표 5 패널회귀분석 결과

변 수 명	가설예측	추정회귀계수	t-값	Pr > |t|
Intercept		1.296	8.73	<.0001
log(ERSALE)		-0.088	-2.53	0.012
log(SALERD)	+ (가설3)	0.021***	2.49	0.013
log(RDB)	+ (가설3)	-2.943	-3.72	0.000
log(ADVB)	- (가설2)	-0.045	-0.12	0.905
log(SALEADV)	- (가설2)	-0.010*	-1.40	0.163
log(SALEAIT)	+ (가설1)	-0.013	-1.33	0.185
log(AITB)	+ (가설1)	1.776***	6.54	<.0001
log(HMB)	- (가설4)	0.058	0.34	0.737
log(SALEHM)	- (가설4)	-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

주) 는 각 각1%, 5%, 10%수준(단측검증)에서 유의함