Real Estate Asset Management Companies’ Economies of Scale: Is It a Dream or Reality? The Italian Case

Table 7

Coefficients resulting from the first regression.

Y = asset under management
Year	Regressor	Estimate	Std. error	t value	Pr ()	Adjusted R^2
2013	No. of employees	0.87683	0.09429	9.299	9.42e − 10	0.7599
2014	No. of employees	0.5921	0.1090	5.432	1.22e − 05	0.8257
	No. of r.e. funds	0.4050	0.1090	3.716	0.00102
2015	No. of employees	0.6222	0.1157	5.380	1.4e − 05	0.803
	No. of r.e. funds	0.3593	0.1157	3.106	0.00467
2016	No. of employees	0.60102	0.09916	6.061	2.47e − 06	0.8059
	No. of r.e. funds	0.43415	0.09916	4.378	0.000187
2017	No. of employees	0.5271	0.1102	4.782	8.02e − 05	0.773
	No. of r.e. funds	0.4989	0.1102	4.526	0.000152
2018	No. of employees	0.6110	0.1097	5.570	1.34e − 05	0.8046
	No. of r.e. funds	0.4064	0.1097	3.705	0.00123

Signif. codes: 0.001; 0.01; 0.05. All variables exhibit positive coefficients.