Building an Efficient Model by Using Panel Data

Authors

DOI:

https://doi.org/10.24086/cuejhss.v7n1y2023.pp82-87

Keywords:

Panel Data, Time Series, Cross Section Data, Random Effects Model, Fixed Effects Model

Abstract

The panel data models have gained great attention because they consider the effect of changing time series and the cross-sectional units. It has a higher number of degrees of freedom and is, therefore, more efficient.  Our research aims to build the most efficient model using panel data through comparison among six statistical models and to determine the most efficient model through the mean squares of error (RMSE) and the coefficient of determination (R2). Using the EViews-12 package to apply to two data sets to determine the most efficient model. The more critical findings are that the hypothesis assumed by the research states that the accuracy of the adopted models varies. Furthermore, it was found by building six types of panel data models that the best model is the (Two-way Fixed Effect Model) because it achieves the lowest value of (RMSE) and the largest value of R2.

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Author Biographies

Obaid M. Al-Zawbaee, Department of Business Administration, Cihan University Sulaimaniya, Sulaimaniya, 46001, Kurdistan Region, Iraq.

Obaid M. Al-Zawbaee is a lecturer atDepartment of Business Administration, Cihan University Sulaimaniya, Sulaimaniya, 46001, Kurdistan Region, Iraq.  His research interests are variable selection, regularized regression, clustering, data mining and classification, dimension reduction, categorical data analysis, and experimental design.

Nozad H. Mahmood, Department of Business Administration, Cihan University-Sulaimaniya, Sulaimaniya, 46001, Kurdistan Region, Iraq

Nozad H. Mahmood is currently a full-time lecturer and the Head of the Business Administration Department at Cihan University-Sulaimaniya. He is also the director of statistical consulting for data analysis and training. He received his MS degree in Statistical Computing from the University of Central Florida in the US and a B.Sc. in Statistics from Salahaddin University-Erbil. His scholarly interests and expertise include variable selection, regularized regression, clustering, data mining and classification, dimension reduction, categorical data analysis, and experimental design.

 

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Published

2023-03-10

How to Cite

Al-Zawbaee, O. M., & Mahmood, N. H. (2023). Building an Efficient Model by Using Panel Data. Cihan University-Erbil Journal of Humanities and Social Sciences, 7(1), 82–87. https://doi.org/10.24086/cuejhss.v7n1y2023.pp82-87

Issue

Vol. 7 No. 1 (2023)

Section

Articles

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Received 2022-11-01
Accepted 2022-12-19
Published 2023-03-10

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