Table 10 ROE fixed-effects model by... | Emerald Publishing

Table 10

ROE fixed-effects model by tourism subsector

Variables	Accommodation	Food and beverage	Other tourism-related	Transport	Travel agencies
ROA	−0.258 (1.286)	0.881 (0.907)	1.987*** (0.338)	1.415 (2.883)	3.077** (1.164)
Leverage	0.068*** (0.024)	−0.006 (0.047)	0.013 (0.020)	−0.038*** (0.014)	−0.030* (0.017)
NI/EBIT	0.009 (0.020)	−0.014 (0.018)	0.014 (0.009)	0.010 (0.023)	0.001 (0.012)
Double negative	−0.047 (0.237)	−0.276* (0.153)	0.004 (0.130)	−0.807** (0.315)	−0.048 (0.086)
ESG_t−1	0.005 (0.007)	−0.007 (0.006)	0.001 (0.003)	−0.006 (0.010)	−0.001 (0.004)
Size (log total assets)	−0.486 (0.468)	−0.248 (0.180)	−0.248 (0.237)	1.110* (0.577)	−0.356** (0.162)
Firm FE	Yes	Yes	Yes	Yes	Yes
Year FE	Yes	Yes	Yes	Yes	Yes
N. Observations	276	262	210	342	190
R-squared	0.394	0.554	0.626	0.423	0.743
Wald test	10.087***	2.037*	3.674***	11.402***	21.067***

Variables	Accommodation	Food and beverage	Other tourism-related	Transport	Travel agencies
ROA	−0.258 (1.286)	0.881 (0.907)	1.987*** (0.338)	1.415 (2.883)	3.077** (1.164)
Leverage	0.068*** (0.024)	−0.006 (0.047)	0.013 (0.020)	−0.038*** (0.014)	−0.030* (0.017)
NI/EBIT	0.009 (0.020)	−0.014 (0.018)	0.014 (0.009)	0.010 (0.023)	0.001 (0.012)
Double negative	−0.047 (0.237)	−0.276* (0.153)	0.004 (0.130)	−0.807** (0.315)	−0.048 (0.086)
ESG_t−1	0.005 (0.007)	−0.007 (0.006)	0.001 (0.003)	−0.006 (0.010)	−0.001 (0.004)
Size (log total assets)	−0.486 (0.468)	−0.248 (0.180)	−0.248 (0.237)	1.110* (0.577)	−0.356** (0.162)
Firm FE	Yes	Yes	Yes	Yes	Yes
Year FE	Yes	Yes	Yes	Yes	Yes
N. Observations	276	262	210	342	190
R-squared	0.394	0.554	0.626	0.423	0.743
Wald test	10.087***	2.037*	3.674***	11.402***	21.067***

Note(s): *p < 0.1, **p < 0.05, ***p < 0.01

Source(s): Author’s own work