Table 7. Regression of listed and... | Emerald Publishing

Table 7.

Regression of listed and unlisted SOE

Variables	Fixed effect		Random effect
	Listed	Unlisted	Listed	Unlisted
	SRI	SRI	SRI	SRI
BODSZ	0.0133 (0.0196)	0.1983 (0.6002)	0.7597 (1.2848)	0.1981 (0.7061)
BODIND	12.1843 (0.7956)	16.3836 (1.2993)	21.1274 (1.6098)	11.9462 (1.1007)
BOGD	15.9898 (1.2543)	−9.8599 (–0.9981)	−9.3076 (–0.5883)	−8.1103 (–1.0098)
BODM	−0.1474 (–0.7489)	0.1115 (1.0690)	0.2631 (0.8816)	0.0850 (0.8858)
Control variables
ROA	–9.5519 (–1.4059)	1.2807*** (8.5975)	−11.8016 (–1.5546)	1.1148*** (8.8061)
LEV	−8.9308 (–1.1678)	−0.1809 (–0.2886)	−17.4099*** (–3.6823)	0.2388 (0.4449)
SOESIZE	1.5570 (0.1647)	2.2658 (1.5935)	3.8374* (1.6739)	3.7257*** (3.6038)
AGE	–0.7205 (–0.1777)	–0.0524 (–0.8455)	0.0456 (0.6977)	−0.0094 (–0.2312)
_cons	50.7263 (0.2383)	5.4405 (0.5214)	−8.7641 (–0.5489)	−2.9506 (–0.3142)
N	101	597	101	597
R-sq	0.4607	0.1913	0.3157	0.1874
F-test		701.98***
Wald chi2	22.51**		66.59***	7885.71***

Variables	Fixed effect		Random effect
	Listed	Unlisted	Listed	Unlisted
	SRI	SRI	SRI	SRI
BODSZ	0.0133 (0.0196)	0.1983 (0.6002)	0.7597 (1.2848)	0.1981 (0.7061)
BODIND	12.1843 (0.7956)	16.3836 (1.2993)	21.1274 (1.6098)	11.9462 (1.1007)
BOGD	15.9898 (1.2543)	−9.8599 (–0.9981)	−9.3076 (–0.5883)	−8.1103 (–1.0098)
BODM	−0.1474 (–0.7489)	0.1115 (1.0690)	0.2631 (0.8816)	0.0850 (0.8858)
Control variables
ROA	–9.5519 (–1.4059)	1.2807*** (8.5975)	−11.8016 (–1.5546)	1.1148*** (8.8061)
LEV	−8.9308 (–1.1678)	−0.1809 (–0.2886)	−17.4099*** (–3.6823)	0.2388 (0.4449)
SOESIZE	1.5570 (0.1647)	2.2658 (1.5935)	3.8374* (1.6739)	3.7257*** (3.6038)
AGE	–0.7205 (–0.1777)	–0.0524 (–0.8455)	0.0456 (0.6977)	−0.0094 (–0.2312)
_cons	50.7263 (0.2383)	5.4405 (0.5214)	−8.7641 (–0.5489)	−2.9506 (–0.3142)
N	101	597	101	597
R-sq	0.4607	0.1913	0.3157	0.1874
F-test		701.98***
Wald chi2	22.51**		66.59***	7885.71***

Note(s):

***p < 0.01; **p < 0.05 and *p < 0.1. Robust t/z-statistics in parentheses

Source(s): Authors’ own work