Research Article
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 R2 |
| 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 |
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Signif. codes: 0.001; 0.01; 0.05. |