stata analysis interpretation

[sara alnusair]

PERFit= [IMG]file:///C:/Users/Lenovo/AppData/Local/Temp/msohtmlclip1/01/clip_image002.png[/IMG]₀ + [IMG]file:///C:/Users/Lenovo/AppData/Local/Temp/msohtmlclip1/01/clip_image002.png[/IMG]₁ FINNit + [IMG]file:///C:/Users/Lenovo/AppData/Local/Temp/msohtmlclip1/01/clip_image002.png[/IMG]₂ INNit+ [IMG]file:///C:/Users/Lenovo/AppData/Local/Temp/msohtmlclip1/01/clip_image002.png[/IMG]₃ PNNit + [IMG]file:///C:/Users/Lenovo/AppData/Local/Temp/msohtmlclip1/01/clip_image002.png[/IMG]₄ ASETit +Ei_t

The dependent variable is Bank Performance (PFRF) ,Since the study period is 20 years, the model is made using only 3 Independent variables which include financial innovation (FINN), (INN) institution innovation and, process & product innovation (PPI), and Total asset (ASET) is bank specific variable.


kindly help me interpretation my result

	LLC (1992, 2002)				IPS (IPS, 1992, 2003)				CIPS (Pesaran, 2007)
	Level		1st Difference		Level		1st Difference		Level		1st Difference
	C	C&T	C	C&T	C	C&T	C	C&T	C	C&T	C	C&T
PERF	1.3703 (0.9147)	0.6054 (0.7275)	4.4390 (1.0000)	9.2442 (1.0000)	0.0981 (0.5391)	0.3750 (0.6462)	-3.9581* (0.0000)	-2.0488** (0.0202)	16.895 (1.000)	16.174 (1.000)	15.994 (1.000)	14.892 (1.000)
PINN	0.375 (0.6462)	-0.0446 (0.4822)	-11.2480 * (0.0000)	-7.8159* (0.0000)	3.3400 (0.9996)	2.2721 (0.9885)	-9.1897* (0.0000)	-7.6154* (0.0000)	16.895 (1.000)	16.174 (1.000)	15.994 (1.000)	14.892 (1.000)
FINN	-.3038*** (0.0962)	-3.9816* (0.0001)	-14.4942* (0.0000)	-11.8948* (0.0000)	0.0284 (0.5113)	-2.5657* (0.0104)	-13.3398* (0.0000)	-11.9988* (0.0000)	16.895 (1.000)	16.174 (1.000)	15.994 (1.000)	14.892 (1.000)
IINN	3.0506 (0.9989)	-0.525 (0.2996)	-11.7024* (0.0000)	-10.1541* (0.0000)	5.7034 (1.0000)	2.1628 (0.9874)	-11.4763* (0.0000)	-9.0918* (0.0000)	16.895 (1.000)	16.174 (1.000)	15.994 (1.000)	14.892 (1.000)
ASET	4.4032 (1.0000)	-0.9254 (0.1774)	-10.3927* (0.0000)	-8.3011* (0.0000)	6.6436 (1.0000)	1.6769 (0.9532)	-9.6569* (0.0000)	-7.3931* (0.0000)	16.895 (1.000)	16.174 (1.000)	15.994 (1.000)	14.892 (1.000)

C= with constant; C&T=with trend. Asterisk *, **, *** denotes significance at least at 1%, 5%, and 10% levels. Where * is at least at 1%, ** is at least at 5%, and *** is at least at 10%. The number between ( ) represents for P- value





cointegration test

Tests	Statistic	Prob.	W.statistic	Prob.
	Pedroni Test
Paneled vstatistic	-0.390479	0.6519	-1.768822	0.9615
Paneled rhostatistic	-0.083471	0.4667	-0.652480	0.2570
Paneled PPstatistic	-3.931047	0.0000*	-4.551863	0.0000*
Paneled ADF statistic	-3.634569	0.0001*	-4.448718	0.0000*
Grouped rho-statistic	1.390907	0.9179
Grouped PPstatistic	-6.079566	0.0000*
Grouped ADFstatistic	-6.267987	0.0000*
	KAO Test
	Statistic	P value
Modified Dickey–Fuller t	-7.2447	0.0000*
Dickey–Fuller t	-5.4553	0.0000*
Augmented Dickey–Fuller t	-8.0725	0.0000*
Unadjusted modified Dickey–Fuller t	-11.9728	0.0000*
Unadjusted Dickey–Fuller t	- 6.6466	0.0000*
	Westerlund(With CSD)
	Statistic	P value
Gt	-3.459	0.000*
Ga	-10.272	0.040*
Pt	-14.296	0.010**
Pa	-11.006	0.040**

Note that * and ** indicate significance level at 1% and 5% respectively.

Homogenous slope
Variable	POLS	FEM	REM
Constant	.1010286*** [14.96]	.1078914*** [14.54]	.1046449*** (9.99)
PINN	-.0000442*** [-2.86]	-.0000629*** [-3.77]	-.0000553*** (-3.47)
FINN	.0002275*** [6.44]	.0002285*** [-0.70]	.0002297*** (6.62)
IINN	-0.00000645 [-0.66]	-0.0000071 [-0.34]	-0.0000073 (-0.74)
ASET	-0.000000733 [-0.61]	-0.000000435 [-0.15]	-0.000000497 (-0.41)

*** p<.01, ** p<.05, * p<.1. Numbers in [ ] represent the t-value, and ( ) represents the z-value.