Table 6 Time fixed effects model and robustness tests.
Variables | Fixed effects model (Year) | Robustness tests | ||||||
|---|---|---|---|---|---|---|---|---|
Coefficient | T value | P value | VIF | Coefficient | T value | P value | VIF | |
Us | −0.004 | −0.70 | 0.485 | 1.39 | −0.006 | −0.88 | 0.382 | 1.39 |
As | −0.171*** | −2.78 | 0.006 | 1.28 | −0.175*** | −2.78 | 0.006 | 1.28 |
Ps | 0.046** | 2.11 | 0.036 | 1.64 | 0.044** | 1.97 | 0.050 | 1.63 |
Indlag2 | −0.171* | −1.77 | 0.078 | 1.09 | −0.177* | −1.78 | 0.076 | 1.09 |
Sallag2 | −1.23e−09 | −0.40 | 0.691 | 1.37 | −2.43e−09 | −0.76 | 0.445 | 1.37 |
CSRlag | −0.002*** | −3.05 | 0.003 | 1.34 | −0.001** | −2.53 | 0.012 | 1.34 |
_cons | 0.514*** | 11.80 | 0.000 | 0.479*** | 10.74 | 0.000 | ||
N | 280 | 279 | ||||||
R2 | 0.4728 | 0.4522 | ||||||
F value | 16.97 | 15.57 | ||||||