Table 3 Results of fixed effect panel... | Emerald Publishing

Table 3

Results of fixed effect panel regression – corporate governance as moderator

	Dependent variable
Independent variable	TQ (Model I) (Without moderator)	TQ (Model II) (With moderator)
Constant	−6.9***	−4.74
Leverage	−0.025***	−0.82***
Leverage*CG index		0.82***
CG index	0.11*	0.32*
Size	0.73***	0.60***
Age	0.65	−0.38
Tax rate	−0.00003	−0.00007
Dividend payout ratio	−0.0045	1.32e−06
Nondebt tax shields	0.536	0.56
Market to book value	0.246***	0.331***
Fixed asset ratio	3.78***	3.16***
Free cash flow	−0.11***	−0.10**
Fixed effects	Yes	Yes
Year effects	Yes	Yes
F-statistics	217.54***	279.50***
Within R²	46.53	54.96
Wooldridge test for autocorrelation F(1,306)	18.85	18.85
p value	0.00	0.00

	Dependent variable
Independent variable	TQ (Model I)(Without moderator)	TQ (Model II)(With moderator)
Constant	−6.9***	−4.74
Leverage	−0.025***	−0.82***
Leverage*CG index		0.82***
CG index	0.11*	0.32*
Size	0.73***	0.60***
Age	0.65	−0.38
Tax rate	−0.00003	−0.00007
Dividend payout ratio	−0.0045	1.32e−06
Nondebt tax shields	0.536	0.56
Market to book value	0.246***	0.331***
Fixed asset ratio	3.78***	3.16***
Free cash flow	−0.11***	−0.10**
Fixed effects	Yes	Yes
Year effects	Yes	Yes
F-statistics	217.54***	279.50***
Within R²	46.53	54.96
Wooldridge test for autocorrelation F(1,306)	18.85	18.85
p value	0.00	0.00

Note(s): ***, **, * mean p value is significant at 1%, 5% and 10% level of significance

Source(s): Authors’ own calculations