Table A1 ANOVA regression results on the...

Table A1

ANOVA regression results on the effects of King IV on EDR-firm performance relationship

				Regression coefficients
	EDRS			EDRL				EDRI
	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)	(14)	(15)
	EPS	ROA	TSR	TQ	EPS	ROA	TSR	TQ	EPS	ROA	TSR	TQ
EPS	1.1881				1.3844				1.1972
ROA		2.3748				4.1903				3.2782
TSR			0.6407				−1.4120^**				−0.0858
TQ				0.6629^***				1.3799^***				0.8730^***
King IV	−41.8141	−134.4832^***	−8.5573	−1.7103^**	0.3809	−51.1760	−6.9361	−0.4292	−19.6713	−67.1604	−5.6674	−0.6503
Ln Size	0.9358^***	0.9353^***	0.9664^***	0.9502^***	1.0010^***	1.0119^***	0.9919^***	1.0635^***	0.9920^***	1.0011^***	1.0110^***	1.0288^***
Dir S Holding	−0.5008	−0.2309	−0.3903	−0.5634	−0.8737	−0.7323	−0.9025	−0.8799	0.7568	0.9469	0.8381	0.7248
Block	−1.0124	−1.0829	−1.0241	−1.5439	1.2229	1.1301	1.1526	0.2923	−0.1117	−0.1934	−0.1568	−0.7479
Ins S Holding	−0.0154	−0.0137	−0.0139	−0.0169	0.0036	0.0082	0.0063	0.0058	−0.0136	−0.0113	−0.0113	−0.0143
Leverage	−0.0867	−0.0634	−0.0736	−0.0909	−0.1374	−0.1229	−0.1415	−0.1392	−0.0522	−0.0381	−0.0478	−0.0539
Growth	1.1747^***	1.0452^**	1.0697^***	1.0992^***	0.0658	−0.0089	0.1142	−0.0123	0.9689^***	0.8938^***	0.9406^***	0.9088^***
King IV: RERFORM	5.4701	23.4671^***	1.6597	1.3731^***	−0.0854	8.8980	1.3096	0.3622	2.5611	11.7013	1.0800	0.5180
F-test for FE	4.93^***	5.06^***	5.20^***	4.96^***	7.10^***	6.57^***	7.12^***	6.51^***	6.44^***	6.36^***	6.49^***	6.04^***
Hausman test	2.09^**	2.31^***	2.24^***	2.22^***	1.23	0.95	1.89^*	1.28	1.46	1.43	1.47	1.28
Best fit model	FE	FE	FE	FE	RE	RE	FE	RE	RE	RE	RE	RE
BPG	508.1^***	517.14^***	511.82^***	512.73^***	411.5^***	423.08^***	412.95^***	419.14^***	962.3^***	969.92^***	967.17^***	960.49^***
DW	1.69	1.71	1.71	1.70	1.29	1.29	1.29	1.29	1.60	1.60	1.61	1.59
Marginal R²	0.10	0.10	0.10	0.12	0.07	0.07	0.07	0.11	0.11	0.11	0.11	0.15
Conditional R²	0.33	0.34	0.34	0.35	0.36	0.35	0.36	0.36	0.38	0.39	0.39	0.39

				Regression coefficients
	EDRS			EDRL				EDRI
	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)	(14)	(15)
	EPS	ROA	TSR	TQ	EPS	ROA	TSR	TQ	EPS	ROA	TSR	TQ
EPS	1.1881				1.3844				1.1972
ROA		2.3748				4.1903				3.2782
TSR			0.6407				−1.4120^**				−0.0858
TQ				0.6629^***				1.3799^***				0.8730^***
King IV	−41.8141	−134.4832^***	−8.5573	−1.7103^**	0.3809	−51.1760	−6.9361	−0.4292	−19.6713	−67.1604	−5.6674	−0.6503
Ln Size	0.9358^***	0.9353^***	0.9664^***	0.9502^***	1.0010^***	1.0119^***	0.9919^***	1.0635^***	0.9920^***	1.0011^***	1.0110^***	1.0288^***
Dir S Holding	−0.5008	−0.2309	−0.3903	−0.5634	−0.8737	−0.7323	−0.9025	−0.8799	0.7568	0.9469	0.8381	0.7248
Block	−1.0124	−1.0829	−1.0241	−1.5439	1.2229	1.1301	1.1526	0.2923	−0.1117	−0.1934	−0.1568	−0.7479
Ins S Holding	−0.0154	−0.0137	−0.0139	−0.0169	0.0036	0.0082	0.0063	0.0058	−0.0136	−0.0113	−0.0113	−0.0143
Leverage	−0.0867	−0.0634	−0.0736	−0.0909	−0.1374	−0.1229	−0.1415	−0.1392	−0.0522	−0.0381	−0.0478	−0.0539
Growth	1.1747^***	1.0452^**	1.0697^***	1.0992^***	0.0658	−0.0089	0.1142	−0.0123	0.9689^***	0.8938^***	0.9406^***	0.9088^***
King IV: RERFORM	5.4701	23.4671^***	1.6597	1.3731^***	−0.0854	8.8980	1.3096	0.3622	2.5611	11.7013	1.0800	0.5180
F-test for FE	4.93^***	5.06^***	5.20^***	4.96^***	7.10^***	6.57^***	7.12^***	6.51^***	6.44^***	6.36^***	6.49^***	6.04^***
Hausman test	2.09^**	2.31^***	2.24^***	2.22^***	1.23	0.95	1.89^*	1.28	1.46	1.43	1.47	1.28
Best fit model	FE	FE	FE	FE	RE	RE	FE	RE	RE	RE	RE	RE
BPG	508.1^***	517.14^***	511.82^***	512.73^***	411.5^***	423.08^***	412.95^***	419.14^***	962.3^***	969.92^***	967.17^***	960.49^***
DW	1.69	1.71	1.71	1.70	1.29	1.29	1.29	1.29	1.60	1.60	1.61	1.59
Marginal R²	0.10	0.10	0.10	0.12	0.07	0.07	0.07	0.11	0.11	0.11	0.11	0.15
Conditional R²	0.33	0.34	0.34	0.35	0.36	0.35	0.36	0.36	0.38	0.39	0.39	0.39

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 ^*** denote levels of significance at the 10, 5% and 1% levels respectively

Source(s): Authors’ own creation

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