Resource Allocation, Level of International Diversification, and Firm Performance

Table 4. Fixed and Random Effects Results

	Fixed Effects	Random Effects
Diversification R&D Expenditure Capital Expenditure Constant	-0.0126 -0.3038 * 0.3696 * 0.059	-0.0136 -0.2366 * 0.3675 *
F-stat R-squared within R-squared between R-squared overall	33.61 0.06 0.038 0.038	0.059 0.045 0.043
Number of groups Number of obs. Wald	102 1685	102 1685 102.84