Table 1 Result of Pannel Regression Analysis

Variables	Prediction	Estimated Coefficient	t-value	Pr > |t|
Intercept		1.296	8.73	<.0001
log(ERSALE)		-0.088	-2.53	0.012
log(SALERD)	+	0.021***	2.49	0.013
log(RDB)	+	-2.943	-3.72	0.000
log(ADVB)	-	-0.045	-0.12	0.905
log(SALEADV)	-	-0.010*	-1.40	0.163
log(SALEAIT)	+	-0.013	-1.33	0.185
log(AITB)	+	1.776***	6.54	<.0001
log(HMB)	-	0.058	0.34	0.737
log(SALEHM)	-	-0.027	-0.71	0.481
log(SALETAN)		-0.037	-1.70	0.090
log(TANTA)		-0.981	-3.98	<.0001
log(BTA)		-0.126	-1.00	0.315
log(OPERt−OPERt−1OPERt−1)		-0.031	-1.29	0.197
R2		0.12
Housman test for random effect	m	Pr > m
	23.29	0.0383

Note) Significant at the level of 1%, 5%, and 10%, respectively(one-tailed test)