Fixed effects estimator
allows for differing intercepts by cross-sectional unit
slope standard errors in parentheses, p-values in brackets

           const:        -15,289        (23,967)       [0,52359]
           LNASS:         0,4345      (0,022598)       [0,00000]
          RECINV:         0,3398       (0,12219)       [0,00546]
             CUR:      -0,028002     (0,0061348)       [0,00001]
             LEV:       0,069764      (0,054916)       [0,20407]
             ROA:       -0,20179      (0,065809)       [0,00219]
           DLOSS:        0,03461      (0,016246)       [0,03324]
         DFORSAL:       0,053546      (0,021491)       [0,01278]
            LSEG:        0,07931      (0,034203)       [0,02048]
          GROWTH:      -0,018368      (0,010151)       [0,07050]
          TENURE:      -0,011688       (0,01172)       [0,31870]
         DBIG4_5:        0,18081      (0,039895)       [0,00001]
          AUDCHG:       -0,12002      (0,022799)       [0,00000]
          REPLAG:      0,0002781    (0,00013906)       [0,04563]
             AS5:      -0,017445      (0,012247)       [0,15445]
              MW:        0,11478      (0,016905)       [0,00000]
           DMERG:      -0,020884      (0,011455)       [0,06841]
           DYEND:        0,34664      (0,089302)       [0,00011]
           fyear:       0,010926      (0,011984)       [0,36200]

1576 group means were subtracted from the data

Residual variance: 110,685/(4220 - 1594) = 0,0421496
Joint significance of differing group means:
 F(1575, 2626) = 15,4652 with p-value 0
(A low p-value counts against the null hypothesis that the pooled OLS model
is adequate, in favor of the fixed effects alternative.)


Breusch-Pagan test statistic:
 LM = 2278,78 with p-value = prob(chi-square(1) > 2278,78) = 0
(A low p-value counts against the null hypothesis that the pooled OLS model
is adequate, in favor of the random effects alternative.)

Variance estimators:
 between = 0,28289
 within = 0,0421496
Panel is unbalanced: theta varies across units

                         Random effects estimator
           allows for a unit-specific component to the error term
           (standard errors in parentheses, p-values in brackets)

           const:        -2,5777        (20,748)       [0,90113]
           LNASS:        0,50561      (0,008755)       [0,00000]
          RECINV:        0,50545      (0,076628)       [0,00000]
             CUR:      -0,031726     (0,0051849)       [0,00000]
             LEV:       0,096235      (0,045549)       [0,03468]
             ROA:       -0,24371      (0,060866)       [0,00006]
           DLOSS:       0,052805      (0,015802)       [0,00084]
         DFORSAL:        0,12839      (0,018406)       [0,00000]
            LSEG:        0,19696      (0,022765)       [0,00000]
          GROWTH:      -0,023681     (0,0075165)       [0,00164]
          TENURE:      -0,013266      (0,010097)       [0,18898]
         DBIG4_5:        0,18834      (0,031143)       [0,00000]
          AUDCHG:        -0,1187      (0,022077)       [0,00000]
          REPLAG:     0,00016839    (0,00012896)       [0,19172]
             AS5:      -0,018565      (0,012258)       [0,12997]
              MW:        0,13815      (0,016428)       [0,00000]
        Dagicult:       -0,49926       (0,31824)       [0,11676]
         Dmining:       -0,36036       (0,27907)       [0,19667]
           Dfood:        -0,3228       (0,27783)       [0,24537]
       Dtextiles:       -0,25068       (0,27324)       [0,35897]
          Ddrugs:       -0,11023       (0,27268)       [0,68605]
           Dchem:       -0,12319       (0,27494)       [0,65413]
          Drefin:       -0,47523       (0,27576)       [0,08490]
          Drubbr:       -0,28228        (0,2737)       [0,30243]
         Dindust:      -0,020658       (0,27246)       [0,93957]
         Delectr:      -0,033433       (0,27726)       [0,90403]
         Dmisceq:      -0,026323       (0,27214)       [0,92295]
          Dcompu:      -0,085811       (0,27132)       [0,75181]
         Dtransp:       -0,55534       (0,27356)       [0,04241]
           Dutil:       -0,64967       (0,27441)       [0,01795]
         Dretail:       -0,42258       (0,27128)       [0,11937]
           Dbank:       -0,36905       (0,29906)       [0,21725]
         Dservic:      -0,077553        (0,2752)       [0,77810]
           DMERG:      -0,021891      (0,011003)       [0,04672]
           DYEND:       0,014011      (0,030821)       [0,64943]
           fyear:      0,0041135      (0,010349)       [0,69104]

Hausman test statistic:
 H = 192,545 with p-value = prob(chi-square(18) > 192,545) = 3,08361e-031
(A low p-value counts against the null hypothesis that the random effects
model is consistent, in favor of the fixed effects model.)