표 8 지역별 패널분석 결과(임의효과모델)

lnUnsold	계수	표준오차	z-값	P>z
lnSenti	-3.038421	0.551087	-5.51***	0
lnHAI	-1.076086	0.5782522	-1.86*	0.063
lnPresale/Exist	0.8588264	0.7490279	1.15	0.252
lnLabor	0.8581909	0.2827265	3.04**	0.002
lnEmp	1.166719	3.324084	0.35	0.726
lnVol	-0.118494	0.0795869	-1.49	0.137
lnGRDP	-0.504002	0.6683256	-0.75	0.451
lnInt	0.9140807	0.5023811	1.82*	0.069
lnM2	-1.246932	0.5380678	-2.32**	0.02
_cons	41.20465	14.23856	2.89	0.004
sigma_u	0.625962
sigma_e	0.6109516
rho	0.5121336
R-square	Within=0.3773, between=0.5611, overall=0.4790
Wald chi2	77.68***

주 : p<0.1,
p<0.05,
p<0.01.