ROA and prior-year governance pillar
| Variables | Estimate | Std. Error | t-value | Sig |
|---|---|---|---|---|
| Govt−1 | −0.000003 | 0.000104 | −0.024 | |
| Size (log total assets) | −0.001322 | 0.000265 | −4.979 | *** |
| Year 2022 | 0.023253 | 0.007731 | 3.008 | ** |
| Year 2023 | 0.040567 | 0.006859 | 5.914 | *** |
| Year 2024 | 0.041300 | 0.006892 | 5.994 | *** |
| Constant | 0.069908 | 0.011979 | 5.836 | *** |
| Firm FE | No | |||
| Year FE | Yes | |||
| N. Observations | 1,180 | |||
| R-squared | 0.061 | |||
| Wald test | 14.114*** |
| Variables | Estimate | Std. Error | Sig | |
|---|---|---|---|---|
| Gov | −0.000003 | 0.000104 | −0.024 | |
| Size (log total assets) | −0.001322 | 0.000265 | −4.979 | *** |
| Year 2022 | 0.023253 | 0.007731 | 3.008 | ** |
| Year 2023 | 0.040567 | 0.006859 | 5.914 | *** |
| Year 2024 | 0.041300 | 0.006892 | 5.994 | *** |
| Constant | 0.069908 | 0.011979 | 5.836 | *** |
| Firm FE | No | |||
| Year FE | Yes | |||
| N. Observations | 1,180 | |||
| 0.061 | ||||
| Wald test | 14.114*** |
Note(s): *p < 0.1, **p < 0.05, ***p < 0.01
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