Real Estate Asset Management Companies’ Economies of Scale: Is It a Dream or Reality? The Italian Case

Table 8

Coefficients resulting from the first regression on clustered data.

Y = asset under management
Year	Regressor	Estimate	Std. error	t value	Pr ()	Adjusted R^2
2013	Intercept	−0.3292	0.1237	−2.661	0.01395	0.8288
	No. of employees	0.3859	0.1706	2.261	0.03349
	ind_cl1	1.5280	0.4766	3.206	0.00392
	ind_cl2	0.6940	0.2558	2.713	0.01240
2014	Intercept	−0.42872	0.06451	−6.646	8.84e − 07	0.9375
	No. of r.e. funds	0.25319	0.07031	3.601	0.00151
	ind_cl1	2.14006	0.19282	11.099	1.03e − 10
	ind_cl2	0.75379	0.15181	4.965	5.08e − 05
2015	Intercept	−0.48072	0.05868	−8.192	2.85e − 08	0.9479
	No. of r.e. funds	0.20154	0.06283	3.208	0.00391
	ind_cl1	2.22211	0.17092	13.001	4.40e − 12
	ind_cl2	1.02272	0.14032	7.288	2.04e − 07
2016	Intercept	−0.42832	0.07138	−6.000	4.05e − 06	0.9211
	No. of r.e. funds	0.31868	0.06846	4.655	0.00011
	ind_cl1	2.29186	0.20763	11.038	1.15e − 10
	ind_cl2	0.78153	0.14725	5.307	2.18e − 05
2017	Intercept	−0.4801	0.1142	−4.205	0.000398	0.8633
	No. of r.e. funds	0.3098	0.1028	3.015	0.006599
	ind_cl1	1.9595	0.2731	7.174	4.51e − 07
	ind_cl2	0.5950	0.2003	2.970	0.007307
2018	Intercept	−0.5594	0.1007	−5.556	1.94e − 05	0.9052
	No. of employees	0.3236	0.1072	3.018	0.0068
	ind_cl1	1.7988	0.2939	6.121	5.56e − 06
	ind_cl2	0.8902	0.1523	5.846	1.02e − 05

Signif. codes: 0.001; 0.01; 0.05.