Scribd
Upload
2 views5 pages

Appendix 2

The document contains statistical analysis results from a Stata software session, including data import, summary statistics, correlation, and regression analyses on variables related to Return on Assets (ROA) and board characteristics. Key findings include significant negative impacts of board independence (BDIND) on ROA and positive influences from board gender diversity (BDGDT) and board experience (BDEXP). The analysis also includes tests for heteroskedasticity and autocorrelation, with results indicating no significant issues in the model assumptions.

Uploaded by

innojgaiya
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
2 views5 pages

Appendix 2

The document contains statistical analysis results from a Stata software session, including data import, summary statistics, correlation, and regression analyses on variables related to Return on Assets (ROA) and board characteristics. Key findings include significant negative impacts of board independence (BDIND) on ROA and positive influences from board gender diversity (BDGDT) and board experience (BDEXP). The analysis also includes tests for heteroskedasticity and autocorrelation, with results indicating no significant issues in the model assumptions.

Uploaded by

innojgaiya
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

Appendix 2

____ ____ ____ ____ (R)


/__ / ____/ / ____/
___/ / /___/ / /___/ 16.0 Copyright 1985-2019 StataCorp LLC
Statistics/Data Analysis StataCorp
4905 Lakeway Drive
MP - Parallel Edition College Station, Texas 77845 USA
800-STATA-PC [Link]
979-696-4600 stata@[Link]
979-696-4601 (fax)

Single-user 2-core Stata network license expires 20 Aug 2019:


Serial number: 501609213901
Licensed to: BK-TECH CONSULTING SERVICES
Kaduna State University 08136943078

Notes:
1. Unicode is supported; see help unicode_advice.
2. More than 2 billion observations are allowed; see help obs_advice.
3. Maximum number of variables is set to 5000; see help set_maxvar.

. import excel "C:\Users\MR JAMES\Desktop\BAKUT [Link]", sheet("Sheet3") firstrow


(9 vars, 154 obs)

. xtset F_ID YEAR


panel variable: F_ID (strongly balanced)
time variable: YEAR, 2012 to 2022
delta: 1 unit

. summarize ROA BDSIZ BDIND BDMTG BDGDT BDEXP

Variable | Obs Mean Std. Dev. Min Max


-------------+---------------------------------------------------------
ROA | 154 5.766234 .9131731 3 9
BDSIZ | 154 10.96753 2.808528 6 17
BDIND | 154 .6440762 .170141 .1428571 .9166667
BDMTG | 154 4.584416 .8907755 3 9
BDGDT | 154 .1467027 .113601 0 .5454545
-------------+---------------------------------------------------------
BDEXP | 154 1.961039 .2773148 1 3

. pwcorr ROA BDSIZ BDIND BDMTG BDGDT BDEXP, star (0.05)sig

| ROA BDSIZ BDIND BDMTG BDGDT BDEXP


-------------+------------------------------------------------------
ROA | 1.0000
|
|
BDSIZ | 0.0990 1.0000
| 0.2221
|
BDIND | -0.1674* 0.0727 1.0000
| 0.0380 0.3702
|
BDMTG | 0.0807 0.0129 0.0483 1.0000
| 0.3200 0.8742 0.5521
|
BDGDT | 0.2876* -0.1799* -0.1475 0.2699* 1.0000
| 0.0003 0.0256 0.0679 0.0007
|
BDEXP | 0.2993* 0.1494 0.3700* 0.0134 -0.0131 1.0000
| 0.0002 0.0644 0.0000 0.8690 0.8717
|

1
. reg ROA BDSIZ BDIND BDMTG BDGDT BDEXP

Source | SS df MS Number of obs = 154


-------------+---------------------------------- F(5, 148) = 10.01
Model | 32.2333351 5 6.44666701 Prob > F = 0.0000
Residual | 95.3510805 148 .644264058 R-squared = 0.2526
-------------+---------------------------------- Adj R-squared = 0.2274
Total | 127.584416 153 .833885069 Root MSE = .80266

------------------------------------------------------------------------------
ROA | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
BDSIZ | .0353845 .023805 1.49 0.139 -.0116571 .082426
BDIND | -1.509165 .4173084 -3.62 0.000 -2.333817 -.684512
BDMTG | .0160463 .07615 0.21 0.833 -.1344354 .1665279
BDGDT | 2.143195 .6135229 3.49 0.001 .9307984 3.355591
BDEXP | 1.285566 .2548182 5.05 0.000 .7820144 1.789118
_cons | 3.44115 .60181 5.72 0.000 2.251899 4.6304
------------------------------------------------------------------------------

. vif

Variable | VIF 1/VIF


-------------+----------------------
BDIND | 1.20 0.835296
BDEXP | 1.19 0.843268
BDGDT | 1.15 0.866855
BDMTG | 1.09 0.915159
BDSIZ | 1.06 0.942061
-------------+----------------------
Mean VIF | 1.14

. hettest

Breusch-Pagan / Cook-Weisberg test for heteroskedasticity


Ho: Constant variance
Variables: fitted values of ROA

chi2(1) = 2.25
Prob > chi2 = 0.1339

. xtserial
varlist required
r(100);

. xtserial ROA BDSIZ BDIND BDMTG BDGDT BDEXP

Wooldridge test for autocorrelation in panel data


H0: no first-order autocorrelation
F( 1, 13) = 2.486
Prob > F = 0.1389

. xtserialxtreg ROA BDSIZ BDIND BDMTG BDGDT BDEXP,fe


command xtserialxtreg is unrecognized
r(199);

2
. xtreg ROA BDSIZ BDIND BDMTG BDGDT BDEXP,fe

Fixed-effects (within) regression Number of obs = 154


Group variable: F_ID Number of groups = 14

R-sq: Obs per group:


within = 0.2264 min = 11
between = 0.1914 avg = 11.0
overall = 0.2075 max = 11

F(5,135) = 7.90
corr(u_i, Xb) = 0.0639 Prob > F = 0.0000

------------------------------------------------------------------------------
ROA | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
BDSIZ | -.0251593 .0312724 -0.80 0.423 -.0870064 .0366878
BDIND | -1.062636 .4866439 -2.18 0.031 -2.025068 -.1002039
BDMTG | -.0086042 .0772949 -0.11 0.912 -.1614697 .1442614
BDGDT | 2.079984 .5465725 3.81 0.000 .9990318 3.160936
BDEXP | 1.004435 .2402561 4.18 0.000 .529282 1.479587
_cons | 4.491158 .5880726 7.64 0.000 3.328131 5.654184
-------------+----------------------------------------------------------------
sigma_u | .55228691
sigma_e | .65356469
rho | .41659972 (fraction of variance due to u_i)
------------------------------------------------------------------------------
F test that all u_i=0: F(13, 135) = 6.79 Prob > F = 0.0000

. estimate store fixed

. xtreg ROA BDSIZ BDIND BDMTG BDGDT BDEXP,re

Random-effects GLS regression Number of obs = 154


Group variable: F_ID Number of groups = 14

R-sq: Obs per group:


within = 0.2247 min = 11
between = 0.2679 avg = 11.0
overall = 0.2290 max = 11

Wald chi2(5) = 42.93


corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.0000

------------------------------------------------------------------------------
ROA | Coef. Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
BDSIZ | -.0092566 .0282351 -0.33 0.743 -.0645964 .0460833
BDIND | -1.149655 .4564227 -2.52 0.012 -2.044227 -.2550834
BDMTG | -.0134212 .0737398 -0.18 0.856 -.1579485 .1311061
BDGDT | 2.065292 .5367315 3.85 0.000 1.013318 3.117266
BDEXP | 1.063712 .2332503 4.56 0.000 .6065502 1.520875
_cons | 4.280784 .5822293 7.35 0.000 3.139636 5.421933
-------------+----------------------------------------------------------------
sigma_u | .5472499
sigma_e | .65356469
rho | .41215304 (fraction of variance due to u_i)
------------------------------------------------------------------------------

. estimate store random

3
. hausman fixed random

---- Coefficients ----


| (b) (B) (b-B) sqrt(diag(V_b-V_B))
| fixed random Difference S.E.
-------------+----------------------------------------------------------------
BDSIZ | -.0251593 -.0092566 -.0159027 .0134439
BDIND | -1.062636 -1.149655 .0870196 .1688214
BDMTG | -.0086042 -.0134212 .0048171 .0231722
BDGDT | 2.079984 2.065292 .014692 .1032509
BDEXP | 1.004435 1.063712 -.0592778 .0575956
------------------------------------------------------------------------------
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(5) = (b-B)'[(V_b-V_B)^(-1)](b-B)
= 2.71
Prob>chi2 = 0.7449

. swilk ROA BDSIZ BDIND BDMTG BDGDT BDEXP

Shapiro-Wilk W test for normal data

Variable | Obs W V z Prob>z


-------------+------------------------------------------------------
ROA | 154 0.96590 4.058 3.180 0.00074
BDSIZ | 154 0.98708 1.538 0.977 0.16439
BDIND | 154 0.96095 4.648 3.488 0.00024
BDMTG | 154 0.93463 7.780 4.657 0.00000
BDGDT | 154 0.96390 4.296 3.309 0.00047
BDEXP | 154 0.98824 1.399 0.763 0.22281

. xttest0

Breusch and Pagan Lagrangian multiplier test for random effects

ROA[F_ID,t] = Xb + u[F_ID] + e[F_ID,t]

Estimated results:
| Var sd = sqrt(Var)
---------+-----------------------------
ROA | .8338851 .9131731
e | .4271468 .6535647
u | .2994825 .5472499

Test: Var(u) = 0
chibar2(01) = 71.27
Prob > chibar2 = 0.0000

4
. xtreg ROA BDSIZ BDIND BDMTG BDGDT BDEXP,re robust

Random-effects GLS regression Number of obs = 154


Group variable: F_ID Number of groups = 14

R-sq: Obs per group:


within = 0.2247 min = 11
between = 0.2679 avg = 11.0
overall = 0.2290 max = 11

Wald chi2(5) = 28.00


corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.0000

(Std. Err. adjusted for 14 clusters in F_ID)


------------------------------------------------------------------------------
| Robust
ROA | Coef. Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
BDSIZ | -.0092566 .0235984 -0.39 0.695 -.0555086 .0369955
BDIND | -1.149655 .6764869 -1.70 0.089 -2.475545 .1762346
BDMTG | -.0134212 .0845199 -0.16 0.874 -.1790773 .1522348
BDGDT | 2.065292 .8179091 2.53 0.012 .4622197 3.668364
BDEXP | 1.063712 .3699773 2.88 0.004 .3385703 1.788855
_cons | 4.280784 .6102328 7.02 0.000 3.08475 5.476819
-------------+----------------------------------------------------------------
sigma_u | .5472499
sigma_e | .65356469
rho | .41215304 (fraction of variance due to u_i)
------------------------------------------------------------------------------

You might also like