hausman fixed random

---- Coefficients ----

| (b) (B) (b-B) sqrt(diag(V_b-V_B))

| fe re Difference S.E.

-------------+----------------------------------------------------------------

dividendpr~o | -.0087341 -.0081375 -.0005966 .0012287

roa | .086908 .0911874 -.0042794 .0146426

leverage | 3.528548 2.90913 .6194181 .8301808

liquidity | .0084708 .0053529 .0031179 .003588

------------------------------------------------------------------------------

b = consistent under Ho and Ha; obtained from xtreg

B = inconsistent under Ha, efficient under Ho; obtained from xtreg

Test: Ho: difference in coefficients not systematic

chi2(4) = (b-B)'[(V_b-V_B)^(-1)](b-B)

= 1.20

Prob>chi2 = 0.8776

xtreg dividendpratio tobinsq leverage roa liquidity, fe

ixed-effects (within) regression Number of obs = 365

Group variable: company Number of groups = 73

R-sq: within = 0.0346 Obs per group: min = 5

between = 0.0026 avg = 5.0

overall = 0.0057 max = 5

F(4,288) = 2.58

corr(u_i, Xb) = -0.0692 Prob > F = 0.0375

--------------------------------------------------------------------------------

tobinsq | Coef. Std. Err. t P>|t| [95% Conf. Interval]

---------------+----------------------------------------------------------------

dividendpratio | -.0087341 .0057248 -1.53 0.128 -.0200019 .0025337

roa | .086908 .0428363 2.03 0.043 .0025961 .1712199

leverage | 3.528548 1.748336 2.02 0.044 .0874124 6.969684

liquidity | .0084708 .016578 0.51 0.610 -.0241585 .0411002

_cons | 3.072327 1.092249 2.81 0.005 .9225235 5.22213

---------------+----------------------------------------------------------------

sigma_u | 6.1774356
 sigma_e | 2.6815546

rho | .84144419 (fraction of variance due to u_i)

--------------------------------------------------------------------------------

F test that all u_i=0: F(72, 288) = 26.14 Prob > F = 0.0000