Table 5 The impact of IA on firm value...

Table 5

The impact of IA on firm value (full sample)

	OLS	10th quant (Q10)	25th quant (Q25)	50th quant (Q50)	75th quant (Q75)	90th quant (Q90)
PIA	0.7253***	0.0741*	0.1939***	0.4646***	0.9669***	0.9039**
PIA	(0.2401)	(0.0386)	(0.0727)	(0.0951)	(0.1450)	(0.4185)
SIZE	−0.0824***	0.0036	−0.0070	−0.0258***	−0.1012***	−0.2210***
SIZE	(0.0213)	(0.0031)	(0.0043)	(0.0074)	(0.0123)	(0.0280)
CR	0.0345	0.0098***	0.0142**	0.0232*	0.0302	0.2359***
CR	(0.0306)	(0.0036)	(0.0070)	(0.0124)	(0.0434)	(0.0898)
SGR	−0.0002	0.0000	−0.0000	0.0000	−0.0001	−0.0002
SGR	(0.0006)	(0.0001)	(0.0002)	(0.0004)	(0.0006)	(0.0010)
Zscore	−0.0002	−0.0010	−0.0015	−0.0033	0.0145	0.0107
Zscore	(0.0071)	(0.0015)	(0.0041)	(0.0078)	(0.0135)	(0.0237)
LEV	−0.0123**	−0.0041*	−0.0044*	−0.0100***	−0.0101**	−0.0109
LEV	(0.0049)	(0.0023)	(0.0025)	(0.0034)	(0.0043)	(0.0136)
ROA	0.0282***	0.0076***	0.0175***	0.0231***	0.0228***	0.0271***
ROA	(0.0079)	(0.0023)	(0.0025)	(0.0033)	(0.0041)	(0.0063)
GFC	−0.0971	0.0000	−0.0335	−0.0679	−0.0695	−0.2679
GFC	(0.0633)	(0.0176)	(0.0265)	(0.0414)	(0.0855)	(0.1911)
CoC	0.2550**	0.0571**	0.1418***	0.1772***	0.2391***	0.5427*
CoC	(0.1090)	(0.0222)	(0.0411)	(0.0605)	(0.0830)	(0.3220)
Constant	1.6299***	0.0754*	0.3113***	0.7211***	1.9818***	3.9886***
Constant	(0.2777)	(0.0423)	(0.0563)	(0.0938)	(0.1901)	(0.4301)
R²/Pseudo R²	0.1365	0.0263	0.0510	0.0740	0.0960	0.1387
N. of obs	1,571	1,571	1,571	1,571	1,571	1,571

	OLS	10th quant (Q10)	25th quant (Q25)	50th quant (Q50)	75th quant (Q75)	90th quant (Q90)
PIA	0.7253***	0.0741*	0.1939***	0.4646***	0.9669***	0.9039**
PIA	(0.2401)	(0.0386)	(0.0727)	(0.0951)	(0.1450)	(0.4185)
SIZE	−0.0824***	0.0036	−0.0070	−0.0258***	−0.1012***	−0.2210***
SIZE	(0.0213)	(0.0031)	(0.0043)	(0.0074)	(0.0123)	(0.0280)
CR	0.0345	0.0098***	0.0142**	0.0232*	0.0302	0.2359***
CR	(0.0306)	(0.0036)	(0.0070)	(0.0124)	(0.0434)	(0.0898)
SGR	−0.0002	0.0000	−0.0000	0.0000	−0.0001	−0.0002
SGR	(0.0006)	(0.0001)	(0.0002)	(0.0004)	(0.0006)	(0.0010)
Zscore	−0.0002	−0.0010	−0.0015	−0.0033	0.0145	0.0107
Zscore	(0.0071)	(0.0015)	(0.0041)	(0.0078)	(0.0135)	(0.0237)
LEV	−0.0123**	−0.0041*	−0.0044*	−0.0100***	−0.0101**	−0.0109
LEV	(0.0049)	(0.0023)	(0.0025)	(0.0034)	(0.0043)	(0.0136)
ROA	0.0282***	0.0076***	0.0175***	0.0231***	0.0228***	0.0271***
ROA	(0.0079)	(0.0023)	(0.0025)	(0.0033)	(0.0041)	(0.0063)
GFC	−0.0971	0.0000	−0.0335	−0.0679	−0.0695	−0.2679
GFC	(0.0633)	(0.0176)	(0.0265)	(0.0414)	(0.0855)	(0.1911)
CoC	0.2550**	0.0571**	0.1418***	0.1772***	0.2391***	0.5427*
CoC	(0.1090)	(0.0222)	(0.0411)	(0.0605)	(0.0830)	(0.3220)
Constant	1.6299***	0.0754*	0.3113***	0.7211***	1.9818***	3.9886***
Constant	(0.2777)	(0.0423)	(0.0563)	(0.0938)	(0.1901)	(0.4301)
R²/Pseudo R²	0.1365	0.0263	0.0510	0.0740	0.0960	0.1387
N. of obs	1,571	1,571	1,571	1,571	1,571	1,571

Note(s): The dependent variable is the firm value (TobinsQ). ***, ** and * stand for significance levels at 1%, 5%, and 10%. The numbers in parentheses are bootstrapped standard errors (BSEs), except for the 1st column (robust standard errors (SE))

Source(s): Own elaboration

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