Hi all,
I’m estimating a biprobit model in Stata with a binary endogenous regressor (first equation) and a binary outcome (second equation). Since the model is estimated via maximum likelihood, traditional R² doesn’t apply.
I'd appreciate advice on:
I’m estimating a biprobit model in Stata with a binary endogenous regressor (first equation) and a binary outcome (second equation). Since the model is estimated via maximum likelihood, traditional R² doesn’t apply.
I'd appreciate advice on:
- How to report pseudo R² for First and Second stage.
HTML Code:
. asdoc biprobit (hard_final_Exact_new = csopresence1 Firm_Size_w ROA_w Leverage_w M
> arket_book_four_w Non_pension_CFO_w STD_CFO_w board_size_w female_percentage_w inde
> pendent_percentage_w SUSTAIBILITY_COMITEE_FU Fund_Status_w FUNDING_RATIO_w Platn_Size
> _w i.year i.ff_12) (csopresence1 = CSO_Percentage Firm_Size_w ROA_four_w Leverage
> _w Market_book_four_w Non_pension_CFO_w STD_CFO_w board_size_w female_percentage_w
> independent_percentage_w SUSTAIBILITY_COMITEE_FU Fund_Status_w FUNDING_RATIO_w Platn
> _Size_w i.year i.ff_12), vce(cluster id)
(File qqqq.doc already exists, option append was assumed)
Fitting comparison equation 1:
Iteration 0: Log pseudolikelihood = -358.57341
Iteration 1: Log pseudolikelihood = -320.88538
Iteration 2: Log pseudolikelihood = -316.95227
Iteration 3: Log pseudolikelihood = -316.89537
Iteration 4: Log pseudolikelihood = -316.89519
Iteration 5: Log pseudolikelihood = -316.89519
Fitting comparison equation 2:
Iteration 0: Log pseudolikelihood = -2262.5849
Iteration 1: Log pseudolikelihood = -1713.9695
Iteration 2: Log pseudolikelihood = -1697.3072
Iteration 3: Log pseudolikelihood = -1697.2217
Iteration 4: Log pseudolikelihood = -1697.2217
Comparison: Log pseudolikelihood = -2014.1169
Fitting full model:
Iteration 0: Log pseudolikelihood = -2014.1169
Iteration 1: Log pseudolikelihood = -2013.5498
Iteration 2: Log pseudolikelihood = -2013.4208
Iteration 3: Log pseudolikelihood = -2013.4205
Iteration 4: Log pseudolikelihood = -2013.4205
Seemingly unrelated bivariate probit Number of obs = 3,890
Wald chi2(86) = 604.03
Log pseudolikelihood = -2013.4205 Prob > chi2 = 0.0000
(Std. err. adjusted for 282 clusters in id)
------------------------------------------------------------------------------------------
| Robust
| Coefficient std. err. z P>|z| [95% conf. interval]
-------------------------+----------------------------------------------------------------
hard_final_Exact_new |
csopresence1 | .8617745 .391411 2.20 0.028 .094623 1.628926
Firm_Size_w | -.1853392 .079074 -2.34 0.019 -.3403215 -.030357
ROA_w | 1.342457 1.270696 1.06 0.291 -1.148062 3.832976
Leverage_w | -1.36359 .4786134 -2.85 0.004 -2.301655 -.4255246
Market_book_four_w | -.0019166 .0095825 -0.20 0.841 -.0206979 .0168648
Non_pension_CFO_w | -4.731627 1.715921 -2.76 0.006 -8.094771 -1.368483
STD_CFO_w | .9877623 3.248423 0.30 0.761 -5.379031 7.354555
board_size_w | -.0168825 .0283382 -0.60 0.551 -.0724244 .0386594
female_percentage_w | -.0674595 .6789809 -0.10 0.921 -1.398238 1.263319
independent_percentage_w | .2455994 .7079091 0.35 0.729 -1.141877 1.633076
SUSTAIBILITY_COMITEE_FU | .0479525 .1377992 0.35 0.728 -.222129 .318034
Fund_Status_w | -5.143616 2.077803 -2.48 0.013 -9.216034 -1.071198
FUNDING_RATIO_w | -.0741083 .3908778 -0.19 0.850 -.8402148 .6919982
Platn_Size_w | .0129418 .0664207 0.19 0.846 -.1172404 .1431241
|
year |
2005 | -.3291102 .4308951 -0.76 0.445 -1.173649 .5154287
2006 | -.0228991 .3877842 -0.06 0.953 -.7829422 .737144
2007 | -.2596732 .4329916 -0.60 0.549 -1.108321 .5889748
2008 | .4378972 .3283538 1.33 0.182 -.2056644 1.081459
2009 | .6160889 .3227791 1.91 0.056 -.0165465 1.248724
2010 | .4387853 .3344238 1.31 0.189 -.2166734 1.094244
2011 | .1566102 .3721201 0.42 0.674 -.5727318 .8859522
2012 | .2542079 .3607261 0.70 0.481 -.4528023 .961218
2013 | .3616794 .3474024 1.04 0.298 -.3192169 1.042576
2014 | .1459519 .3729648 0.39 0.696 -.5850456 .8769495
2015 | .3231429 .370547 0.87 0.383 -.4031159 1.049402
2016 | .2246956 .3608486 0.62 0.533 -.4825547 .9319459
2017 | .1556381 .3744357 0.42 0.678 -.5782425 .8895186
2018 | .5671508 .3484532 1.63 0.104 -.1158049 1.250107
2019 | .3323077 .3798107 0.87 0.382 -.4121077 1.076723
2020 | .5776984 .3762007 1.54 0.125 -.1596414 1.315038
2021 | .1692187 .4191868 0.40 0.686 -.6523723 .9908096
2022 | -.2173292 .4552191 -0.48 0.633 -1.109542 .6748838
|
ff_12 |
2 | .167177 .3294582 0.51 0.612 -.4785493 .8129033
3 | -.0105762 .2512164 -0.04 0.966 -.5029514 .481799
4 | -.0953744 .420305 -0.23 0.820 -.9191569 .7284082
5 | -.2516323 .3005004 -0.84 0.402 -.8406023 .3373377
6 | -.1495748 .2802281 -0.53 0.594 -.6988117 .3996621
7 | .3953585 .4553319 0.87 0.385 -.4970756 1.287793
8 | -.084483 .2952769 -0.29 0.775 -.6632152 .4942492
9 | .5784868 .2309531 2.50 0.012 .125827 1.031147
10 | .0317781 .2707231 0.12 0.907 -.4988294 .5623855
11 | .4325062 .2500559 1.73 0.084 -.0575943 .9226068
12 | -.0317484 .2851415 -0.11 0.911 -.5906155 .5271188
|
_cons | -.401612 .8140341 -0.49 0.622 -1.99709 1.193866
-------------------------+----------------------------------------------------------------
csopresence1 |
CSO_Percentage | 4.288871 .6483055 6.62 0.000 3.018216 5.559527
Firm_Size_w | .0143239 .1023808 0.14 0.889 -.1863387 .2149866
ROA_four_w | -1.572496 3.69308 -0.43 0.670 -8.810801 5.665808
Leverage_w | .5822143 .5057611 1.15 0.250 -.4090592 1.573488
Market_book_four_w | .0044918 .0052439 0.86 0.392 -.005786 .0147696
Non_pension_CFO_w | 2.084435 4.023461 0.52 0.604 -5.801405 9.970275
STD_CFO_w | 7.189673 2.89779 2.48 0.013 1.51011 12.86924
board_size_w | .0585557 .0283132 2.07 0.039 .0030629 .1140485
female_percentage_w | 1.46189 .616302 2.37 0.018 .2539605 2.66982
independent_percentage_w | 1.420479 .7291936 1.95 0.051 -.0087145 2.849672
SUSTAIBILITY_COMITEE_FU | .197292 .1527171 1.29 0.196 -.1020279 .496612
Fund_Status_w | 2.802765 2.276191 1.23 0.218 -1.658488 7.264017
FUNDING_RATIO_w | .0056822 .428719 0.01 0.989 -.8345917 .8459561
Platn_Size_w | .1982689 .0735633 2.70 0.007 .0540874 .3424503
|
year |
2005 | .1582635 .11616 1.36 0.173 -.069406 .385933
2006 | .1798129 .1531858 1.17 0.240 -.1204257 .4800515
2007 | .1992696 .1770909 1.13 0.260 -.1478222 .5463613
2008 | .4022686 .2066423 1.95 0.052 -.0027429 .80728
2009 | .3315491 .203975 1.63 0.104 -.0682345 .7313327
2010 | .2814466 .2076725 1.36 0.175 -.125584 .6884772
2011 | .2477848 .219729 1.13 0.259 -.182876 .6784457
2012 | .2383711 .2339087 1.02 0.308 -.2200814 .6968237
2013 | .1611642 .2361992 0.68 0.495 -.3017778 .6241062
2014 | .1174306 .2495388 0.47 0.638 -.3716565 .6065178
2015 | .1055554 .2658536 0.40 0.691 -.4155082 .6266189
2016 | .0941263 .2854882 0.33 0.742 -.4654203 .6536729
2017 | -.0526493 .301213 -0.17 0.861 -.643016 .5377173
2018 | -.2064691 .338196 -0.61 0.542 -.8693211 .4563828
2019 | -.3711404 .3743367 -0.99 0.321 -1.104827 .362546
2020 | -.5649029 .4089045 -1.38 0.167 -1.366341 .2365352
2021 | -.7492744 .4321883 -1.73 0.083 -1.596348 .0977991
2022 | -.6415122 .4660423 -1.38 0.169 -1.554938 .271914
|
ff_12 |
2 | -.4032449 .4219972 -0.96 0.339 -1.230344 .4238544
3 | .0445373 .3243181 0.14 0.891 -.5911144 .6801891
4 | .1290963 .4430044 0.29 0.771 -.7391763 .9973689
5 | -.2190148 .3218857 -0.68 0.496 -.8498992 .4118695
6 | .4402585 .327009 1.35 0.178 -.2006674 1.081184
7 | .3281896 .4688779 0.70 0.484 -.5907943 1.247173
8 | .013678 .3189432 0.04 0.966 -.6114392 .6387952
9 | .2375559 .3221404 0.74 0.461 -.3938277 .8689394
10 | .4122343 .3243956 1.27 0.204 -.2235694 1.048038
11 | .0156571 .3313167 0.05 0.962 -.6337116 .6650258
12 | .286629 .3460465 0.83 0.408 -.3916096 .9648676
|
_cons | -6.161665 1.055611 -5.84 0.000 -8.230625 -4.092705
-------------------------+----------------------------------------------------------------
/athrho | -.2897392 .2262834 -1.28 0.200 -.7332465 .1537682
-------------------------+----------------------------------------------------------------
rho | -.2818947 .2083019 -.6250475 .1525676
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Wald test of rho=0: chi2(1) = 1.63949 Prob > chi2 = 0.2004
Click to Open File: qqqq.doc
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