A) Write the estimated regression equation from the coefficient output and interpret the results....

a) Write the estimated regression equation from the coefficient output and interpret the results. (150 words) Regression Output Unstandardized Standardized Coefficients Coefficients Model B Std. Error Beta t Sig. (Constant) .085 .089 954 341 Environment 354 .041 342 8.613 .000 Brand Diversity -024 .049 ..020 -481 .631 Entertainment 401 .044 .368 9.079 .000 Location .291 .043 .272 6.832 .000 Dependent Variable: Consumer Loyalty b) Based on the following output tables, write all the panel data regression models. Which is a better model, FEM or REM? Justify your answer. (200 words) Table A: Dependent Variable:PAYOUT_RATIO Method: Panel Least Squares Variable Coefficient Std. Error t-Statistic Prob. FOREIGN_DIRECTORS FEMALE_DIRECTORS с 158.8968 -4.463537 3.143324 14.70223 36.09961 5.364327 10.80766 -0.123645 0.585968 0.0000 0.9023 0.5618 Effects Specification Cross-section fixed dummy variables) R-squared 0.876583 Mean dependent var Adjusted R-squared 0.840284 S.D. dependent var S.E. of regression 23.93641 Akaike info criterion Sum squared resid 19480.36 Schwarz criterion Log-likelihood -200.4385 Hannan-Quinn criter. F-statistic 24.14892 Durbin-Watson stat Prob(F-statistic) 0.000000 38.31686 59.89422 9.397265 9.838894 9.561900 2.351257

Table B: Dependent Variable: PAYOUT_RATIO Method: Panel EGLS (Cross-section random effects) Variable Coefficient Std. Error t-Statistic Prob. FOREIGN_DIRECTORS FEMALE_DIRECTORS с 149.4722 17.75043 3.114584 13.70889 33.50407 11.32865 10.90330 0.529799 0.274930 0.0000 0.5990 0.7847 Effects Specification S.D. Rho Cross-section random Idiosyncratic random 30.12334 23.93641 0.6130 0.3870 R-squared Adjusted R-squared S.E. of regression F-statistic Prob(F-statistic) Weighted Statistics 0.749393 Mean dependent var 0.737459 S.D. dependent var 24.41623 Sum squared resid 62.79640 Durbin-Watson stat 0.000000 12.83031 47.65187 25038.40 1.869314 Table C: Correlated Random Effects - Hausman Test Test cross-sectionrandom effects Test Summary Chi-Sq. Statistic Chi-Sq. d.f. Prob. Cross-section random 3.700706 2 0.1572