Regression analysis
| (1) | (2) | (3) | |
|---|---|---|---|
| JROA | ROA | ROE | |
| Indpart | 0.008*** | 0.006*** | 0.020*** |
| (3.521) | (2.623) | (4.019) | |
| Size | −0.001*** | 0.000 | 0.004*** |
| (−4.990) | (1.106) | (6.798) | |
| Corporate ownership | 0.007*** | 0.005*** | 0.014*** |
| (9.087) | (6.139) | (7.506) | |
| Liquidity | 0.258*** | 0.280*** | 0.385*** |
| (53.097) | (55.655) | (35.452) | |
| Growth | 0.027*** | 0.030*** | 0.063*** |
| (28.496) | (31.330) | (30.058) | |
| Fixed assets ratio | −0.031*** | −0.020*** | −0.029*** |
| (−11.010) | (−6.894) | (−4.517) | |
| Intangible assets ratio | −0.081*** | −0.064*** | −0.115*** |
| (−11.000) | (−8.399) | (−6.953) | |
| Risk | −0.001 | −0.001 | −0.001 |
| (−0.680) | (−1.316) | (−0.466) | |
| Market power | 0.265*** | 0.276*** | 0.465*** |
| (96.149) | (96.623) | (75.479) | |
| Industry competitiveness | −0.003 | −0.007 | −0.004 |
| (−0.390) | (−0.959) | (−0.233) | |
| Industry growth potential | −0.000 | −0.000 | −0.000 |
| (−0.639) | (−0.866) | (−0.041) | |
| Market index | 0.001*** | 0.000 | 0.002*** |
| (3.037) | (1.430) | (3.664) | |
| _cons | 0.034*** | 0.008 | −0.121*** |
| (3.565) | (0.801) | (−5.734) | |
| Industry | YES | YES | YES |
| Year | YES | YES | YES |
| N | 24,607 | 24,607 | 24,607 |
| R2 | 0.511 | 0.528 | 0.390 |
| (1) | (2) | (3) | |
|---|---|---|---|
| JROA | ROA | ROE | |
| Indpart | 0.008*** | 0.006*** | 0.020*** |
| (3.521) | (2.623) | (4.019) | |
| Size | −0.001*** | 0.000 | 0.004*** |
| (−4.990) | (1.106) | (6.798) | |
| Corporate ownership | 0.007*** | 0.005*** | 0.014*** |
| (9.087) | (6.139) | (7.506) | |
| Liquidity | 0.258*** | 0.280*** | 0.385*** |
| (53.097) | (55.655) | (35.452) | |
| Growth | 0.027*** | 0.030*** | 0.063*** |
| (28.496) | (31.330) | (30.058) | |
| Fixed assets ratio | −0.031*** | −0.020*** | −0.029*** |
| (−11.010) | (−6.894) | (−4.517) | |
| Intangible assets ratio | −0.081*** | −0.064*** | −0.115*** |
| (−11.000) | (−8.399) | (−6.953) | |
| Risk | −0.001 | −0.001 | −0.001 |
| (−0.680) | (−1.316) | (−0.466) | |
| Market power | 0.265*** | 0.276*** | 0.465*** |
| (96.149) | (96.623) | (75.479) | |
| Industry competitiveness | −0.003 | −0.007 | −0.004 |
| (−0.390) | (−0.959) | (−0.233) | |
| Industry growth potential | −0.000 | −0.000 | −0.000 |
| (−0.639) | (−0.866) | (−0.041) | |
| Market index | 0.001*** | 0.000 | 0.002*** |
| (3.037) | (1.430) | (3.664) | |
| _cons | 0.034*** | 0.008 | −0.121*** |
| (3.565) | (0.801) | (−5.734) | |
| Industry | YES | YES | YES |
| Year | YES | YES | YES |
| 24,607 | 24,607 | 24,607 | |
| 0.511 | 0.528 | 0.390 |
Note(s): t statistics in parentheses
*p < 0.1, **p < 0.05, ***p < 0.01
Sharing content requires targeting cookies to be enabled. Please update your cookie preferences to use this feature.