rakesh

1922 days ago by macieksk

save.image("./data/inddir.Rdata") 
       
load("./data/inddir.Rdata") library(plm) library(lmtest) library(gdata) 
       
Loading required package: bdsmatrix

Attaching package: ‘bdsmatrix’

The following object(s) are masked from ‘package:base’:

    backsolve

Loading required package: nlme
Loading required package: Formula
Loading required package: MASS
Loading required package: sandwich
Loading required package: zoo

Attaching package: ‘zoo’

The following object(s) are masked from ‘package:base’:

    as.Date, as.Date.numeric


gdata: read.xls support for 'XLS' (Excel 97-2004) files ENABLED.

gdata: read.xls support for 'XLSX' (Excel 2007+) files ENABLED.

Attaching package: ‘gdata’

The following object(s) are masked from ‘package:stats’:

    nobs

The following object(s) are masked from ‘package:utils’:

    object.size
download.file("http://www.mimuw.edu.pl/~macieksk/xls/ID%202005%202010%20with%20no%20banks%20finance%20and%20psu.xls", "data/id_nobanks.xls","wget") download.file("http://www.mimuw.edu.pl/~macieksk/xls/Independent%20director%202005%202010%20experimental%20data.xls", "data/id_dir.xls","wget") 
       
--2013-04-05 13:54:58-- 
http://www.mimuw.edu.pl/~macieksk/xls/ID%202005%202010%20with%20no%2\
0banks%20finance%20and%20psu.xls
Translacja www.mimuw.edu.pl... 193.0.96.13
Łączenie się z www.mimuw.edu.pl|193.0.96.13|:80... połączono.
Żądanie HTTP wysłano, oczekiwanie na odpowiedź... 200 OK
Długość: 1172992 (1,1M) [application/vnd.ms-excel]
Zapis do: `data/id_nobanks.xls'

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2013-04-05 13:54:58 (53,4 MB/s) - zapisano `data/id_nobanks.xls'
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--2013-04-05 13:54:58-- 
http://www.mimuw.edu.pl/~macieksk/xls/Independent%20director%202005%\
202010%20experimental%20data.xls
Translacja www.mimuw.edu.pl... 193.0.96.13
Łączenie się z www.mimuw.edu.pl|193.0.96.13|:80... połączono.
Żądanie HTTP wysłano, oczekiwanie na odpowiedź... 200 OK
Długość: 1720320 (1,6M) [application/vnd.ms-excel]
Zapis do: `data/id_dir.xls'

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[1720320/1720320]
#install.packages("gdata") library(gdata) 
       
#?read.xls 
       
%time #idn.sh1<-read.xls("data/id_nobanks.xls",sheet=1,na.strings=c("NA","#DIV/0!","")) iddir<-read.xls("data/id_dir.xls",sheet=1,na.strings=c("NA","#DIV/0!","")) 
       
CPU time: 0.00 s,  Wall time: 12.32 s
head(iddir) 
       
  Industry.code Industry Co_Code No.of.meetings  EPS Net.sales
Inst.Hold promoters.holding
1             1 Abrasive     103              4 3.06    247.57    
21.25             42.74
2             1 Abrasive     103              4 5.05    919.71    
21.23             42.74
3             1 Abrasive     103              4 3.85    657.81    
22.59             42.77
4             1 Abrasive     103              4 1.62    464.12    
19.23             43.07
5             1 Abrasive     103              6 7.70    919.71    
25.17             43.12
6             1 Abrasive     103              6 7.94    738.12    
25.77             43.11
  Total.asset Board.size          Co_Name ROCE RONW Year.End.YYYYMM.
Sr..No.        Directors.Name
1      263.42         10 Carborundum Uni.   24   25           200503
2            S N Talwar
2     1213.44         10 Carborundum Uni.   24   25           200503
3            K N Shenoy
3     1067.48         10 Carborundum Uni.   24   25           200503
5 Subodh Kumar Bhargava
4      555.97         10 Carborundum Uni.   24   25           200503
10       P N Jambunathan
5     1213.44          9 Carborundum Uni.   24   25           201003
2 Subodh Kumar Bhargava
6     1080.94          9 Carborundum Uni.   24   25           201003
3      T L Palani Kumar
  Directors.Designation Promoter.Non.Promoter
Executive.Non.Executive Independent.Non.Independent
1              Director                  <NA>           Non
Executive                 Independent
2              Director                  <NA>           Non
Executive                 Independent
3              Director                  <NA>           Non
Executive                 Independent
4              Director                  <NA>           Non
Executive                 Independent
5              Director                  <NA>           Non
Executive                 Independent
6              Director                  <NA>           Non
Executive                 Independent
  No..of.Meetings.Attended Last.AGM.Attended Other.Directorship
Other.Committee.Member
1                        7               Yes                 41     
5
2                        5               Yes                  1     
1
3                        7               Yes                  9     
3
4                        0              <NA>                 
0                      0
5                        5               Yes                 11     
5
6                        5               Yes                  1     
0
  Other.Committee.Chairman Salary Commission Contribution.to.PF
Perquisite Board.Sitting.Fees
1                       11      0     200000                  0     
0              75000
2                        3      0     200000                  0     
0             125000
3                        5      0     200000                  0     
0             145000
4                        0      0      50000                  0     
0                  0
5                        3      0     300000                  0     
0             180000
6                        0      0     300000                  0     
0             180000
  Committee.Meeting.Sitting.Fees Others Retiral.Benefits
Performance.Bonus.Incentive
1                              0      0                0            
0
2                              0      0                0            
0
3                              0      0                0            
0
4                              0      0                0            
0
5                              0      0                0            
0
6                              0      0                0            
0
  Leave.Travel.Allowance.Leave.Incentive Professional.Fees
Other.Benefits  Total No..of.ESOPs
1                                      0                 0          
0 275000            0
2                                      0                 0          
0 325000            0
3                                      0                 0          
0 345000            0
4                                      0                 0          
0  50000            0
5                                      0                 0          
0 480000            0
6                                      0                 0          
0 480000            0
  Period.From Period.To
1        <NA>          
2        <NA>          
3        <NA>          
4        <NA>          
5        <NA>          
6        <NA>          
dim(iddir) class(iddir) 
       
[1] 4229   41
[1] "data.frame"
colnames(iddir) 
       
 [1] "Industry.code"                          "Industry"            

 [3] "Co_Code"                                "No.of.meetings"      

 [5] "EPS"                                    "Net.sales"           

 [7] "Inst.Hold"                              "promoters.holding"   

 [9] "Total.asset"                            "Board.size"          

[11] "Co_Name"                                "ROCE"                

[13] "RONW"                                   "Year.End.YYYYMM."    

[15] "Sr..No."                                "Directors.Name"      

[17] "Directors.Designation"                 
"Promoter.Non.Promoter"                 
[19] "Executive.Non.Executive"               
"Independent.Non.Independent"           
[21] "No..of.Meetings.Attended"               "Last.AGM.Attended"   

[23] "Other.Directorship"                    
"Other.Committee.Member"                
[25] "Other.Committee.Chairman"               "Salary"              

[27] "Commission"                             "Contribution.to.PF"  

[29] "Perquisite"                             "Board.Sitting.Fees"  

[31] "Committee.Meeting.Sitting.Fees"         "Others"              

[33] "Retiral.Benefits"                      
"Performance.Bonus.Incentive"           
[35] "Leave.Travel.Allowance.Leave.Incentive" "Professional.Fees"   

[37] "Other.Benefits"                         "Total"               

[39] "No..of.ESOPs"                           "Period.From"         

[41] "Period.To"                             
table(iddir$Year.End.YYYYMM.) 
       
200503 200506 200509 200510 200511 200512 201003 201006 201009
201010 201012 
  1156     53     50      5      3    108   2442    110     76    
10    216 
iddir$year<-as.integer(substr(iddir$Year.End.YYYYMM.,1,4)) 
       
 
       
   Min. 1st Qu.  Median    Mean 3rd Qu.    Max. 
   2005    2005    2010    2008    2010    2010 
hist(iddir$RONW) dev.off() 
       
null device 
          1 
ronw.model <- RONW ~ Board.Sitting.Fees + Commission + Salary + Net.sales + Total.asset + Board.size + Inst.Hold + promoters.holding ronw.lm <- lm(ronw.model, data= iddir) 
       
ronw.model 
       
RONW ~ Board.Sitting.Fees + Commission + Salary + Net.sales + 
    Total.asset + Board.size + Inst.Hold + promoters.holding
summary(ronw.lm) 
       
Call:
lm(formula = ronw.model, data = iddir)

Residuals:
     Min       1Q   Median       3Q      Max 
-157.022   -8.374   -0.492    7.140   65.852 

Coefficients:
                     Estimate Std. Error t value Pr(>|t|)    
(Intercept)         2.004e+01  1.329e+00  15.077  < 2e-16 ***
Board.Sitting.Fees  1.454e-05  2.567e-06   5.663 1.62e-08 ***
Commission          2.475e-06  3.268e-07   7.574 4.76e-14 ***
Salary              1.875e-06  1.075e-06   1.744 0.081239 .  
Net.sales           4.122e-06  1.368e-05   0.301 0.763138    
Total.asset        -2.896e-05  8.480e-06  -3.415 0.000647 ***
Board.size         -7.253e-02  8.052e-02  -0.901 0.367827    
Inst.Hold          -1.182e-01  2.185e-02  -5.407 6.91e-08 ***
promoters.holding  -1.038e-02  1.514e-02  -0.685 0.493138    
---
Signif. codes:  0 ‘***’ 0.001 ‘**’ 0.01 ‘*’ 0.05 ‘.’ 0.1 ‘ ’ 1 

Residual standard error: 15.97 on 3048 degrees of freedom
  (1172 observations deleted due to missingness)
Multiple R-squared: 0.05042,	Adjusted R-squared: 0.04792 
F-statistic: 20.23 on 8 and 3048 DF,  p-value: < 2.2e-16 
coef(ronw.lm) 
       
       (Intercept) Board.Sitting.Fees         Commission            
Salary          Net.sales 
      2.004015e+01       1.453557e-05       2.475189e-06      
1.874934e-06       4.122328e-06 
       Total.asset         Board.size          Inst.Hold 
promoters.holding 
     -2.895698e-05      -7.252730e-02      -1.181611e-01     
-1.037760e-02 
## Breusch-Pagan library(lmtest) ronw.bp<-bptest(ronw.model,data=iddir) ronw.bp 
       
	studentized Breusch-Pagan test

data:  ronw.model 
BP = 42.1225, df = 8, p-value = 1.284e-06
## Hausman test #install.packages("plm") library(plm) 
       
cnames<-c("RONW", "Board.Sitting.Fees","Commission","Salary","Net.sales","Total.asset","Board.size","Inst.Hold","promoters.holding") 
       
table(iddir$year) 
       
character(0)
#iddir.plm <- plm.data(iddir[iddir$year==2010,],indexes=c("Industry.code","year")) iddir.plm <- plm.data(iddir[,],indexes=c("Industry.code","year")) 
       
series    are constants and have been removed
#length(table(iddir[iddir$year==2010,"Co_Code"])) 
       
ronw.wi<-NULL ronw.wi<-plm(RONW ~ Board.Sitting.Fees + Commission + Salary + Net.sales + Total.asset + Board.size + Inst.Hold + promoters.holding + No..of.Meetings.Attended, data=iddir.plm, index=c("Industry.code"), model="within") #effect="twoways") summary(ronw.wi) 
       
series Executive.Non.Executive, xIndependent.Non.Independent,
xLeave.Travel.Allowance.Leave.Incentive are constants and have been
removed

Oneway (individual) effect Within Model

Call:
plm(formula = RONW ~ Board.Sitting.Fees + Commission + Salary + 
    Net.sales + Total.asset + Board.size + Inst.Hold +
promoters.holding + 
    No..of.Meetings.Attended, data = iddir.plm, model = "within", 
    index = c("Industry.code"))

Unbalanced Panel: n=52, T=7-343, N=3057

Residuals :
   Min. 1st Qu.  Median 3rd Qu.    Max. 
-147.00   -6.35   -0.20    5.65   58.90 

Coefficients :
                            Estimate  Std. Error t-value 
Pr(>|t|)    
Board.Sitting.Fees        1.2847e-05  2.5271e-06  5.0838 3.928e-07
***
Commission                2.0299e-06  2.8908e-07  7.0217 2.702e-12
***
Salary                    1.9628e-06  9.2260e-07  2.1275 0.0334636 *

Net.sales                 7.2865e-05  1.3560e-05  5.3735 8.314e-08
***
Total.asset              -4.3397e-05  8.7244e-06 -4.9743 6.919e-07
***
Board.size                2.5370e-01  8.1274e-02  3.1215 0.0018164
** 
Inst.Hold                -1.2242e-01  2.0929e-02 -5.8494 5.466e-09
***
promoters.holding        -5.1022e-02  1.3868e-02 -3.6792 0.0002381
***
No..of.Meetings.Attended -3.9630e-01  1.1182e-01 -3.5440 0.0004002
***
---
Signif. codes:  0 ‘***’ 0.001 ‘**’ 0.01 ‘*’ 0.05 ‘.’ 0.1 ‘ ’ 1 

Total Sum of Squares:    586870
Residual Sum of Squares: 556720
R-Squared      :  0.05137 
      Adj. R-Squared :  0.050345 
F-statistic: 18.0266 on 9 and 2996 DF, p-value: < 2.22e-16
#table(iddir$Industry.code) coef(ronw.wi) 
       
      Board.Sitting.Fees               Commission                  
Salary                Net.sales 
            1.284721e-05             2.029851e-06            
1.962791e-06             7.286505e-05 
             Total.asset               Board.size               
Inst.Hold        promoters.holding 
           -4.339739e-05             2.536968e-01           
-1.224193e-01            -5.102194e-02 
No..of.Meetings.Attended 
           -3.962998e-01 
plot(residuals(ronw.wi)) dev.off() 
       
null device 
          1 
ronw.lm<-lm(RONW ~ Board.Sitting.Fees + Commission + Salary + Net.sales + Total.asset + Board.size + Inst.Hold + promoters.holding + No..of.Meetings.Attended,data=iddir.plm) summary(ronw.lm) 
       
Call:
lm(formula = RONW ~ Board.Sitting.Fees + Commission + Salary + 
    Net.sales + Total.asset + Board.size + Inst.Hold +
promoters.holding + 
    No..of.Meetings.Attended, data = iddir.plm)

Residuals:
     Min       1Q   Median       3Q      Max 
-155.843   -8.578   -0.570    7.374   65.590 

Coefficients:
                           Estimate Std. Error t value Pr(>|t|)  

(Intercept)               2.307e+01  1.435e+00  16.080  < 2e-16
***
Board.Sitting.Fees        2.054e-05  2.782e-06   7.386 1.94e-13 ***
Commission                2.488e-06  3.253e-07   7.650 2.67e-14 ***
Salary                    2.090e-06  1.071e-06   1.952 0.051015 .  
Net.sales                 1.259e-05  1.370e-05   0.919 0.358075    
Total.asset              -3.205e-05  8.459e-06  -3.788 0.000155 ***
Board.size               -1.168e-01  8.056e-02  -1.450 0.147050    
Inst.Hold                -1.154e-01  2.176e-02  -5.306 1.20e-07 ***
promoters.holding        -1.275e-02  1.508e-02  -0.846 0.397690    
No..of.Meetings.Attended -6.741e-01  1.235e-01  -5.459 5.16e-08 ***
---
Signif. codes:  0 ‘***’ 0.001 ‘**’ 0.01 ‘*’ 0.05 ‘.’ 0.1 ‘ ’ 1 

Residual standard error: 15.9 on 3047 degrees of freedom
  (1172 observations deleted due to missingness)
Multiple R-squared: 0.05961,	Adjusted R-squared: 0.05684 
F-statistic: 21.46 on 9 and 3047 DF,  p-value: < 2.2e-16 
library(lattice) plot(rstudent(ronw.lm)) abline(a=2,b=0) abline(a=-2,b=0) dev.off() 
       
null device 
          1 
to.remove<-abs(rstudent(ronw.lm))>2 summary(to.remove) 
       
   Mode   FALSE    TRUE    NA's 
logical    1958     106       0 
ronw.lm<-lm(RONW ~ Board.Sitting.Fees + Commission + Salary + Net.sales + Total.asset + Board.size + Inst.Hold + promoters.holding + No..of.Meetings.Attended,data=iddir.plm[!to.remove,]) summary(ronw.lm) 
       
Call:
lm(formula = RONW ~ Board.Sitting.Fees + Commission + Salary + 
    Net.sales + Total.asset + Board.size + Inst.Hold +
promoters.holding + 
    No..of.Meetings.Attended, data = iddir.plm[!to.remove, ])

Residuals:
     Min       1Q   Median       3Q      Max 
-155.181   -8.446   -0.592    7.831   64.958 

Coefficients:
                           Estimate Std. Error t value Pr(>|t|)  

(Intercept)               2.467e+01  1.867e+00  13.212  < 2e-16
***
Board.Sitting.Fees        2.408e-05  3.382e-06   7.121 1.50e-12 ***
Commission                2.501e-06  3.550e-07   7.045 2.57e-12 ***
Salary                    2.418e-06  1.223e-06   1.977  0.04816 *  
Net.sales                 1.585e-05  1.804e-05   0.878  0.37980    
Total.asset              -3.208e-05  1.120e-05  -2.865  0.00421 ** 
Board.size               -2.013e-01  1.054e-01  -1.909  0.05640 .  
Inst.Hold                -1.350e-01  2.815e-02  -4.797 1.73e-06 ***
promoters.holding        -1.955e-02  1.962e-02  -0.996  0.31936    
No..of.Meetings.Attended -8.848e-01  1.668e-01  -5.304 1.26e-07 ***
---
Signif. codes:  0 ‘***’ 0.001 ‘**’ 0.01 ‘*’ 0.05 ‘.’ 0.1 ‘ ’ 1 

Residual standard error: 16.08 on 1945 degrees of freedom
  (763 observations deleted due to missingness)
Multiple R-squared: 0.07459,	Adjusted R-squared: 0.0703 
F-statistic: 17.42 on 9 and 1945 DF,  p-value: < 2.2e-16 
 
       
dim(iddir.plm) 
       
[1] 4229   42
ronw.lm<-lm(ROCE ~ Board.Sitting.Fees + Commission + Salary + Net.sales + Total.asset + Board.size + Inst.Hold + promoters.holding + No..of.Meetings.Attended,data=iddir.plm) summary(ronw.lm) 
       
Call:
lm(formula = ROCE ~ Board.Sitting.Fees + Commission + Salary + 
    Net.sales + Total.asset + Board.size + Inst.Hold +
promoters.holding + 
    No..of.Meetings.Attended, data = iddir.plm)

Residuals:
     Min       1Q   Median       3Q      Max 
-199.397   -7.793   -2.151    6.661   85.333 

Coefficients:
                           Estimate Std. Error t value Pr(>|t|)  

(Intercept)               2.605e+01  1.457e+00  17.881  < 2e-16
***
Board.Sitting.Fees        2.101e-05  2.824e-06   7.439 1.31e-13 ***
Commission                2.659e-06  3.302e-07   8.052 1.15e-15 ***
Salary                    2.553e-06  1.087e-06   2.349   0.0189 *  
Net.sales                 2.913e-05  1.391e-05   2.094   0.0364 *  
Total.asset              -7.824e-05  8.588e-06  -9.111  < 2e-16
***
Board.size                1.646e-01  8.178e-02   2.012   0.0443 *  
Inst.Hold                -1.707e-01  2.209e-02  -7.727 1.48e-14 ***
promoters.holding        -1.279e-01  1.530e-02  -8.358  < 2e-16
***
No..of.Meetings.Attended -7.945e-01  1.254e-01  -6.338 2.67e-10 ***
---
Signif. codes:  0 ‘***’ 0.001 ‘**’ 0.01 ‘*’ 0.05 ‘.’ 0.1 ‘ ’ 1 

Residual standard error: 16.14 on 3047 degrees of freedom
  (1172 observations deleted due to missingness)
Multiple R-squared: 0.09529,	Adjusted R-squared: 0.09262 
F-statistic: 35.66 on 9 and 3047 DF,  p-value: < 2.2e-16 
library(lattice) plot(rstudent(ronw.lm)) abline(a=2,b=0) abline(a=-2,b=0) dev.off() 
       
null device 
          1 
to.remove<-abs(rstudent(ronw.lm))>2 summary(to.remove) 
       
   Mode   FALSE    TRUE    NA's 
logical    2971      86       0 
ronw.lm<-lm(ROCE ~ Board.Sitting.Fees + Commission + Salary + Net.sales + Total.asset + Board.size + Inst.Hold + promoters.holding + No..of.Meetings.Attended,data=iddir.plm[!to.remove,]) summary(ronw.lm) 
       
Call:
lm(formula = ROCE ~ Board.Sitting.Fees + Commission + Salary + 
    Net.sales + Total.asset + Board.size + Inst.Hold +
promoters.holding + 
    No..of.Meetings.Attended, data = iddir.plm[!to.remove, ])

Residuals:
     Min       1Q   Median       3Q      Max 
-199.286   -7.691   -2.034    6.451   85.491 

Coefficients:
                           Estimate Std. Error t value Pr(>|t|)  

(Intercept)               2.584e+01  1.481e+00  17.453  < 2e-16
***
Board.Sitting.Fees        2.108e-05  2.842e-06   7.418 1.54e-13 ***
Commission                2.605e-06  3.314e-07   7.859 5.35e-15 ***
Salary                    2.572e-06  1.087e-06   2.367   0.0180 *  
Net.sales                 3.021e-05  1.414e-05   2.137   0.0327 *  
Total.asset              -7.744e-05  8.609e-06  -8.994  < 2e-16
***
Board.size                1.647e-01  8.267e-02   1.992   0.0465 *  
Inst.Hold                -1.691e-01  2.236e-02  -7.564 5.16e-14 ***
promoters.holding        -1.268e-01  1.558e-02  -8.138 5.82e-16 ***
No..of.Meetings.Attended -7.949e-01  1.264e-01  -6.291 3.61e-10 ***
---
Signif. codes:  0 ‘***’ 0.001 ‘**’ 0.01 ‘*’ 0.05 ‘.’ 0.1 ‘ ’ 1 

Residual standard error: 16.14 on 2977 degrees of freedom
  (1149 observations deleted due to missingness)
Multiple R-squared: 0.09405,	Adjusted R-squared: 0.09131 
F-statistic: 34.34 on 9 and 2977 DF,  p-value: < 2.2e-16 
 
       
iddir.plm[to.remove,] 
       
Error: object 'iddir.plm' not found
#Model with removed outliers ronw.wi.rm<-NULL ronw.wi.rm<-plm(RONW ~ Board.Sitting.Fees + Commission + Salary + Net.sales + Total.asset + Board.size + Inst.Hold + promoters.holding + No..of.Meetings.Attended, data=iddir.plm[!to.remove,], index=c("Industry.code"), model="within") #effect="twoways") summary(ronw.wi.rm) 
       
series year, xExecutive.Non.Executive, xIndependent.Non.Independent,
xContribution.to.PF, xRetiral.Benefits,
xLeave.Travel.Allowance.Leave.Incentive, xProfessional.Fees,
xNo..of.ESOPs are constants and have been removed

Oneway (individual) effect Within Model

Call:
plm(formula = RONW ~ Board.Sitting.Fees + Commission + Salary + 
    Net.sales + Total.asset + Board.size + Inst.Hold +
promoters.holding + 
    No..of.Meetings.Attended, data = iddir.plm[!to.remove, ], 
    model = "within", index = c("Industry.code"))

Unbalanced Panel: n=46, T=4-208, N=1955

Residuals :
     Min.   1st Qu.    Median   3rd Qu.      Max. 
-138.0000   -5.8900   -0.0627    5.4800   52.8000 

Coefficients :
                            Estimate  Std. Error t-value 
Pr(>|t|)    
Board.Sitting.Fees        1.5704e-05  2.8655e-06  5.4803 4.811e-08
***
Commission                1.8811e-06  2.9796e-07  6.3133 3.392e-10
***
Salary                    1.8994e-06  9.7888e-07  1.9404  0.052480 .

Net.sales                 7.7926e-05  1.6107e-05  4.8381 1.416e-06
***
Total.asset              -4.3669e-05  1.0582e-05 -4.1269 3.836e-05
***
Board.size                1.1065e-01  1.0838e-01  1.0209  0.307425  

Inst.Hold                -8.5710e-02  2.6413e-02 -3.2450  0.001195
** 
promoters.holding        -3.7500e-02  1.7641e-02 -2.1257  0.033657 *

No..of.Meetings.Attended -3.3012e-01  1.4325e-01 -2.3044  0.021305 *

---
Signif. codes:  0 ‘***’ 0.001 ‘**’ 0.01 ‘*’ 0.05 ‘.’ 0.1 ‘ ’ 1 

Total Sum of Squares:    327730
Residual Sum of Squares: 308820
R-Squared      :  0.057704 
      Adj. R-Squared :  0.05608 
F-statistic: 12.9279 on 9 and 1900 DF, p-value: < 2.22e-16
rbind(coef(ronw.wi),coef(ronw.wi.rm)) 
       
     Board.Sitting.Fees   Commission       Salary    Net.sales  
Total.asset Board.size   Inst.Hold
[1,]       1.463319e-05 1.826651e-06 1.876793e-06 7.520603e-05
-4.245471e-05  0.1518797 -0.08513320
[2,]       1.570383e-05 1.881109e-06 1.899420e-06 7.792575e-05
-4.366864e-05  0.1106455 -0.08570991
     promoters.holding No..of.Meetings.Attended
[1,]       -0.03569389               -0.2787608
[2,]       -0.03749993               -0.3301185
ronw.rn<-NULL ronw.rn<-plm(EPS ~ Board.Sitting.Fees + Commission + Salary + Net.sales + Total.asset + Board.size + Inst.Hold + promoters.holding, data=iddir.plm, index=c("Industry.code"), #random.method="walhus", model="random") summary(ronw.rn) 
       
series Executive.Non.Executive, xIndependent.Non.Independent,
xLeave.Travel.Allowance.Leave.Incentive are constants and have been
removed
Oneway (individual) effect Random Effect Model 
   (Swamy-Arora's transformation)

Call:
plm(formula = RONW ~ Board.Sitting.Fees + Commission + Salary + 
    Net.sales + Total.asset + Board.size + Inst.Hold +
promoters.holding, 
    data = iddir.plm, model = "random", index = c("Industry.code"))

Unbalanced Panel: n=52, T=7-343, N=3057

Effects:
                  var std.dev share
idiosyncratic 186.539  13.658   0.7
individual     80.036   8.946   0.3
theta  : 
   Min. 1st Qu.  Median    Mean 3rd Qu.    Max. 
 0.5002  0.7804  0.8328  0.8246  0.8734  0.9178 

Residuals :
    Min.  1st Qu.   Median     Mean  3rd Qu.     Max. 
-150.000   -6.520   -0.539    0.011    5.580   59.800 

Coefficients :
                      Estimate  Std. Error t-value  Pr(>|t|)    
(Intercept)         1.7675e+01  1.7821e+00  9.9181 < 2.2e-16 ***
Board.Sitting.Fees  9.4610e-06  2.3011e-06  4.1114 4.036e-05 ***
Commission          2.0477e-06  2.9030e-07  7.0536 2.149e-12 ***
Salary              1.8298e-06  9.2798e-07  1.9718 0.0487236 *  
Net.sales           6.6528e-05  1.3532e-05  4.9162 9.292e-07 ***
Total.asset        -3.9430e-05  8.6827e-06 -4.5412 5.809e-06 ***
Board.size          2.6481e-01  8.0459e-02  3.2913 0.0010087 ** 
Inst.Hold          -1.2305e-01  2.0876e-02 -5.8941 4.180e-09 ***
promoters.holding  -5.0325e-02  1.3886e-02 -3.6241 0.0002947 ***
---
Signif. codes:  0 ‘***’ 0.001 ‘**’ 0.01 ‘*’ 0.05 ‘.’ 0.1 ‘ ’ 1 

Total Sum of Squares:    608070
Residual Sum of Squares: 574370
R-Squared      :  0.055411 
      Adj. R-Squared :  0.055248 
F-statistic: 22.3495 on 8 and 3048 DF, p-value: < 2.22e-16
phtest(ronw.wi,ronw.rn) 
       
	Hausman Test

data:  RONW ~ Board.Sitting.Fees + Commission + Salary + Net.sales +
Total.asset + Board.size + Inst.Hold + promoters.holding 
chisq = 48.3557, df = 8, p-value = 8.447e-08
alternative hypothesis: one model is inconsistent 
phtest(RONW ~ Board.Sitting.Fees + Commission + Salary + Net.sales + Total.asset + Board.size + Inst.Hold + promoters.holding, data=iddir.plm, index=c("Industry.code")) 
       
series Executive.Non.Executive, xIndependent.Non.Independent,
xLeave.Travel.Allowance.Leave.Incentive are constants and have been
removed
series Executive.Non.Executive, xIndependent.Non.Independent,
xLeave.Travel.Allowance.Leave.Incentive are constants and have been
removed

	Hausman Test

data:  RONW ~ Board.Sitting.Fees + Commission + Salary + Net.sales +
Total.asset + Board.size + Inst.Hold + promoters.holding 
chisq = 19.5799, df = 8, p-value = 0.01205
alternative hypothesis: one model is inconsistent 
# Plot for linear regression png(w=500,h=500) plot(ronw.lm) dev.off() 
       
null device 
          1 



library(lmtest) 
       
Loading required package: zoo

Attaching package: ‘zoo’

The following object(s) are masked from ‘package:base’:

    as.Date, as.Date.numeric
library(lattice) xyplot(EPS~year, data=iddir) dev.off() 
       
null device 
          1 
library(lattice) histogram(~log(EPS)|year, data=iddir) dev.off() 
       
Warning message:
In log(EPS) : NaNs produced
null device 
          1 
boxplot(~EPS|year, data=iddir) dev.off() 
       
Error in boxplot.formula(~EPS | year, data = iddir) : 
  'formula' missing or incorrect
Error in dev.off() : cannot shut down device 1 (the null device)
library(lattice) xyplot(Salary~Total, data=iddir.sh1) dev.off() 
       
null device 
          1 
summary(iddir.sh1) 
       
 Industry.code       Industry       Co_Code      No.of.meetings     
EPS         
 Min.   : 1.00   Pharma  : 340   Min.   :    6   Min.   : 1.000  
Min.   :  -8.00  
 1st Qu.:11.00   computer: 213   1st Qu.:  298   1st Qu.: 4.000  
1st Qu.:   3.31  
 Median :21.00   FMCG    : 212   Median : 1590   Median : 5.000  
Median :   9.14  
 Mean   :25.38   Auto    : 196   Mean   : 4492   Mean   : 5.121  
Mean   :  20.72  
 3rd Qu.:39.00   steel   : 148   3rd Qu.: 5023   3rd Qu.: 6.000  
3rd Qu.:  24.01  
 Max.   :56.00   Bank    : 144   Max.   :24978   Max.   :17.000  
Max.   :1456.82  
                 (Other) :2976                   NA's   :74.000  
NA's   : 146.00  
   Net.sales        Inst.Hold       promoters.holding  Total.asset  
Board.size  
 Min.   :     0   Min.   :   0.00   Min.   :   0.00   Min.   :   
35.48   Min.   : 4.0  
 1st Qu.:   540   1st Qu.:  16.00   1st Qu.:  26.37   1st Qu.:  
843.31   1st Qu.: 9.0  
 Median :  1260   Median :  27.14   Median :  39.80   Median : 
2056.52   Median :11.0  
 Mean   :  4781   Mean   :  27.08   Mean   :  39.94   Mean   :
11137.21   Mean   :11.5  
 3rd Qu.:  2913   3rd Qu.:  36.81   3rd Qu.:  53.49   3rd Qu.: 
6347.48   3rd Qu.:13.0  
 Max.   :331038   Max.   :  88.07   Max.   :  93.56   Max.  
:506087.63   Max.   :28.0  
 NA's   :   144   NA's   :1101.00   NA's   :1102.00   NA's   : 
1089.00   NA's   :17.0  
          Co_Name          ROCE              RONW        
Year.End.YYYYMM.    Sr..No.     
 J & K Bank   :  34   Min.   :-187.00   Min.   :-139.00   Min.  
:200503   Min.   : 1.00  
 Apollo Tyres :  32   1st Qu.:   9.00   1st Qu.:   9.00   1st
Qu.:200503   1st Qu.: 4.00  
 Hero Motocorp:  32   Median :  14.00   Median :  17.00   Median
:201003   Median : 6.00  
 ACC          :  31   Mean   :  17.37   Mean   :  17.67   Mean  
:200841   Mean   : 6.93  
 H D F C      :  30   3rd Qu.:  24.00   3rd Qu.:  26.00   3rd
Qu.:201003   3rd Qu.: 9.00  
 M & M        :  30   Max.   : 109.00   Max.   :  85.00   Max.  
:201012   Max.   :24.00  
 (Other)      :4040   NA's   : 556.00   NA's   : 549.00             

             Directors.Name          Directors.Designation 
Promoter.Non.Promoter
 R A Shah           :  28   Director            :3510      Non
Promoter:  49     
 Nasser Munjee      :  20   Additional Director : 202      Promoter 
:   5     
 Shailesh Haribhakti:  16   Chairman            : 112      NA's     
:4175     
 Naresh Chandra     :  15   Nominee (IDBI)      :  50               

 Anil Harish        :  14   Nominee (LIC)       :  46               

 D J Balaji Rao     :  14   Independent Director:  42               

 (Other)            :4122   (Other)             : 267               

  Executive.Non.Executive Independent.Non.Independent
No..of.Meetings.Attended Last.AGM.Attended
 Non Executive:4229       Independent:4229            Min.   : 0.000
No  :1150        
                                                      1st Qu.: 3.000
Yes :2591        
                                                      Median : 5.000
NA's: 488        
                                                      Mean   : 4.722

                                                      3rd Qu.: 6.000

                                                      Max.   :24.000

                                                                    

 Other.Directorship Other.Committee.Member Other.Committee.Chairman 
Salary       
 Min.   : 0.000     Min.   : 0.000         Min.   : 0.0000         
Min.   :      0  
 1st Qu.: 1.000     1st Qu.: 0.000         1st Qu.: 0.0000         
1st Qu.:      0  
 Median : 3.000     Median : 1.000         Median : 0.0000         
Median :      0  
 Mean   : 4.644     Mean   : 2.045         Mean   : 0.9511         
Mean   :  10341  
 3rd Qu.: 7.000     3rd Qu.: 3.000         3rd Qu.: 1.0000         
3rd Qu.:      0  
 Max.   :74.000     Max.   :31.000         Max.   :11.0000         
Max.   :9202000  
                                                                    

   Commission       Contribution.to.PF   Perquisite     
Board.Sitting.Fees
 Min.   :       0   Min.   :     0.0   Min.   :      0   Min.   :   
0   
 1st Qu.:       0   1st Qu.:     0.0   1st Qu.:      0   1st Qu.: 
12000   
 Median :       0   Median :     0.0   Median :      0   Median : 
60000   
 Mean   :  317318   Mean   :   184.2   Mean   :   3210   Mean   : 
97257   
 3rd Qu.:  300000   3rd Qu.:     0.0   3rd Qu.:      0   3rd Qu.:
140000   
 Max.   :11261430   Max.   :579000.0   Max.   :5423000   Max.  
:1220000   
                                                                    

 Committee.Meeting.Sitting.Fees     Others         Retiral.Benefits 
Performance.Bonus.Incentive
 Min.   :     0                 Min.   :     0.0   Min.   :     0.0 
Min.   :      0            
 1st Qu.:     0                 1st Qu.:     0.0   1st Qu.:     0.0 
1st Qu.:      0            
 Median :     0                 Median :     0.0   Median :     0.0 
Median :      0            
 Mean   :  4504                 Mean   :   588.9   Mean   :   215.3 
Mean   :   4307            
 3rd Qu.:     0                 3rd Qu.:     0.0   3rd Qu.:     0.0 
3rd Qu.:      0            
 Max.   :660000                 Max.   :257300.0   Max.   :910688.0 
Max.   :1040181            
                                                                    

 Leave.Travel.Allowance.Leave.Incentive Professional.Fees 
Other.Benefits        Total         
 Min.   :0                              Min.   :     0.0   Min.   : 
0   Min.   :       0  
 1st Qu.:0                              1st Qu.:     0.0   1st Qu.: 
0   1st Qu.:   25000  
 Median :0                              Median :     0.0   Median : 
0   Median :  143923  
 Mean   :0                              Mean   :   146.6   Mean   : 
2541   Mean   :  440612  
 3rd Qu.:0                              3rd Qu.:     0.0   3rd Qu.: 
0   3rd Qu.:  500000  
 Max.   :0                              Max.   :620000.0   Max.  
:4236758   Max.   :11364000  
                                                                    

  No..of.ESOPs           Period.From         Period.To   
 Min.   :     0.00   2010-01-29:  14              :3768  
 1st Qu.:     0.00   2005-10-28:  10   2009-05-22 :  16  
 Median :     0.00   2009-09-26:  10   2010-06-01 :  14  
 Mean   :    93.61   2009-10-29:  10   2010-07-28 :  14  
 3rd Qu.:     0.00   2010-01-21:  10   2005-06-19 :   8  
 Max.   :200000.00   (Other)   : 840   2010-01-28 :   8  
                     NA's      :3335   (Other)    : 401  
summary(idn.sh1) 
       
 Industry.code           Industry       Co_Code      No.of.meetings 
EPS         
 Min.   : 1.00   Pharma      : 233   Min.   :    6   Min.   : 1.000 
Min.   :  -8.00  
 1st Qu.:12.00   computer    : 140   1st Qu.:  284   1st Qu.: 4.000 
1st Qu.:   3.29  
 Median :24.00   Auto        : 137   Median : 1093   Median : 5.000 
Median :   8.82  
 Mean   :26.84   FMCG        : 133   Mean   : 4438   Mean   : 5.279 
Mean   :  20.15  
 3rd Qu.:41.00   steel       :  99   3rd Qu.: 4244   3rd Qu.: 6.000 
3rd Qu.:  22.19  
 Max.   :56.00   construction:  86   Max.   :24978   Max.   :17.000 
Max.   :1456.82  
                 (Other)     :1653                   NA's   :39.000 
NA's   :  90.00  
   Net.sales          Inst.Hold      promoters.holding  Total.asset 
Board.size   
 Min.   :     0.0   Min.   :  0.00   Min.   :  0.00    Min.   :   
35.48   Min.   : 4.00  
 1st Qu.:   548.1   1st Qu.: 15.31   1st Qu.: 26.97    1st Qu.:  
766.14   1st Qu.: 9.00  
 Median :  1191.8   Median : 26.21   Median : 39.86    Median : 
1865.33   Median :11.00  
 Mean   :  3520.1   Mean   : 26.00   Mean   : 40.30    Mean   : 
5565.40   Mean   :11.41  
 3rd Qu.:  2844.0   3rd Qu.: 36.22   3rd Qu.: 53.93    3rd Qu.: 
4792.63   3rd Qu.:13.00  
 Max.   :248170.0   Max.   : 72.78   Max.   : 93.56    Max.  
:239002.51   Max.   :28.00  
 NA's   :    89.0   NA's   :600.00   NA's   :601.00    NA's   :  
592.00   NA's   :11.00  
          Co_Name          ROCE              RONW        
Year.End.YYYYMM.    Sr..No.      
 ACC          :  25   Min.   :-187.00   Min.   :-139.00   Min.  
:200503   Min.   : 1.000  
 Apollo Tyres :  22   1st Qu.:  10.00   1st Qu.:   9.00   1st
Qu.:200503   1st Qu.: 4.000  
 Hero Motocorp:  22   Median :  15.00   Median :  17.00   Median
:201003   Median : 6.000  
 M & M        :  22   Mean   :  18.02   Mean   :  17.93   Mean  
:200760   Mean   : 6.894  
 JP Power Ven.:  19   3rd Qu.:  24.00   3rd Qu.:  26.00   3rd
Qu.:201003   3rd Qu.: 9.000  
 Max India    :  19   Max.   : 109.00   Max.   :  85.00   Max.  
:201012   Max.   :24.000  
 (Other)      :2352   NA's   : 307.00   NA's   : 300.00             

             Directors.Name          Directors.Designation 
Promoter.Non.Promoter
 R A Shah           :  18   Director            :2022      Non
Promoter:  36     
 Nasser Munjee      :  11   Additional Director : 121      Promoter 
:   1     
 B V Bhargava       :   8   Chairman            :  69      NA's     
:2444     
 Naresh Chandra     :   8   Nominee (IDBI)      :  37               

 N J Jhaveri        :   8   Independent Director:  31               

 Shailesh Haribhakti:   8   Nominee (LIC)       :  29               

 (Other)            :2420   (Other)             : 172               

  Executive.Non.Executive Independent.Non.Independent
No..of.Meetings.Attended Last.AGM.Attended
 Non Executive:2481       Independent:2481            Min.   : 0.000
No  : 721        
                                                      1st Qu.: 3.000
Yes :1477        
                                                      Median : 4.000
NA's: 283        
                                                      Mean   : 4.503

                                                      3rd Qu.: 6.000

                                                      Max.   :24.000

                                                                    

 Other.Directorship Other.Committee.Member Other.Committee.Chairman 
Salary       
 Min.   : 0.000     Min.   : 0.000         Min.   : 0.0000         
Min.   :      0  
 1st Qu.: 1.000     1st Qu.: 0.000         1st Qu.: 0.0000         
1st Qu.:      0  
 Median : 3.000     Median : 1.000         Median : 0.0000         
Median :      0  
 Mean   : 4.699     Mean   : 2.062         Mean   : 0.9557         
Mean   :  11472  
 3rd Qu.: 7.000     3rd Qu.: 3.000         3rd Qu.: 2.0000         
3rd Qu.:      0  
 Max.   :74.000     Max.   :31.000         Max.   :11.0000         
Max.   :9202000  
                                                                    

   Commission       Contribution.to.PF   Perquisite     
Board.Sitting.Fees
 Min.   :       0   Min.   :     0     Min.   :      0   Min.   :   
0    
 1st Qu.:       0   1st Qu.:     0     1st Qu.:      0   1st Qu.: 
7500    
 Median :       0   Median :     0     Median :      0   Median :
50000    
 Mean   :  298443   Mean   :   314     Mean   :   3856   Mean   :
83868    
 3rd Qu.:  300000   3rd Qu.:     0     3rd Qu.:      0   3rd
Qu.:120000    
 Max.   :11261430   Max.   :579000     Max.   :5423000   Max.  
:805000    
                                                                    

 Committee.Meeting.Sitting.Fees     Others         Retiral.Benefits 
Performance.Bonus.Incentive
 Min.   :     0                 Min.   :     0.0   Min.   :     0.0 
Min.   :      0            
 1st Qu.:     0                 1st Qu.:     0.0   1st Qu.:     0.0 
1st Qu.:      0            
 Median :     0                 Median :     0.0   Median :     0.0 
Median :      0            
 Mean   :  3337                 Mean   :   736.8   Mean   :   367.1 
Mean   :   3943            
 3rd Qu.:     0                 3rd Qu.:     0.0   3rd Qu.:     0.0 
3rd Qu.:      0            
 Max.   :240000                 Max.   :257300.0   Max.   :910688.0 
Max.   :1040181            
                                                                    

 Leave.Travel.Allowance.Leave.Incentive Professional.Fees 
Other.Benefits        Total         
 Min.   :0                              Min.   :     0.0   Min.   : 
0   Min.   :       0  
 1st Qu.:0                              1st Qu.:     0.0   1st Qu.: 
0   1st Qu.:   20000  
 Median :0                              Median :     0.0   Median : 
0   Median :  125000  
 Mean   :0                              Mean   :   249.9   Mean   : 
3956   Mean   :  410542  
 3rd Qu.:0                              3rd Qu.:     0.0   3rd Qu.: 
0   3rd Qu.:  450000  
 Max.   :0                              Max.   :620000.0   Max.  
:4236758   Max.   :11364000  
                                                                    

  No..of.ESOPs          Period.From         Period.To   
 Min.   :     0.0   2005-10-28:   7              :2214  
 1st Qu.:     0.0   2010-01-29:   7   2009-05-22 :   8  
 Median :     0.0   2004-05-05:   5   2005-09-05 :   7  
 Mean   :   159.6   2005-01-27:   5   2010-06-01 :   7  
 3rd Qu.:     0.0   2005-01-31:   5   2010-07-28 :   7  
 Max.   :200000.0   (Other)   : 491   2005-03-31 :   5  
                    NA's      :1961   (Other)    : 233  
class(idn.sh1) 
       
[1] "data.frame"