Multiple Regression Test

Dependent Variable: RETURN_ON_EQUITY

Method: Panel Least Squares
Date: 08/23/22 Time: 23:19
Sample: 2011 2020
Periods included: 10
Cross-sections included: 18
Total panel (unbalanced) observations: 154

Variable Coefficient Std. Error t-Statistic Prob.

ASSET_STRUCTURE 1.977971 2.099871 0.941949 0.3478

CAPITALIZATION_LEVEL 20.03307 11.69256 1.713317 0.0889
EXCHANGE_RATE 0.674647 0.787608 0.856578 0.3931
FIRM_SIZE -1.147774 0.643574 -1.783439 0.0767
GDP_GROWTH_RATE -4.450453 1.568752 -2.836939 0.0052
INFLATION 0.630130 1.590503 0.396183 0.6926
LEVERAGE 0.483876 0.277554 1.743355 0.0835
LIQUID_ASSET -0.017753 0.066948 -0.265174 0.7913
NET_INTEREST_MARGIN 0.737207 0.048756 15.12022 0.0000
NON_PERFORMING_LOAN 1.563284 0.163735 9.547639 0.0000
OPERATING_EFFICIENCY 0.085605 0.021133 4.050800 0.0001
REAL_INTEREST_RATE -0.360642 1.557658 -0.231529 0.8172
C -51.54372 75.16800 -0.685714 0.4940

R-squared 0.900101 Mean dependent var 3.614637

Adjusted R-squared 0.891599 S.D. dependent var 61.24584
S.E. of regression 20.16480 Akaike info criterion 8.926393
Sum squared resid 57333.32 Schwarz criterion 9.182759
Log likelihood -674.3323 Hannan-Quinn criter. 9.030528
F-statistic 105.8684 Durbin-Watson stat 1.748581
Prob(F-statistic) 0.000000
 Multiple Regression Test
Dependent Variable: RETURN_ON_ASSET
Method: Panel Least Squares
Date: 08/23/22 Time: 23:29
Sample: 2011 2020
Periods included: 10
Cross-sections included: 18
Total panel (unbalanced) observations: 152

Variable Coefficient Std. Error t-Statistic Prob.

REAL_INTEREST_RATE 3.284068 4.653039 0.705790 0.4815

OPERATING_EFFICIENCY 0.326905 0.068639 4.762653 0.0000
NON_PERFORMING_LOAN 0.333148 0.491089 0.678387 0.4987
NET_INTEREST_MARGIN -0.255424 0.152810 -1.671516 0.0969
LIQUID_ASSET -0.394416 0.202866 -1.944222 0.0539
LEVERAGE -3.417226 0.830377 -4.115270 0.0001
INFLATION 7.679207 4.857447 1.580914 0.1162
GDP_GROWTH_RATE 1.649555 4.653778 0.354455 0.7235
FIRM_SIZE -2.812420 1.929546 -1.457556 0.1472
EXCHANGE_RATE 5.484214 2.348345 2.335352 0.0210
CAPITALIZATION_LEVEL 68.03280 39.89375 1.705350 0.0904
ASSET_STRUCTURE 2.636854 6.217914 0.424074 0.6722
C -527.7636 227.1914 -2.322991 0.0216

R-squared 0.349213 Mean dependent var -8.346138

Adjusted R-squared 0.293030 S.D. dependent var 70.91622
S.E. of regression 59.62743 Akaike info criterion 11.09575
Sum squared resid 494204.8 Schwarz criterion 11.35438
Log likelihood -830.2773 Hannan-Quinn criter. 11.20082
F-statistic 6.215632 Durbin-Watson stat 1.318264
Prob(F-statistic) 0.000000
 Correlation
RETURN_... REAL_INT... ASSET_S... CAPITALIZ... EXCHANG... FIRM_SIZE GDP_GR... INFLATION LEVERAGE LIQUID_AS... NET_INTE... NON_PER... OPERATIN...
RETU... 1.000000 0.083893 0.028032 -0.261079 -0.044141 -0.217208 -0.059148 0.077181 0.264110 -0.034613 0.867370 0.045658 0.830786
REAL_... 0.083893 1.000000 -0.113977 -0.147137 -0.528644 -0.057412 0.206975 0.439171 -0.095410 0.005067 0.169638 -0.091004 0.115401
ASSE... 0.028032 -0.113977 1.000000 -0.012729 -0.017875 0.135292 0.015678 0.004038 -0.043349 -0.172624 0.040353 -0.053993 -0.018017
CAPIT... -0.261079 -0.147137 -0.012729 1.000000 0.195902 -0.056730 0.140427 -0.186623 0.229832 0.136991 -0.312979 0.055545 -0.424844
EXCH... -0.044141 -0.528644 -0.017875 0.195902 1.000000 0.006603 -0.081980 -0.717600 0.110781 0.041298 -0.143837 0.134859 -0.092369
FIRM_... -0.217208 -0.057412 0.135292 -0.056730 0.006603 1.000000 0.032386 -0.038946 -0.018429 -0.503354 -0.150565 0.022397 -0.219186
GDP_... -0.059148 0.206975 0.015678 0.140427 -0.081980 0.032386 1.000000 -0.096196 0.113797 -0.053896 0.056252 -0.081546 -0.021854
INFLAT... 0.077181 0.439171 0.004038 -0.186623 -0.717600 -0.038946 -0.096196 1.000000 -0.124247 -0.065955 0.119883 -0.055064 0.078422
LEVE... 0.264110 -0.095410 -0.043349 0.229832 0.110781 -0.018429 0.113797 -0.124247 1.000000 0.060192 0.186580 0.109957 0.117129
LIQUI... -0.034613 0.005067 -0.172624 0.136991 0.041298 -0.503354 -0.053896 -0.065955 0.060192 1.000000 -0.092578 0.056338 -0.043021
NET_I... 0.867370 0.169638 0.040353 -0.312979 -0.143837 -0.150565 0.056252 0.119883 0.186580 -0.092578 1.000000 -0.322660 0.800686
NON_... 0.045658 -0.091004 -0.053993 0.055545 0.134859 0.022397 -0.081546 -0.055064 0.109957 0.056338 -0.322660 1.000000 -0.050872
OPER... 0.830786 0.115401 -0.018017 -0.424844 -0.092369 -0.219186 -0.021854 0.078422 0.117129 -0.043021 0.800686 -0.050872 1.000000