Table 5: Second stage—Generalized estimating equations models that capture the most important factors explaining the efficiency score for robust DEA.

PredictorsModels
Model 1Model 2Model 3Model 4
𝐵 Hypothesis Test-Sig. 𝐵 Hypothesis Test-Sig. 𝐵 Hypothesis Test-Sig. 𝐵 Hypothesis Test-Sig.

(Intercept).681.006.681.005.779.0001.141.000
Private−.367.000−.370.000−.352.000−.402.000
Stock.118.143.118.138
Big.165.193.172.129.178.093
Marketshare.001.751
Capitalstructure.007.003.007.003.006.004.005.005
PrmtoSrp.018.000.018.000.017.000.017.000
QICa46.36744.53741.93335.142
QICCa25.73923.78521.42419.649
Residual normal testb
Asymp. Sig. (2-tailed)
.224

aComputed using the full log quasilikelihood function.
bBeing normal is not rejected at 5% level if the statistic is more than 0.05.