Table 3 Regression results
From: Pharmaceutical regulation in Europe and its impact on corporate R&D
| Fixed effects | Random effects | |||||
|---|---|---|---|---|---|---|
| Coef. | t | p > t | Coef. | t | p > t | |
| MSEMA | 3.850 | 1.92 | 0.058* | 2.118 | 1.34 | 0.179 |
| (MSEMA)2 | −5.704 | 2.23 | 0.023** | −3.946 | 1.84 | 0.066* |
| MSROW | 0.079 | 0.10 | 0.919 | −0.867 | 2.42 | 0.015** |
| Employ | −0.106 | 1.83 | 0.071* | −0.111 | 1.93 | 0.053* |
| Salesgr | 0.115 | 1.72 | 0.089* | 0.098 | 1.50 | 0.134 |
| Leverage | −0.063 | 3.88 | 0.000*** | −0.058 | 4.14 | 0.000*** |
| Tobin's q | −0.016 | 1.15 | 0.252 | −0.019 | 1.46 | 0.145 |
| Cash flow | 0.024 | 0.72 | 0.471 | 0.006 | 0.28 | 0.780 |
| Constant | −3.287 | −5.74 | 0.000*** | −2.789 | 5.73 | 0.000*** |
| R2 | 30.7% (within); 12.5% (overall) | 30.0% (within); 52.0% (overall) | ||||
| Prob > p | 0.000 | |||||
| Prob > chi | 0.000 | |||||