Table 5 Regression results (1a) (2a)... | Emerald Publishing

Table 5

Regression results

	(1a)	(2a)	(3a)	(1b)	(2b)	(3b)
	NSKEW	NSKEW	NSKEW	DUVOL	DUVOL	DUVOL
GWI	0.112^**	0.160^**	0.091	0.004^***	0.003^**	0.003^**
GWI	(1.99)	(2.43)	(1.55)	(3.22)	(2.49)	(2.57)
PCR		−1.4e+03			72.039^***
PCR		(−1.47)			(3.68)
TCR			69.861^*			−3.054^***
TCR			(1.89)			(−3.96)
GWI*PCR		33.746			−0.250
GWI*PCR		(1.40)			(−0.49)
GWI*TCR			−27.907			−0.877^*
GWI*TCR			(−1.30)			(−1.97)
ROE	−0.033	−0.032	−0.036	0.001	0.001	0.001
ROE	(−0.79)	(−0.76)	(−0.86)	(1.30)	(1.29)	(1.20)
ROA	0.788	0.807	0.812	−0.007	−0.008	−0.007
ROA	(0.96)	(0.98)	(0.99)	(−0.43)	(−0.44)	(−0.39)
NPM	−0.250	−0.243	−0.259	−0.010^**	−0.011^**	−0.011^**
NPM	(−1.21)	(−1.19)	(−1.26)	(−2.43)	(−2.43)	(−2.51)
BV	−0.000	−0.000	−0.000	−0.000	−0.000	−0.000
BV	(−1.45)	(−1.47)	(−1.43)	(−0.46)	(−0.45)	(−0.44)
_cons	0.029	0.520^***	0.275^**	0.060^***	0.037^***	0.053^***
_cons	(0.16)	(2.85)	(2.24)	(15.81)	(9.61)	(20.87)
Firm FE	Yes	Yes	Yes	Yes	Yes	Yes
Year FE	Yes	Yes	Yes	Yes	Yes	Yes
r2	0.088	0.096	0.095	0.295	0.296	0.307
r2_a	0.054	0.058	0.057	0.269	0.266	0.277
N	247	247	247	247	247	247

	(1a)	(2a)	(3a)	(1b)	(2b)	(3b)
	NSKEW	NSKEW	NSKEW	DUVOL	DUVOL	DUVOL
GWI	0.112^**	0.160^**	0.091	0.004^***	0.003^**	0.003^**
GWI	(1.99)	(2.43)	(1.55)	(3.22)	(2.49)	(2.57)
PCR		−1.4e+03			72.039^***
PCR		(−1.47)			(3.68)
TCR			69.861^*			−3.054^***
TCR			(1.89)			(−3.96)
GWI*PCR		33.746			−0.250
GWI*PCR		(1.40)			(−0.49)
GWI*TCR			−27.907			−0.877^*
GWI*TCR			(−1.30)			(−1.97)
ROE	−0.033	−0.032	−0.036	0.001	0.001	0.001
ROE	(−0.79)	(−0.76)	(−0.86)	(1.30)	(1.29)	(1.20)
ROA	0.788	0.807	0.812	−0.007	−0.008	−0.007
ROA	(0.96)	(0.98)	(0.99)	(−0.43)	(−0.44)	(−0.39)
NPM	−0.250	−0.243	−0.259	−0.010^**	−0.011^**	−0.011^**
NPM	(−1.21)	(−1.19)	(−1.26)	(−2.43)	(−2.43)	(−2.51)
BV	−0.000	−0.000	−0.000	−0.000	−0.000	−0.000
BV	(−1.45)	(−1.47)	(−1.43)	(−0.46)	(−0.45)	(−0.44)
_cons	0.029	0.520^***	0.275^**	0.060^***	0.037^***	0.053^***
_cons	(0.16)	(2.85)	(2.24)	(15.81)	(9.61)	(20.87)
Firm FE	Yes	Yes	Yes	Yes	Yes	Yes
Year FE	Yes	Yes	Yes	Yes	Yes	Yes
r2	0.088	0.096	0.095	0.295	0.296	0.307
r2_a	0.054	0.058	0.057	0.269	0.266	0.277
N	247	247	247	247	247	247

Note(s): ^***, ^**, ^* denotes significant at 1%, 5% and 10% level respectively; Standard error in parentheses

Source(s): Created by authors