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Modelo Multinvel 1 Wednesday January 20 13:30:40 2016 Page 1

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User: Modelo Multinvel 11 . do "C:\Users\USURIO~2\AppData\Local\Temp\STD00000000.tmp"

2 . xtset id ano panel variable: id (unbalanced) time variable: ano, 2007 to 2014, but with gaps delta: 1 unit

3 . xtmixed csp roe endiv1 tam opc ambec comp sisleg qualiadm orient wgi i.ano || pais: ambec> tam opc

Performing EM optimization:

Performing gradient-based optimization:

Iteration 0: log likelihood = 345.43337 (not concave)Iteration 1: log likelihood = 346.72153 (not concave)Iteration 2: log likelihood = 347.8286 (not concave)Iteration 3: log likelihood = 349.36293

Iteration 4: log likelihood = 349.69917Iteration 5: log likelihood = 349.88736Iteration 6: log likelihood = 349.89969Iteration 7: log likelihood = 349.90044Iteration 8: log likelihood = 349.90044

Computing standard errors:

Mixed-effects ML regression Number of obs = 227

No. of Observations per GroupGroup Variable Groups Minimum Average Maximum

pais 2 108 113.5 119 id 34 2 6.7 8

Wald chi2(17) = 59.83Log likelihood = 349.90044 Prob > chi2 = 0.0000

csp Coef. Std. Err. z P>|z| [95% Conf. Interval]

roe .0037167 .0091568 0.41 0.685 -.0142303 .0216637 endiv1 .0032662 .0025588 1.28 0.202 -.001749 .0082813 tam -.0296197 .0136591 -2.17 0.030 -.0563912 -.0028483 opc .0245594 .0171129 1.44 0.151 -.0089813 .0581002 ambec 2.181154 .6112556 3.57 0.000 .9831153 3.379193 comp -.5794262 .4599224 -1.26 0.208 -1.480857 .322005 sisleg .0533757 .1295552 0.41 0.680 -.2005478 .3072992

qualiadm .5313809 .201738 2.63 0.008 .1359817 .92678 orient -1.336646 .60236 -2.22 0.026 -2.51725 -.1560424 wgi -.7108994 .2629956 -2.70 0.007 -1.226361 -.1954375

ano2008 .085173 .0258463 3.30 0.001 .0345152 .1358308

2009 .160561 .0458911 3.50 0.000 .070616 .250506 2010 .1478655 .0378407 3.91 0.000 .0736991 .2220319 2011 .1665486 .0382996 4.35 0.000 .0914828 .2416144 2012 .1928708 .0493566 3.91 0.000 .0961336 .289608 2013 .1909662 .0414376 4.61 0.000 .1097501 .2721824 2014 .2033399 .0407988 4.98 0.000 .1233757 .2833042

_cons .3525086 .4735378 0.74 0.457 -.5756084 1.280626

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Modelo Multinvel 1 Wednesday January 20 13:30:40 2016 Page 2

Random-effects Parameters Estimate Std. Err. [95% Conf. Interval]

pais: Independentsd(ambec) 1.34e-10 . . .

sd(comp) 1.34e-10 . . . sd(sisleg) 9.61e-11 . . . sd(qualiadm) 1.36e-10 . . .

sd(orient) 1.35e-10 . . . sd(wgi) 1.48e-10 . . . sd(_cons) 8.93e-11 . . .

id: Independentsd(roe) 1.97e-12 . . .

sd(endiv1) 1.50e-12 . . . sd(tam) 3.43e-08 . . . sd(opc) .0623077 . . . sd(_cons) .1016301 . . .

sd(Residual) .0353202 . . .

LR test vs. linear regression: chi2(12) = 300.08 Prob > chi2 = 0.0000

Note: LR test is conservative and provided only for reference.

4 .end of do-file

5 .