----------------------------------------------------------------------------------------------------------------------- log type: text opened on: 18 Dec 2013, 22:38:29 . set more off . end of do-file . encode nome, gen (emp) emp already defined r(110); end of do-file r(110); . tabulate crise, gen(D_CRISE) Crise | Freq. Percent Cum. ------------+----------------------------------- 1 | 276 40.00 40.00 2 | 138 20.00 60.00 3 | 276 40.00 100.00 ------------+----------------------------------- Total | 690 100.00 D_CRISE1 already defined r(110); end of do-file r(110); . do "C:\Users\Thiago\AppData\Local\Temp\STD00000000.tmp" . xtreg qdetobin ao3ma at3ma lnativo liquidez cresc roa D_CRISE2 D_CRISE3, fe vce (cluster emp) Fixed-effects (within) regression Number of obs = 430 Group variable: emp Number of groups = 130 R-sq: within = 0.1712 Obs per group: min = 1 between = 0.1083 avg = 3.3 overall = 0.0911 max = 5 F(8,129) = 6.38 corr(u_i, Xb) = -0.5304 Prob > F = 0.0000 (Std. Err. adjusted for 130 clusters in emp) ------------------------------------------------------------------------------ | Robust qdetobin | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- ao3ma | -2.297425 .8285688 -2.77 0.006 -3.936769 -.6580817 at3ma | 1.314888 .9882434 1.33 0.186 -.6403755 3.270152 lnativo | -.7659482 .3342521 -2.29 0.024 -1.427274 -.1046222 liquidez | .4617138 .3421064 1.35 0.180 -.215152 1.13858 cresc | .0737862 .0534628 1.38 0.170 -.0319912 .1795635 roa | .7860282 .8011336 0.98 0.328 -.7990343 2.371091 D_CRISE2 | -1.107842 .2633056 -4.21 0.000 -1.628799 -.5868853 D_CRISE3 | -.3130796 .3247969 -0.96 0.337 -.9556982 .329539 _cons | 14.26015 5.074083 2.81 0.006 4.220954 24.29935 -------------+---------------------------------------------------------------- sigma_u | 1.398013 sigma_e | 1.2200814 rho | .56764977 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . est store q . . xtreg mtb ao3ma at3ma lnativo liquidez cresc D_CRISE2 D_CRISE3, fe vce (cluster emp) Fixed-effects (within) regression Number of obs = 457 Group variable: emp Number of groups = 132 R-sq: within = 0.1792 Obs per group: min = 1 between = 0.1017 avg = 3.5 overall = 0.1009 max = 5 F(7,131) = 11.08 corr(u_i, Xb) = -0.0048 Prob > F = 0.0000 (Std. Err. adjusted for 132 clusters in emp) ------------------------------------------------------------------------------ | Robust mtb | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- ao3ma | -.7350385 .4629612 -1.59 0.115 -1.650886 .1808092 at3ma | .6677098 .6008274 1.11 0.268 -.5208701 1.85629 lnativo | -.1778303 .1344681 -1.32 0.188 -.4438403 .0881798 liquidez | .484901 .274229 1.77 0.079 -.0575894 1.027391 cresc | .0322395 .0229268 1.41 0.162 -.0131151 .0775941 D_CRISE2 | -.635893 .1139374 -5.58 0.000 -.8612884 -.4104977 D_CRISE3 | -.0277733 .1566534 -0.18 0.860 -.3376711 .2821245 _cons | 3.86331 1.95651 1.97 0.050 -.0071341 7.733755 -------------+---------------------------------------------------------------- sigma_u | 1.0215516 sigma_e | .6895052 rho | .68701639 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . est store mtb . . xtreg roa ao3ma at3ma lnativo liquidez cresc D_CRISE2 D_CRISE3, re vce (cluster emp) Random-effects GLS regression Number of obs = 457 Group variable: emp Number of groups = 132 R-sq: within = 0.0329 Obs per group: min = 1 between = 0.0236 avg = 3.5 overall = 0.0474 max = 5 Wald chi2(7) = 9.54 corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.2160 (Std. Err. adjusted for 132 clusters in emp) ------------------------------------------------------------------------------ | Robust roa | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- ao3ma | -.0896285 .1051755 -0.85 0.394 -.2957686 .1165116 at3ma | .0264202 .0595388 0.44 0.657 -.0902737 .143114 lnativo | .022041 .0192521 1.14 0.252 -.0156923 .0597743 liquidez | -.020649 .0313192 -0.66 0.510 -.0820335 .0407356 cresc | -.0053222 .0070923 -0.75 0.453 -.0192229 .0085785 D_CRISE2 | -.0457343 .0382639 -1.20 0.232 -.1207301 .0292615 D_CRISE3 | -.025237 .0258361 -0.98 0.329 -.0758747 .0254008 _cons | -.221388 .2402884 -0.92 0.357 -.6923446 .2495687 -------------+---------------------------------------------------------------- sigma_u | .07280832 sigma_e | .13908237 rho | .21509681 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . est store roa . . xtreg ebitda ao3ma at3ma lnativo liquidez cresc D_CRISE2 D_CRISE3, fe vce (cluster emp) Fixed-effects (within) regression Number of obs = 447 Group variable: emp Number of groups = 130 R-sq: within = 0.0790 Obs per group: min = 1 between = 0.4634 avg = 3.4 overall = 0.4638 max = 5 F(7,129) = 2.01 corr(u_i, Xb) = 0.5652 Prob > F = 0.0592 (Std. Err. adjusted for 130 clusters in emp) ------------------------------------------------------------------------------ | Robust ebitda | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- ao3ma | 1699564 1457612 1.17 0.246 -1184356 4583485 at3ma | -747517 1684108 -0.44 0.658 -4079565 2584531 lnativo | 486573.8 308094.1 1.58 0.117 -122998 1096146 liquidez | 2455647 1240610 1.98 0.050 1069.624 4910225 cresc | -16743.05 43826.36 -0.38 0.703 -103454.6 69968.49 D_CRISE2 | 444570.2 300187.1 1.48 0.141 -149357.3 1038498 D_CRISE3 | -215752.3 397805.8 -0.54 0.589 -1002821 571316.2 _cons | -6234537 4512124 -1.38 0.169 -1.52e+07 2692811 -------------+---------------------------------------------------------------- sigma_u | 6003690 sigma_e | 2302958.8 rho | .87173188 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . est store ebitda . . xtreg volat ao3ma at3ma lnativo liquidez cresc D_CRISE2 D_CRISE3, fe vce (cluster emp) Fixed-effects (within) regression Number of obs = 240 Group variable: emp Number of groups = 124 R-sq: within = 0.4640 Obs per group: min = 1 between = 0.1476 avg = 1.9 overall = 0.2854 max = 5 F(7,123) = 9.26 corr(u_i, Xb) = 0.0464 Prob > F = 0.0000 (Std. Err. adjusted for 124 clusters in emp) ------------------------------------------------------------------------------ | Robust volat | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- ao3ma | -.0447058 .0377469 -1.18 0.239 -.1194234 .0300118 at3ma | .0472809 .063948 0.74 0.461 -.0793003 .1738621 lnativo | .0038259 .0158494 0.24 0.810 -.027547 .0351989 liquidez | -.0157001 .0210424 -0.75 0.457 -.0573522 .0259521 cresc | -.0007699 .0039971 -0.19 0.848 -.0086819 .0071422 D_CRISE2 | .0627274 .01338 4.69 0.000 .0362425 .0892123 D_CRISE3 | -.0294709 .0148911 -1.98 0.050 -.0589468 5.01e-06 _cons | .0755238 .2500844 0.30 0.763 -.419503 .5705506 -------------+---------------------------------------------------------------- sigma_u | .0508578 sigma_e | .05071438 rho | .50141198 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . est store volat . . est table q mtb roa ebitda volat, b star (.1 .05 .01) ---------------------------------------------------------------------------------------------- Variable | q mtb roa ebitda volat -------------+-------------------------------------------------------------------------------- ao3ma | -2.2974254*** -.73503854 -.0896285 1699564.5 -.04470577 at3ma | 1.3148882 .66770978 .02642017 -747517.03 .04728094 lnativo | -.76594823** -.17783025 .022041 486573.83 .00382591 liquidez | .46171382 .484901* -.02064898 2455647.1** -.01570009 cresc | .07378616 .03223952 -.00532224 -16743.045 -.00076988 roa | .78602817 D_CRISE2 | -1.1078419*** -.63589303*** -.04573432 444570.16 .06272743*** D_CRISE3 | -.31307962 -.02777328 -.02523698 -215752.32 -.02947091* _cons | 14.260152*** 3.8633104* -.22138796 -6234537.3 .07552379 ---------------------------------------------------------------------------------------------- legend: * p<.1; ** p<.05; *** p<.01 . end of do-file . do "C:\Users\Thiago\AppData\Local\Temp\STD00000000.tmp" . log close -----------------------------------------------------------------------------------------------------------------------