Multivariate regression analyses
| Variables | (1) | (2) | (3) | (4) |
|---|---|---|---|---|
| Voting_S | 2.868** (1.295) | |||
| IncludedShares | 4.830** (2.156) | |||
| Sas | 1.131** (0.443) | |||
| SA_NoV | 1.480** (0.659) | |||
| Size | 7.394*** (1.001) | 7.502*** (1.003) | 7.390*** (1.001) | 7.401*** (1.001) |
| Leverage | −1.038 (1.481) | −1.038 (1.482) | −1.076 (1.478) | −1.145 (1.478) |
| LargeSH | 0.108*** (0.0417) | 0.107** (0.0418) | 0.106** (0.0417) | 0.104** (0.042) |
| ROA | 0.518*** (0.121) | 0.518*** (0.121) | 0.527*** (0.121) | 0.526*** (0.122) |
| _cons | −97.06*** (13.37) | −98.31*** (13.41) | −97.03*** (13.37) | −96.892 (13.37) |
| N | 1,840 | 1,838 | 1,840 | 1,840 |
| R2 | 0.0636 | 0.0638 | 0.0646 | 0.0637 |
| F | 21.23*** | 21.26*** | 21.57*** | 21.26*** |
| Variables | (1) | (2) | (3) | (4) |
|---|---|---|---|---|
| Voting_S | 2.868 | |||
| IncludedShares | 4.830 | |||
| Sas | 1.131 | |||
| SA_NoV | 1.480 | |||
| Size | 7.394 | 7.502 | 7.390 | 7.401 |
| Leverage | −1.038 (1.481) | −1.038 (1.482) | −1.076 (1.478) | −1.145 (1.478) |
| LargeSH | 0.108 | 0.107 | 0.106 | 0.104 |
| 0.518 | 0.518 | 0.527 | 0.526 | |
| _cons | −97.06 | −98.31 | −97.03 | −96.892 (13.37) |
| 1,840 | 1,838 | 1,840 | 1,840 | |
| 0.0636 | 0.0638 | 0.0646 | 0.0637 | |
| F | 21.23 | 21.26 | 21.57 | 21.26 |
*, ** and *** indicate, respectively, a significance level at 10, 5 and 1%. All the F-values reported are statistically significant at 1%. In the regression reported in Column (2), the number of observations is 1,838 (two fewer than in the other analyses) because of the unavailability of data on the percentage of shares included in the voting syndicate for two cases. All models are estimated using a fixed effects specification
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