221.0690 24 0.0000

LR test summary:
Value df
Restricted LogL -1189.084 115
Unrestricted LogL -1078.549 115

Unrestricted Test Equation:

Dependent Variable: HSM
Method: Panel EGLS (Cross-section weights)
Date: 04/08/19 Time: 11:22
Sample: 2013 2017
Periods included: 5
Cross-sections included: 24
Total panel (balanced) observations: 120
Iterate weights to convergence
Convergence achieved after 51 weight iterations

Variable Coefficient Std. Error t-Statistic Prob.

ROA 101.3265 35.87674 2.824296 0.0056

ROE -35.28738 30.60833 -1.152869 0.2514
EPS 15.08349 0.548218 27.51367 0.0000
NPM -44.80129 8.164586 -5.487270 0.0000
C 490.6202 190.1744 2.579844 0.0111

Weighted Statistics

R-squared 0.888952 Mean dependent var 28734.08

Adjusted R-squared 0.885089 S.D. dependent var 16169.68
S.E. of regression 7866.623 Akaike info criterion 18.05915
Sum squared resid 7.12E+09 Schwarz criterion 18.17530
Log likelihood -1078.549 Hannan-Quinn criter. 18.10632
F-statistic 230.1469 Durbin-Watson stat 1.362999
Prob(F-statistic) 0.000000

Unweighted Statistics

R-squared 0.700456 Mean dependent var 11374.19

Sum squared resid 7.12E+09 Durbin-Watson stat 0.441593

Panel Period Heteroskedasticity LR Test

Null hypothesis: Residuals are homoskedastic
Equation: UNTITLED
Specification: HSM ROA ROE EPS NPM C

Value df Probability
Likelihood ratio 51.69609 24 0.0009

LR test summary:
Value df
Restricted LogL -1189.084 115
Unrestricted LogL -1163.235 115

Unrestricted Test Equation:

Dependent Variable: HSM
Method: Panel EGLS (Period weights)
Date: 04/08/19 Time: 11:22
Sample: 2013 2017
Periods included: 5
Cross-sections included: 24
Total panel (balanced) observations: 120
Iterate weights to convergence
Convergence achieved after 7 weight iterations

Variable Coefficient Std. Error t-Statistic Prob.

ROA -89.71974 62.36402 -1.438646 0.1530

ROE 210.4004 25.67827 8.193713 0.0000
EPS 17.07036 0.487522 35.01454 0.0000
NPM -159.3228 29.03149 -5.487931 0.0000
C 68.01787 767.0598 0.088673 0.9295

Weighted Statistics

R-squared 0.931251 Mean dependent var 15465.26

Adjusted R-squared 0.928860 S.D. dependent var 19887.56
S.E. of regression 5107.154 Akaike info criterion 19.47059
Sum squared resid 3.00E+09 Schwarz criterion 19.58674
Log likelihood -1163.235 Hannan-Quinn criter. 19.51776
F-statistic 389.4374 Durbin-Watson stat 1.153260
Prob(F-statistic) 0.000000

Unweighted Statistics

R-squared 0.873748 Mean dependent var 11374.19

Sum squared resid 3.00E+09 Durbin-Watson stat 1.137251