Table 6 The effect of goodwill on firm...

Table 6

The effect of goodwill on firm value

	OLS	10th quant (Q10)	25th quant (Q25)	50th quant (Q50)	75th quant (Q75)	90th quant (Q90)
PGW	0.2256	0.0759*	0.0944	0.1361	0.2146	0.8707**
PGW	−0.2654	−0.0446	−0.0792	−0.1155	−0.1828	−0.4255
SIZE	−0.0307	−0.004	−0.0064	0.0002	−0.0457***	−0.1398***
SIZE	−0.0209	−0.0033	−0.0046	−0.0095	−0.0122	−0.0301
CR	−0.0177	−0.0237	0.0005	0.0116	0.0094	−0.03
CR	−0.0448	−0.022	−0.0256	−0.0327	−0.0332	−0.0861
SGR	0	0	−0.0002	−0.0003	0.0002	−0.0002
SGR	−0.0004	−0.0002	−0.0002	−0.0003	−0.0005	−0.001
Zscore	0.1718***	0.0738***	0.1153***	0.1858***	0.2485***	0.3115**
Zscore	−0.0599	−0.0161	−0.0293	−0.0257	−0.0474	−0.1296
LEV	−0.0037	−0.0019	−0.0022	−0.0013	−0.0017	−0.0059
LEV	−0.0048	−0.0026	−0.0023	−0.0033	−0.0043	−0.0102
ROA	0.0224**	0.0103***	0.0114**	0.0104**	0.0107*	0.0169
ROA	−0.0098	−0.0032	−0.0048	−0.0047	−0.0064	−0.0116
GFC	−0.0112	0.0125	−0.0152	−0.0760*	−0.0942	−0.043
GFC	−0.0609	−0.0173	−0.025	−0.0445	−0.1037	−0.3213
CoC	0.3583***	0.1067***	0.1714***	0.2305***	0.2857***	0.4642
CoC	−0.1346	−0.0402	−0.0486	−0.0713	−0.0862	−0.3193
Constant	0.7801**	0.1313**	0.1808**	0.1878	0.9804***	2.5539***
Constant	−0.3079	−0.0555	−0.0759	−0.126	−0.1801	−0.502
R²/Pseudo R²	0.2581	0.0982	0.1276	0.1661	0.1768	0.1857
N. of obs	930	930	930	930	930	930

	OLS	10th quant (Q10)	25th quant (Q25)	50th quant (Q50)	75th quant (Q75)	90th quant (Q90)
PGW	0.2256	0.0759*	0.0944	0.1361	0.2146	0.8707**
PGW	−0.2654	−0.0446	−0.0792	−0.1155	−0.1828	−0.4255
SIZE	−0.0307	−0.004	−0.0064	0.0002	−0.0457***	−0.1398***
SIZE	−0.0209	−0.0033	−0.0046	−0.0095	−0.0122	−0.0301
CR	−0.0177	−0.0237	0.0005	0.0116	0.0094	−0.03
CR	−0.0448	−0.022	−0.0256	−0.0327	−0.0332	−0.0861
SGR	0	0	−0.0002	−0.0003	0.0002	−0.0002
SGR	−0.0004	−0.0002	−0.0002	−0.0003	−0.0005	−0.001
Zscore	0.1718***	0.0738***	0.1153***	0.1858***	0.2485***	0.3115**
Zscore	−0.0599	−0.0161	−0.0293	−0.0257	−0.0474	−0.1296
LEV	−0.0037	−0.0019	−0.0022	−0.0013	−0.0017	−0.0059
LEV	−0.0048	−0.0026	−0.0023	−0.0033	−0.0043	−0.0102
ROA	0.0224**	0.0103***	0.0114**	0.0104**	0.0107*	0.0169
ROA	−0.0098	−0.0032	−0.0048	−0.0047	−0.0064	−0.0116
GFC	−0.0112	0.0125	−0.0152	−0.0760*	−0.0942	−0.043
GFC	−0.0609	−0.0173	−0.025	−0.0445	−0.1037	−0.3213
CoC	0.3583***	0.1067***	0.1714***	0.2305***	0.2857***	0.4642
CoC	−0.1346	−0.0402	−0.0486	−0.0713	−0.0862	−0.3193
Constant	0.7801**	0.1313**	0.1808**	0.1878	0.9804***	2.5539***
Constant	−0.3079	−0.0555	−0.0759	−0.126	−0.1801	−0.502
R²/Pseudo R²	0.2581	0.0982	0.1276	0.1661	0.1768	0.1857
N. of obs	930	930	930	930	930	930

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 BSEs, except for the 1st column

Source(s): Own elaboration

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