SUB STUKTURAL 1

COMMON EFFECT MODEL

Dependent Variable: Y
Method: Panel Least Squares
Date: 01/18/22 Time: 12:58
Sample: 2015 2020
Periods included: 6
Cross-sections included: 7
Total panel (balanced) observations: 42

Variable Coefficient Std. Error t-Statistic Prob.

C 0.031380 0.306916 0.102242 0.9191

X1 1.364155 0.362253 3.765750 0.0006
X2 -0.000938 0.000905 -1.036973 0.3065
X3 0.733104 0.451516 1.623649 0.1129
X4 -0.006785 0.010778 -0.629529 0.5329

R-squared 0.325297 Mean dependent var 0.057657

Adjusted R-squared 0.252356 S.D. dependent var 0.076166
S.E. of regression 0.065858 Akaike info criterion -2.491291
Sum squared resid 0.160479 Schwarz criterion -2.284426
Log likelihood 57.31712 Hannan-Quinn criter. -2.415467
F-statistic 4.459730 Durbin-Watson stat 0.674874
Prob(F-statistic) 0.004839

FIXED EFFECT MODEL

Dependent Variable: Y
Method: Panel Least Squares
Date: 01/18/22 Time: 12:59
Sample: 2015 2020
Periods included: 6
Cross-sections included: 7
Total panel (balanced) observations: 42

Variable Coefficient Std. Error t-Statistic Prob.

C 2.130296 0.499061 4.268607 0.0002

X1 0.322747 0.273503 1.180052 0.2470
X2 0.000842 0.000617 1.364422 0.1823
X3 0.533695 0.346107 1.541993 0.1332
X4 -0.069281 0.015798 -4.385351 0.0001

Effects Specification

Cross-section fixed (dummy variables)

R-squared 0.842116 Mean dependent var 0.057657

Adjusted R-squared 0.791185 S.D. dependent var 0.076166
S.E. of regression 0.034805 Akaike info criterion -3.657988
Sum squared resid 0.037553 Schwarz criterion -3.202884
Log likelihood 87.81775 Hannan-Quinn criter. -3.491175
F-statistic 16.53464 Durbin-Watson stat 1.770972
Prob(F-statistic) 0.000000
UJI CHOW

Redundant Fixed Effects Tests

Equation: Untitled
Test cross-section fixed effects

Effects Test Statistic d.f. Prob.

Cross-section F 16.912593 (6,31) 0.0000

Cross-section Chi-square 61.001260 6 0.0000

Cross-section fixed effects test equation:

Dependent Variable: Y
Method: Panel Least Squares
Date: 01/18/22 Time: 12:59
Sample: 2015 2020
Periods included: 6
Cross-sections included: 7
Total panel (balanced) observations: 42

Variable Coefficient Std. Error t-Statistic Prob.

C 0.031380 0.306916 0.102242 0.9191

X1 1.364155 0.362253 3.765750 0.0006
X2 -0.000938 0.000905 -1.036973 0.3065
X3 0.733104 0.451516 1.623649 0.1129
X4 -0.006785 0.010778 -0.629529 0.5329

R-squared 0.325297 Mean dependent var 0.057657

Adjusted R-squared 0.252356 S.D. dependent var 0.076166
S.E. of regression 0.065858 Akaike info criterion -2.491291
Sum squared resid 0.160479 Schwarz criterion -2.284426
Log likelihood 57.31712 Hannan-Quinn criter. -2.415467
F-statistic 4.459730 Durbin-Watson stat 0.674874
Prob(F-statistic) 0.004839

RANDOM EFFECT MODEL

Dependent Variable: Y
Method: Panel EGLS (Cross-section random effects)
Date: 01/18/22 Time: 13:00
Sample: 2015 2020
Periods included: 6
Cross-sections included: 7
Total panel (balanced) observations: 42
Swamy and Arora estimator of component variances

Variable Coefficient Std. Error t-Statistic Prob.

C 1.487246 0.430012 3.458610 0.0014

X1 0.514981 0.263000 1.958105 0.0501
X2 0.000469 0.000599 0.782609 0.0388
X3 0.517190 0.338993 1.525664 0.1356
X4 -0.049427 0.013674 -3.614588 0.0009

Effects Specification
S.D. Rho

Cross-section random 0.076680 0.8292

Idiosyncratic random 0.034805 0.1708

Weighted Statistics

R-squared 0.348083 Mean dependent var 0.010505

Adjusted R-squared 0.277605 S.D. dependent var 0.042838
S.E. of regression 0.036409 Sum squared resid 0.049048
F-statistic 4.938914 Durbin-Watson stat 1.237861
Prob(F-statistic) 0.002717

Unweighted Statistics

R-squared -0.348180 Mean dependent var 0.057657

Sum squared resid 0.320666 Durbin-Watson stat 0.189341

UJI HAUSMAN
Correlated Random Effects - Hausman Test
Equation: Untitled
Test cross-section random effects

Chi-Sq.
Test Summary Statistic Chi-Sq. d.f. Prob.

Cross-section random 7.489594 4 0.1122

Cross-section random effects test comparisons:

Variable Fixed Random Var(Diff.) Prob.

X1 0.322747 0.514981 0.005635 0.0104

X2 0.000842 0.000469 0.000000 0.0126
X3 0.533695 0.517190 0.004874 0.8131
X4 -0.069281 -0.049427 0.000063 0.0121

Cross-section random effects test equation:

Dependent Variable: Y
Method: Panel Least Squares
Date: 01/18/22 Time: 13:00
Sample: 2015 2020
Periods included: 6
Cross-sections included: 7
Total panel (balanced) observations: 42

Variable Coefficient Std. Error t-Statistic Prob.

C 2.130296 0.499061 4.268607 0.0002

X1 0.322747 0.273503 1.180052 0.2470
X2 0.000842 0.000617 1.364422 0.1823
X3 0.533695 0.346107 1.541993 0.1332
X4 -0.069281 0.015798 -4.385351 0.0001

Effects Specification

Cross-section fixed (dummy variables)

R-squared 0.842116 Mean dependent var 0.057657

Adjusted R-squared 0.791185 S.D. dependent var 0.076166
S.E. of regression 0.034805 Akaike info criterion -3.657988
Sum squared resid 0.037553 Schwarz criterion -3.202884
Log likelihood 87.81775 Hannan-Quinn criter. -3.491175
F-statistic 16.53464 Durbin-Watson stat 1.770972
Prob(F-statistic) 0.000000
SUB STRUKTURAL 2

COMMON EFFECT MODEL

Dependent Variable: Z
Method: Panel Least Squares
Date: 01/18/22 Time: 13:00
Sample: 2015 2020
Periods included: 6
Cross-sections included: 7
Total panel (balanced) observations: 42

Variable Coefficient Std. Error t-Statistic Prob.

X1 11.24247 4.115735 2.731582 0.0096

X2 0.029731 0.007984 3.723794 0.0007
X3 0.151654 4.635785 0.032714 0.9741
X4 0.211359 0.034078 6.202131 0.0000
Y -2.204455 1.633275 -1.349714 0.1853

R-squared 0.649693 Mean dependent var 8.328298

Adjusted R-squared 0.611822 S.D. dependent var 1.050302
S.E. of regression 0.654379 Akaike info criterion 2.101084
Sum squared resid 15.84385 Schwarz criterion 2.307949
Log likelihood -39.12276 Hannan-Quinn criter. 2.176908
Durbin-Watson stat 1.014979

FIXED EFFECT MODEL

Dependent Variable: Z
Method: Panel Least Squares
Date: 01/18/22 Time: 13:01
Sample: 2015 2020
Periods included: 6
Cross-sections included: 7
Total panel (balanced) observations: 42

Variable Coefficient Std. Error t-Statistic Prob.

C 9.737140 5.994607 1.624317 0.1148

X1 0.060589 2.665114 0.022734 0.9820
X2 0.015651 0.006059 2.583024 0.0149
X3 3.518837 3.423506 1.027846 0.3122
X4 -0.076471 0.191703 -0.398902 0.6928
Y -0.538949 1.712110 -0.314786 0.7551

Effects Specification

Cross-section fixed (dummy variables)

R-squared 0.926984 Mean dependent var 8.328298

Adjusted R-squared 0.900212 S.D. dependent var 1.050302
S.E. of regression 0.331782 Akaike info criterion 0.866282
Sum squared resid 3.302387 Schwarz criterion 1.362759
Log likelihood -6.191912 Hannan-Quinn criter. 1.048260
F-statistic 34.62463 Durbin-Watson stat 1.957506
Prob(F-statistic) 0.000000
UJI CHOW
Redundant Fixed Effects Tests
Equation: Untitled
Test cross-section fixed effects

Effects Test Statistic d.f. Prob.

Cross-section F 9.706477 (6,30) 0.0000

Cross-section Chi-square 45.311704 6 0.0000

Cross-section fixed effects test equation:

Dependent Variable: Z
Method: Panel Least Squares
Date: 01/18/22 Time: 13:01
Sample: 2015 2020
Periods included: 6
Cross-sections included: 7
Total panel (balanced) observations: 42

Variable Coefficient Std. Error t-Statistic Prob.

C -11.54047 2.421060 -4.766699 0.0000

X1 7.492551 3.360389 2.229668 0.0321
X2 0.013062 0.007238 1.804533 0.0795
X3 -0.857070 3.685894 -0.232527 0.8174
X4 0.597775 0.085460 6.994798 0.0000
Y -2.100581 1.296652 -1.620004 0.1140

R-squared 0.785239 Mean dependent var 8.328298

Adjusted R-squared 0.755412 S.D. dependent var 1.050302
S.E. of regression 0.519436 Akaike info criterion 1.659417
Sum squared resid 9.713296 Schwarz criterion 1.907656
Log likelihood -28.84776 Hannan-Quinn criter. 1.750407
F-statistic 26.32571 Durbin-Watson stat 1.586904
Prob(F-statistic) 0.000000

RANDOM EFFECT MODEL

Dependent Variable: Z
Method: Panel EGLS (Cross-section random effects)
Date: 01/18/22 Time: 13:01
Sample: 2015 2020
Periods included: 6
Cross-sections included: 7
Total panel (balanced) observations: 42
Swamy and Arora estimator of component variances

Variable Coefficient Std. Error t-Statistic Prob.

C -11.54047 1.546418 -7.462707 0.0000

X1 7.492551 2.146401 3.490751 0.0013
X2 0.013062 0.004623 2.825163 0.0077
X3 -0.857070 2.354313 -0.364043 0.7180
X4 0.597775 0.054586 10.95100 0.0000
Y -2.100581 0.828218 -2.536266 0.0157
 Effects Specification
S.D. Rho

Cross-section random 0.000000 0.0000

Idiosyncratic random 0.331782 1.0000

Weighted Statistics

R-squared 0.785239 Mean dependent var 8.328298

Adjusted R-squared 0.755412 S.D. dependent var 1.050302
S.E. of regression 0.519436 Sum squared resid 9.713296
F-statistic 26.32571 Durbin-Watson stat 1.586904
Prob(F-statistic) 0.000000

Unweighted Statistics

R-squared 0.785239 Mean dependent var 8.328298

Sum squared resid 9.713296 Durbin-Watson stat 1.586904

UJI HAUSMAN

Correlated Random Effects - Hausman Test

Equation: Untitled
Test cross-section random effects

Chi-Sq.
Test Summary Statistic Chi-Sq. d.f. Prob.

Cross-section random 6.710601 5 0.2431

Cross-section random effects test comparisons:

Variable Fixed Random Var(Diff.) Prob.

X1 0.045048 1.211923 0.294891 0.0317

X2 0.014574 0.014170 0.000000 0.5544
X3 3.306049 2.593454 0.564819 0.3430
X4 -0.000000 0.000000 0.000000 0.0494
Y -0.212254 0.161686 0.231388 0.4369

Cross-section random effects test equation:

Dependent Variable: Z
Method: Panel Least Squares
Date: 01/18/22 Time: 13:55
Sample: 2015 2020
Periods included: 6
Cross-sections included: 7
Total panel (balanced) observations: 42

Variable Coefficient Std. Error t-Statistic Prob.

C 7.347268 0.737979 9.955925 0.0000

X1 0.045048 2.698591 0.016693 0.9868
X2 0.014574 0.005397 2.700127 0.0113
X3 3.306049 3.535992 0.934971 0.3573
X4 -1.06E-07 7.30E-07 -0.144597 0.8860
Y -0.212254 1.502382 -0.141278 0.8886
 Effects Specification

Cross-section fixed (dummy variables)

R-squared 0.926648 Mean dependent var 8.328298

Adjusted R-squared 0.899753 S.D. dependent var 1.050302
S.E. of regression 0.332545 Akaike info criterion 0.870875
Sum squared resid 3.317591 Schwarz criterion 1.367352
Log likelihood -6.288373 Hannan-Quinn criter. 1.052853
F-statistic 34.45345 Durbin-Watson stat 2.027343
Prob(F-statistic) 0.000000