28.10.2016 Views

gender differential paper IJCRB

Create successful ePaper yourself

Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.

ijcrb.webs.com<br />

INTERDISCIPLINARY JOURNAL OF CONTEMPORARY RESEARCH IN BUSINESS<br />

Specification and Diagnostic Tests<br />

Table 5: Results of Diagnostic Tests:<br />

Equation- Equation- Equation-<br />

Tests Equation-1 Equation-2 Equation-3<br />

4<br />

5<br />

6<br />

Normality Test<br />

Jarque-Bera<br />

1.529626<br />

(0.465421)<br />

Breusch-Godfrey Serial Correlation LM Test<br />

F-statistic<br />

0.331906<br />

(0.5690)<br />

Observed R 2<br />

0.407359<br />

(0.5233)<br />

F-statistic<br />

0.263542<br />

(0.7702)<br />

Observed R 2<br />

0.665159<br />

(0.7171)<br />

ARCH Test<br />

F-statistic<br />

4.555081<br />

(0.0403)<br />

Observed R 2<br />

4.245173<br />

(0.0394)<br />

F-statistic<br />

5.568574<br />

(0.0086)<br />

Observed R 2<br />

8.986442<br />

(0.0112)<br />

F-statistic<br />

Observed R 2<br />

F-statistic<br />

Observed R 2<br />

Lag 1<br />

Lag 2<br />

Lag 1<br />

Lag 2<br />

Lag 3<br />

Lag 4<br />

Ramsey’s RESET Test<br />

3.962066<br />

(0.137927)<br />

2.463514<br />

(0.1278)<br />

2.911237<br />

(0.0880)<br />

6.468224<br />

(0.0159)<br />

2.911237<br />

(0.0880)<br />

3.416134<br />

(0.0456)<br />

6.140184<br />

(0.0464)<br />

2.330589<br />

(0.0950)<br />

6.410587<br />

(0.0933)<br />

1.626801<br />

(0.1963)<br />

6.214500<br />

(0.1837)<br />

1.508107<br />

(0.470456)<br />

1.517357<br />

(0.2283)<br />

1.850601<br />

(0.1737)<br />

2.275257<br />

(0.153323)<br />

5.003825<br />

(0.0811928)<br />

5.172030<br />

(0.0296)<br />

4.742243<br />

(0.0294)<br />

2.556166<br />

(0.0939)<br />

4.813295<br />

(0.0901)<br />

1.976704<br />

(0.1395)<br />

5.602435<br />

(0.1326)<br />

1.508107<br />

(0.470456)<br />

1.517357<br />

(0.2283)<br />

1.850601<br />

(0.1737)<br />

5.172030<br />

(0.0296)<br />

4.742243<br />

(0.0294)<br />

5.798109<br />

(0.055075)<br />

1.223793<br />

(0.2780)<br />

1.507558<br />

(0.2195)<br />

1.877672<br />

(0.1798)<br />

1.884257<br />

(0.1699)<br />

0.569673<br />

(0.58150)<br />

1.313979<br />

(0.51840)<br />

0.476567<br />

(0.787979)<br />

1.220993<br />

(0.2782)<br />

1.454477<br />

(0.2278)<br />

1.159832<br />

(0.2893)<br />

1.188358<br />

(0.2757)<br />

Equation-<br />

7<br />

JUNE 2011<br />

VOL 3, NO 2<br />

1.121465<br />

(0.570791)<br />

0.842136<br />

(0.3666)<br />

1.051132<br />

(0.3052)<br />

0.410392<br />

(0.5262)<br />

0.429917<br />

(0.5120)<br />

Equation-<br />

8<br />

4.879500<br />

(0.087183)<br />

1.202270<br />

(0.2822)<br />

1.482136<br />

(0.2234)<br />

2.050796<br />

(0.1615)<br />

2.047824<br />

(0.1524)<br />

F-statistic<br />

Lag 1<br />

19.29184<br />

(0.0000)<br />

2.791975<br />

(0.1059)<br />

2.527244<br />

(0.1231)<br />

2.527244<br />

(0.1231)<br />

1.472783<br />

(0.2350)<br />

44.36871<br />

(0.0000)<br />

1.893760<br />

(0.1797)<br />

1.428390<br />

(0.2421)<br />

F-statistic<br />

Lag<br />

2<br />

1.3323255<br />

(0.248387)<br />

2.166914<br />

(0.1340)<br />

1.997863<br />

(0.1552)<br />

F-statistic<br />

Lag<br />

3<br />

F-statistic<br />

Lag<br />

4<br />

Endnotes<br />

1. The disclosures used as a proxy for financial transparency in this study have been suggested by S&P 2002.<br />

2. Code of corporate governance issued in Pakistan on March 28 th , 2002. See www.secp.org.pk<br />

3. Information on big four audit firms was obtained from ICAP<br />

4. ICAP issued a circular on 13 th August 2008 in which they set the minimum audit fee on the basis of<br />

account receivable turnover rate for the firm. See www.icap.org.pk<br />

COPY RIGHT © 2011 Institute of Interdisciplinary Business Research 1564

Hooray! Your file is uploaded and ready to be published.

Saved successfully!

Ooh no, something went wrong!