Table 2. Effect of independent variables... | Emerald Publishing

Table 2.

Effect of independent variables on return on assets across time

Independent variables	DV: Log of return on assets (t)		DV: Log of return on assets (t)		DV: Log of return on assets (t + 1)		DV: Log of return on assets (t + 1)		DV: Log of return on assets (t + 2)		DV: Log of return on assets (t + 2)		DV: Log of return on assets (t + 3)		DV: Log of return on assets (t + 3)
Independent variables	B	SE	B	SE	B	SE	B	SE	B	SE	B	E	B	SE	B	SE
Intercept	0.91	0.18***	1.10	0.19***	1.59	0.18***	1.73	0.18***	1.14	0.17***	1.31	0.17***	1.36	0.18***	1.51	0.19***
Log of total assets₍_t₎	−0.07	0.04	−0.09	0.04**	−0.13	0.04***	−0.15	0.04***	−0.08	0.04**	−0.09	0.04***	−0.04	0.04	−0.05	0.04
Country (USA = 0; UK = 1)	0.18	0.13	0.21	0.13	0.22	0.13	0.24	0.13	0.18	0.13	0.21	0.13	0.17	0.14	0.19	0.14
Log of competitors in the industry₍_t₎	−0.02	0.04	−0.02	0.04	0.00	0.05	0.00	0.05	−0.01	0.05	0.00	0.05	−0.02	0.05	−0.01	0.05
Log of GDP growth₍_t₎	−0.01	0.02	−0.01	0.02	−0.02	0.01	−0.02	0.01*	0.01	0.01	0.01	0.01	−0.01	0.01	−0.01	0.01
Log of marketing investment₍_t₎	0.02	0.02	−0.02	0.03	0.02	0.02	−0.02	0.03	0.00	0.02	−0.04	0.02	0.01	0.03	−0.03	0.03
Log of R&D investment₍_t₎	0.08	0.04**	0.03	0.04	0.13	0.04***	0.09	0.04**	0.11	0.04***	0.07	0.04	0.07	0.04	0.03	0.04
Log of marketing investment₍_t₎* log of R&D investment₍_t₎			0.02	0.00***			0.02	0.00***			0.02	0.00***			0.01	0.00***
Sample	3,208		3,208		3,029		3,029		2,789		2,789		2,529		2,529
QICC	3,762.40		3,733.40		3,489.90		3,460.10		3,151.10		3,125.70		2,867.00		2,848.60
QICC (reference - intercept)	60,527.10		60,527.10		57,494.30		57,494.30		54,791.20		54,791.20		52,147.30		52,147.30
R²	8.9%		9.8%		9.8%		10.8%		9.3%		10.6%		10.1%		11.1%

Independent variables	DV: Log of return on assets (t)		DV: Log of return on assets (t)		DV: Log of return on assets (t + 1)		DV: Log of return on assets (t + 1)		DV: Log of return on assets (t + 2)		DV: Log of return on assets (t + 2)		DV: Log of return on assets (t + 3)		DV: Log of return on assets (t + 3)
Independent variables	B	SE	B	SE	B	SE	B	SE	B	SE	B	E	B	SE	B	SE
Intercept	0.91	0.18***	1.10	0.19***	1.59	0.18***	1.73	0.18***	1.14	0.17***	1.31	0.17***	1.36	0.18***	1.51	0.19***
Log of total assets₍_t₎	−0.07	0.04	−0.09	0.04**	−0.13	0.04***	−0.15	0.04***	−0.08	0.04**	−0.09	0.04***	−0.04	0.04	−0.05	0.04
Country (USA = 0; UK = 1)	0.18	0.13	0.21	0.13	0.22	0.13	0.24	0.13	0.18	0.13	0.21	0.13	0.17	0.14	0.19	0.14
Log of competitors in the industry₍_t₎	−0.02	0.04	−0.02	0.04	0.00	0.05	0.00	0.05	−0.01	0.05	0.00	0.05	−0.02	0.05	−0.01	0.05
Log of GDP growth₍_t₎	−0.01	0.02	−0.01	0.02	−0.02	0.01	−0.02	0.01*	0.01	0.01	0.01	0.01	−0.01	0.01	−0.01	0.01
Log of marketing investment₍_t₎	0.02	0.02	−0.02	0.03	0.02	0.02	−0.02	0.03	0.00	0.02	−0.04	0.02	0.01	0.03	−0.03	0.03
Log of R&D investment₍_t₎	0.08	0.04**	0.03	0.04	0.13	0.04***	0.09	0.04**	0.11	0.04***	0.07	0.04	0.07	0.04	0.03	0.04
Log of marketing investment₍_t₎* log of R&D investment₍_t₎			0.02	0.00***			0.02	0.00***			0.02	0.00***			0.01	0.00***
Sample	3,208		3,208		3,029		3,029		2,789		2,789		2,529		2,529
QICC	3,762.40		3,733.40		3,489.90		3,460.10		3,151.10		3,125.70		2,867.00		2,848.60
QICC (reference - intercept)	60,527.10		60,527.10		57,494.30		57,494.30		54,791.20		54,791.20		52,147.30		52,147.30
R²	8.9%		9.8%		9.8%		10.8%		9.3%		10.6%		10.1%		11.1%

Note(s):

The control variables (sectors of the economy and time in years) are not shown. B means estimate and SE means standard error; *p ≤ 0.10; **p ≤ 0.05; ***p ≤ 0.01