Table 8 Robustness check – alternative...

Table 8

Robustness check – alternative measure for firm size

	OLS	10th quant (Q10)	25th quant (Q25)	50th quant (Q50)	75th quant (Q75)	90th quant (Q90)
PIA	0.7125***	0.0639	0.2003***	0.4028***	1.0064***	1.0909**
PIA	(0.2475)	(0.0390)	(0.0706)	(0.0855)	(0.1797)	(0.5087)
SIZE1	−0.0366*	0.0055**	0.0051	0.0023	−0.0698***	−0.1595***
SIZE1	(0.0200)	(0.0025)	(0.0038)	(0.0066)	(0.0163)	(0.0340)
CR	0.0548	0.0101***	0.0167**	0.0324**	0.0655	0.2805***
CR	(0.0338)	(0.0038)	(0.0082)	(0.0132)	(0.0472)	(0.0941)
SGR	−0.0002	0.0000	−0.0001	−0.0002	−0.0004	−0.0002
SGR	(0.0006)	(0.0001)	(0.0002)	(0.0004)	(0.0007)	(0.0009)
Zscore	−0.0055	−0.0005	−0.0014	−0.0016	−0.0112	−0.0280
Zscore	(0.0049)	(0.0043)	(0.0099)	(0.0180)	(0.0419)	(0.0546)
LEV	−0.0133***	−0.0052**	−0.0065**	−0.0107***	−0.0108**	−0.0168
LEV	(0.0049)	(0.0022)	(0.0032)	(0.0038)	(0.0047)	(0.0121)
ROA	0.0272***	0.0077***	0.0165***	0.0223***	0.0253***	0.0282***
ROA	(0.0080)	(0.0025)	(0.0025)	(0.0038)	(0.0055)	(0.0068)
GFC	−0.1044	0.0040	−0.0416	−0.0974***	−0.0548	−0.3714
GFC	(0.0639)	(0.0171)	(0.0269)	(0.0372)	(0.1085)	(0.2305)
CoC	0.2126*	0.0621**	0.1479***	0.1564**	0.2041**	0.3932
CoC	(0.1101)	(0.0244)	(0.0405)	(0.0610)	(0.0793)	(0.3482)
Constant	1.0440***	0.0588*	0.1683***	0.3745***	1.5605***	3.1110***
Constant	(0.2462)	(0.0339)	(0.0434)	(0.0893)	(0.2302)	(0.5090)
R²/Pseudo R²	0.1233	0.0285	0.0518	0.0716	0.0795	0.1109
N. of obs	1,563	1,563	1,563	1,563	1,563	1,563

	OLS	10th quant (Q10)	25th quant (Q25)	50th quant (Q50)	75th quant (Q75)	90th quant (Q90)
PIA	0.7125***	0.0639	0.2003***	0.4028***	1.0064***	1.0909**
PIA	(0.2475)	(0.0390)	(0.0706)	(0.0855)	(0.1797)	(0.5087)
SIZE1	−0.0366*	0.0055**	0.0051	0.0023	−0.0698***	−0.1595***
SIZE1	(0.0200)	(0.0025)	(0.0038)	(0.0066)	(0.0163)	(0.0340)
CR	0.0548	0.0101***	0.0167**	0.0324**	0.0655	0.2805***
CR	(0.0338)	(0.0038)	(0.0082)	(0.0132)	(0.0472)	(0.0941)
SGR	−0.0002	0.0000	−0.0001	−0.0002	−0.0004	−0.0002
SGR	(0.0006)	(0.0001)	(0.0002)	(0.0004)	(0.0007)	(0.0009)
Zscore	−0.0055	−0.0005	−0.0014	−0.0016	−0.0112	−0.0280
Zscore	(0.0049)	(0.0043)	(0.0099)	(0.0180)	(0.0419)	(0.0546)
LEV	−0.0133***	−0.0052**	−0.0065**	−0.0107***	−0.0108**	−0.0168
LEV	(0.0049)	(0.0022)	(0.0032)	(0.0038)	(0.0047)	(0.0121)
ROA	0.0272***	0.0077***	0.0165***	0.0223***	0.0253***	0.0282***
ROA	(0.0080)	(0.0025)	(0.0025)	(0.0038)	(0.0055)	(0.0068)
GFC	−0.1044	0.0040	−0.0416	−0.0974***	−0.0548	−0.3714
GFC	(0.0639)	(0.0171)	(0.0269)	(0.0372)	(0.1085)	(0.2305)
CoC	0.2126*	0.0621**	0.1479***	0.1564**	0.2041**	0.3932
CoC	(0.1101)	(0.0244)	(0.0405)	(0.0610)	(0.0793)	(0.3482)
Constant	1.0440***	0.0588*	0.1683***	0.3745***	1.5605***	3.1110***
Constant	(0.2462)	(0.0339)	(0.0434)	(0.0893)	(0.2302)	(0.5090)
R²/Pseudo R²	0.1233	0.0285	0.0518	0.0716	0.0795	0.1109
N. of obs	1,563	1,563	1,563	1,563	1,563	1,563

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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