Fixed-effects (within) regression Number of obs = 4770
Group variable: code Number of groups = 954
R-sq: within = 0.3824 Obs per group: min = 5
between = 0.1090 avg = 5.0
overall = 0.2091 max = 5
F(61,953) = .
corr(u_i, Xb) = -0.6670 Prob > F = .
(Std. Err. adjusted for 954 clusters in code)
------------------------------------------------------------------------------
| Robust
ch | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
cf | (omitted)
cfcsr | (omitted)
cfmkt | .0311809 .0067241 4.64 0.000 .0179853 .0443766
cfmktcsr | .0092301 .0044012 2.10 0.036 .0005928 .0178673
csr | .0013923 .0045184 0.31 0.758 -.007475 .0102595
size | .0458981 .0204564 2.24 0.025 .0057533 .086043
tobinq | -.0050483 .0036156 -1.40 0.163 -.0121437 .0020472
nwc | .3176408 .0822926 3.86 0.000 .1561452 .4791363
year1 | .0886059 .0117421 7.55 0.000 .0655626 .1116493
year2 | .0568601 .0098229 5.79 0.000 .0375831 .0761371
year3 | .0082395 .0054246 1.52 0.129 -.002406 .018885
year4 | (omitted)
year5 | .005312 .0047545 1.12 0.264 -.0040185 .0146424
ind1 | -.2040536 .1222665 -1.67 0.095 -.4439963 .0358891
ind2 | (omitted)
ind3 | (omitted)
ind4 | (omitted)
ind5 | -.144884 .0845876 -1.71 0.087 -.3108836 .0211155
ind6 | .4388415 .1072345 4.09 0.000 .2283985 .6492846
ind7 | -.2979227 .1142059 -2.61 0.009 -.5220468 -.0737986
ind8 | -.0265188 .1178408 -0.23 0.822 -.2577763 .2047387
ind9 | .3818581 .105431 3.62 0.000 .1749544 .5887619
ind10 | -.0305287 .1128761 -0.27 0.787 -.2520431 .1909856
ind11 | -.0275903 .1229777 -0.22 0.823 -.2689287 .2137482
ind12 | -.1608141 .0969261 -1.66 0.097 -.3510273 .0293991
ind13 | -.2129057 .0748101 -2.85 0.005 -.3597172 -.0660942
ind14 | -.1965776 .0807 -2.44 0.015 -.3549478 -.0382073
ind15 | -.242627 .0756099 -3.21 0.001 -.391008 -.0942459
ind16 | (omitted)
ind17 | -.0204244 .10328 -0.20 0.843 -.2231069 .182258
ind18 | -.042053 .0150635 -2.79 0.005 -.0716144 -.0124916
ind19 | (omitted)
ind20 | -.1973031 .0870221 -2.27 0.024 -.3680802 -.026526
ind21 | -.1532673 .0799829 -1.92 0.056 -.3102304 .0036957
ind22 | -.1488985 .0870073 -1.71 0.087 -.3196465 .0218494
ind23 | -.2086978 .0738749 -2.83 0.005 -.3536741 -.0637216
ind24 | -.1779087 .0782943 -2.27 0.023 -.3315578 -.0242596
ind25 | -.280607 .1528218 -1.84 0.067 -.580513 .019299
ind26 | -.201636 .0874556 -2.31 0.021 -.3732637 -.0300083
ind27 | -.162214 .0879768 -1.84 0.066 -.3348645 .0104366
ind28 | -.2465868 .0768771 -3.21 0.001 -.3974548 -.0957188
ind29 | -.2393873 .1208714 -1.98 0.048 -.4765921 -.0021824
ind30 | -.1724699 .081824 -2.11 0.035 -.333046 -.0118939
ind31 | -.1694374 .0981104 -1.73 0.084 -.3619747 .0231
ind32 | -.1833231 .0827672 -2.21 0.027 -.3457501 -.0208961
ind33 | -.1420223 .0961755 -1.48 0.140 -.3307626 .046718
ind34 | -.1756208 .0779531 -2.25 0.024 -.3286002 -.0226413
ind35 | -.1734488 .0758999 -2.29 0.023 -.322399 -.0244986
ind36 | -.2876192 .0937456 -3.07 0.002 -.4715908 -.1036476
ind37 | -.2107187 .0843463 -2.50 0.013 -.3762447 -.0451927
ind38 | -.2514723 .1275539 -1.97 0.049 -.5017914 -.0011533
ind39 | -.2086458 .0847701 -2.46 0.014 -.3750034 -.0422883
ind40 | -.1728017 .0826184 -2.09 0.037 -.3349368 -.0106667
ind41 | -.1467626 .0846916 -1.73 0.083 -.312966 .0194409
ind42 | -.2228726 .0907364 -2.46 0.014 -.4009388 -.0448065
ind43 | -.2138483 .0960346 -2.23 0.026 -.4023119 -.0253846
ind44 | -.1087523 .0897042 -1.21 0.226 -.2847929 .0672882
ind45 | -.220765 .0908999 -2.43 0.015 -.3991521 -.042378
ind46 | -.1702129 .0767571 -2.22 0.027 -.3208453 -.0195805
ind47 | -.2249907 .0766213 -2.94 0.003 -.3753567 -.0746248
ind48 | (omitted)
ind49 | -.2037039 .0812738 -2.51 0.012 -.3632002 -.0442077
ind50 | -.2097328 .0839727 -2.50 0.013 -.3745255 -.0449401
ind51 | -.1990244 .0837739 -2.38 0.018 -.363427 -.0346219
ind52 | -.2193143 .0850313 -2.58 0.010 -.3861846 -.052444
ind53 | -.2498499 .0849457 -2.94 0.003 -.4165521 -.0831476
ind54 | -.1424085 .1052753 -1.35 0.176 -.3490067 .0641897
ind55 | (omitted)
ind56 | -.1280435 .0924363 -1.39 0.166 -.3094457 .0533586
ind57 | -.0979775 .0816016 -1.20 0.230 -.2581171 .0621621
ind58 | -.186255 .0962951 -1.93 0.053 -.3752299 .00272
ind59 | -.2184307 .0884954 -2.47 0.014 -.392099 -.0447624
ind60 | -.2300347 .0881874 -2.61 0.009 -.4030986 -.0569709
ind61 | -.2400667 .0860128 -2.79 0.005 -.4088631 -.0712703
ind62 | .2678158 .0784849 3.41 0.001 .1137926 .421839
ind63 | (omitted)
ind64 | .2553349 .0782922 3.26 0.001 .1016899 .4089798
ind65 | -.2047824 .0886548 -2.31 0.021 -.3787636 -.0308013
ind66 | -.1974387 .0893359 -2.21 0.027 -.3727565 -.0221208
_cons | -.9128603 .4560467 -2.00 0.046 -1.807832 -.0178885
-------------+----------------------------------------------------------------
sigma_u | .12630302
sigma_e | .15323253
rho | .40454924 (fraction of variance due to u_i)
------------------------------------------------------------------------------
数据源的部分如下:
code | YEAR | CH | CF | CF*CSR | CF*MKT | CF*MKT*CSR | CSR | SIZE | Tobin'Q | NWC | IND | area |
000002 | 2009 | 0.016979 | 0.077605 | 0.107276 | 0.741904 | 1.025556 | 1.38233 | 25.64768 | 1.511156 | 0.522197 | K70 | east |
000002 | 2010 | 0.095155 | 0.016258 | 0.031606 | 0.155428 | 0.302158 | 1.944041 | 26.09686 | 1.165389 | 0.551346 | K70 | east |
000002 | 2011 | -0.00688 | 0.015718 | 0.045054 | 0.150266 | 0.43072 | 2.866391 | 26.41433 | 1.042666 | 0.379908 | K70 | east |
000002 | 2012 | 0.059101 | 0.012579 | 0.043836 | 0.120254 | 0.419074 | 3.484914 | 26.66028 | 1.076884 | 0.347526 | K70 | east |
000002 | 2013 | -0.02143 | 0.005079 | 0.021154 | 0.048554 | 0.20223 | 4.165077 | 26.89539 | 0.968694 | 0.298639 | K70 | east |
000004 | 2009 | 0.280364 | 0.27767 | 0.051652 | 2.65453 | 0.493797 | 0.186021 | 19.25581 | 0.610368 | 0.187822 | G54 | east |
000004 | 2010 | -0.15028 | -0.05092 | -0.02194 | -0.48679 | -0.20974 | 0.430872 | 19.03164 | 5.781353 | 0.196497 | C27 | east |
000004 | 2011 | 0.065384 | 0.105123 | 0.02197 | 1.004978 | 0.210033 | 0.208992 | 19.09519 | 3.752426 | 0.285744 | C27 | east |
000004 | 2012 | -0.00458 | 0.089465 | 0.017471 | 0.85529 | 0.167022 | 0.195281 | 19.07775 | 3.789974 | 0.453485 | C27 | east |
000004 | 2013 | 0.001245 | -0.10908 | -0.01552 | -1.04277 | -0.14837 | 0.14228 | 19.30508 | 4.439229 | 0.515356 | C27 | east |
000005 | 2009 | 0.003999 | 0.005854 | -9.1E-05 | 0.055966 | -0.00087 | -0.01554 | 21.00029 | 4.637656 | -0.30759 | S90 | east |
000005 | 2010 | -0.01213 | 0.004644 | 0.000445 | 0.044395 | 0.00425 | 0.095722 | 20.98228 | 3.057444 | -0.28794 | S90 | east |
000005 | 2011 | -0.00203 | 0.026838 | 0.003726 | 0.256576 | 0.035618 | 0.138822 | 20.95484 | 0.476484 | -0.30125 | S90 | east |
000005 | 2012 | 0.002294 | 0.142374 | 0.012932 | 1.361097 | 0.123625 | 0.090828 | 21.00067 | 2.539861 | -0.22526 | K70 | east |
000005 | 2013 | -0.00201 | -0.08465 | -0.00189 | -0.80929 | -0.0181 | 0.022363 | 20.89609 | 2.396972 | -0.22979 | K70 | east |
000006 | 2009 | 0.10227 | 0.062321 | 0.115704 | 0.595786 | 1.106131 | 1.856589 | 22.7073 | 1.475423 | 0.815598 | K70 | east |