표 2 전환율 결정모형

	패널모형	동적패널모형
hp	0.0138 (3.27)***	0.0183 (1.96)**
cp	−0.0084 (1.81)*	−0.0161 (2.19)**
it	0.0865 (3.64)***	−0.0015 (0.15)
bk	−0.7318 (20.92)***	−0.0913 (2.14)**
δ (−1)		0.7846 (26.40)***
cons	12.0189 (115.08)***	2.6067 (6.19)***
F값(Wald Chi2)	157.29	2,168.22
No of obs	730	723
No of group	8	8
Δhp	−0.2647 (1.25)	−0.0106 (0.90)
Δcp	−0.1105 (3.98)***	−0.0238 (1.35)
Δit	0.0401 (0.66)	0.0434 (1.84)**
bk	−0.7411 (24.60)***	−0.0895 (2.25)***
δ (−1)		0.8521 (34.87)
cons	12.4404 (548.47)***	1.8123 (5.07)***
F값(Wald Chi2)	161.47	61,262.37
No of obs	722	722
No of group	8	8