Table 4 Regression... | Emerald Publishing

Table 4

Regression coefficients/(exponentiated coefficients) results on the relationship between EDR and firm performance

	(1)	(2)	(3)
	EDRS	EDRL	EDRI
EPS	0.001	0.077^*** (1.080)	0.028
ROA	0.006	−0.004	0.001
TSR	0.060^** (1.062)	−0.041^* (0.961)	0.024
TQ	0.065	0.195^*** (1.215)	0.147^*** (1.158)
SIZE	0.161^**	0.257^***	0.339^***
LEV	−0.027	−0.055	−0.016
GRO	0.058^**	0.008	0.063^***
DSHARE	0.017	−0.010	0.060
BSHARE	−0.040	0.002	−0.027
ISHARE	−0.035	−0.018	−0.031
Firm-fixed	Yes	Yes	Yes
Year-fixed	Yes	Yes	Yes
Industry-fixed	Yes	Yes	Yes
F-test for FE	5.44^***	7.57^***	6.75^***
Hausman test	35.70^***	8.35	91.47^***
Best model fit	FE	RE	FE
BPG test	62.72^***	33.43^***	64.27^***
DW test	1.85	1.29	1.78
N	1,083	1,083	1,083
R²	0.02	0.06	0.07
Adj. R²	−0.13	0.05	0.06

	(1)	(2)	(3)
	EDRS	EDRL	EDRI
EPS	0.001	0.077^*** (1.080)	0.028
ROA	0.006	−0.004	0.001
TSR	0.060^** (1.062)	−0.041^* (0.961)	0.024
TQ	0.065	0.195^*** (1.215)	0.147^*** (1.158)
SIZE	0.161^**	0.257^***	0.339^***
LEV	−0.027	−0.055	−0.016
GRO	0.058^**	0.008	0.063^***
DSHARE	0.017	−0.010	0.060
BSHARE	−0.040	0.002	−0.027
ISHARE	−0.035	−0.018	−0.031
Firm-fixed	Yes	Yes	Yes
Year-fixed	Yes	Yes	Yes
Industry-fixed	Yes	Yes	Yes
F-test for FE	5.44^***	7.57^***	6.75^***
Hausman test	35.70^***	8.35	91.47^***
Best model fit	FE	RE	FE
BPG test	62.72^***	33.43^***	64.27^***
DW test	1.85	1.29	1.78
N	1,083	1,083	1,083
R²	0.02	0.06	0.07
Adj. R²	−0.13	0.05	0.06

Note(s): The Breusch-Pangan-Godfrey (BPG) test was used to assess heteroscedasticity, while the Durbin Watson (DW) test was used to test for autocorrelation. ^*, ^** and ^*** denotes levels of significance at the 10, 5 and 1% levels, respectively

Source(s): Authors’ own creation

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