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Pseudo R2 and prob>chi2

Cross Validated Asked by Nsamwa on January 3, 2021

I am running a profit regression and I am finding difficulties in interpreting the prob>chi2 =0.0000 statistic. Also, should I be concerned that Pseudo R2=0.0209? How do I interpret it.

Thank you.

One Answer

Usually a low likelihood based pseudo-R is an indicator that model in present form cannot explain variability of data.

If sample size is very large then almost any difference from zero will be statistically significant even though practical significance might not be so.

Answered by Analyst on January 3, 2021

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