“…The Common Effect Model (CEM), the Fixed Effect Model (FEM), and the Random Effect Model (REM) are the three approaches that are typically utilized in the process of estimating panel data regression models [10] . Estimating parameters for CEM and FEM using Ordinary Least Squares (OLS) [24] . When estimating the REM parameter, used Generalized Least Squares, while the intercept FEM is expressed by a dummy variable (GLS).…”