Model 5: Fixed-effects estimates using 4220 observations
Included 1576 cross-sectional units
Time-series length: minimum 1, maximum 4
Dependent variable: LNFEE
Robust (HAC) standard errors
Omitted due to exact collinearity: Dagicult Dmining Dfood Dtextiles Ddrugs
 Dchem Drefin Drubbr Dindust Delectr Dmisceq Dcompu Dtransp Dutil Dretail
 Dbank Dservic

             coefficient     std. error    t-ratio    p-value 
  ------------------------------------------------------------
  const      -9,91131       34,7496        -0,2852   0,7755   
  LNASS       0,434973       0,0373063     11,66     1,15E-030 ***
  RECINV      0,340895       0,167357       2,037    0,0418    **
  CUR        -0,0275027      0,00691548    -3,977    7,17E-05  ***
  LEV         0,0699419      0,0695162      1,006    0,3144   
  ROA        -0,205649       0,0797496     -2,579    0,0100    ***
  DLOSS       0,0325453      0,0208944      1,558    0,1194   
  DFORSAL     0,0522077      0,0267327      1,953    0,0509    *
  LSEG        0,0774581      0,0448996      1,725    0,0846    *
  GROWTH     -0,0190205      0,0115120     -1,652    0,0986    *
  TENURE     -0,00918289     0,0165786     -0,5539   0,5797   
  DBIG4_5     0,180599       0,0631214      2,861    0,0043    ***
  AUDCHG     -0,116921       0,0299812     -3,900    9,87E-05  ***
  REPLAG      0,000304115    0,000409352    0,7429   0,4576   
  AS5        -0,0228148      0,0117581     -1,940    0,0524    *
  MW          0,101498       0,0226506      4,481    7,75E-06  ***
  DMERG      -0,0214216      0,0120625     -1,776    0,0759    *
  DYEND       0,343124       0,176558       1,943    0,0521    *
  foo         0,0958969      0,0433919      2,210    0,0272    **
  fyear       0,00824046     0,0173917      0,4738   0,6357   

  Mean of dependent variable = 14,4547
  Standard deviation of dep. var. = 1,06731
  Sum of squared residuals = 110,418
  Standard error of the regression = 0,205095
  Unadjusted R-squared = 0,97703
  Adjusted R-squared = 0,96307
  Within R-squared = 0,22917
  F-statistic (1594, 2625) = 70,0322 (p-value < 0,00001)
  Durbin-Watson statistic = 1,61194
  Log-likelihood = 1699,48
  Akaike information criterion (AIC) = -208,96
  Schwarz Bayesian criterion (BIC) = 9915,45
  Hannan-Quinn criterion (HQC) = 3370,13

Test for differing group intercepts -
  Null hypothesis: The groups have a common intercept
  Test statistic: F(1575, 2625) = 15,4967
  with p-value = P(F(1575, 2625) > 15,4967) = 0