Table 2 Estimation results

Constant (α)

− 0.269^a

(0.035)

− 0.401^a

(0.037)

αP

− 0.651^a

(0.017)

− 0.618^a

(0.020)

αIC

0.397^a

(0.022)

0.365^a

(0.022)

αHS

0.135^b

(0.067)

0.150^a

(0.056)

αFA

0.328^a

(0.072)

0.303^a

(0.061)

αAG

0.171^a

(0.048)

0.132^a

(0.044)

αCDD

0.180^a

(0.016)

0.150^a

(0.015)

αHDD

− 0.134^a

(0.019)

− 0.139^a

(0.018)

Constant (β)

− 0.976^b

(0.472)

− 2.019

(1.534)

βHS

− 1.034^a

(0.219)

− 0.213^b

(0.097)

βFA

1.171^a

(0.230)

0.396^a

(0.101)

βAG

− 0.022

(0.133)

− 0.137

(0.084)

Time dummies

No

Yes

Sigma-squared

0.382^a

(0.065)

0.174^a

(0.015)

Gamma

0.770^a

(0.040)

0.602^a

(0.047)

Log likelihood

− 417.382

− 344.568

Mean efficiency

0.770

0.690