Table 2 Random-effects models Variable...

Table 2

Random-effects models

Variable	Model 1	Model 2	Model 3	Model 4
Controls
Firm ROE	0.002	0.002	0.002	0.002
	(0.002)	(0.002)	(0.002)	(0.002)
Firm size	4.408***	4.315***	4.460***	4.149***
	(1.273)	(1.277)	(1.265)	(1.275)
Firm age	2.705*	2.851**	2.978**	2.923**
	(1.390)	(1.397)	(1.379)	(1.380)
Firm emissions	1.694*	1.604*	1.532*	1.823*
	(0.883)	(0.877)	(0.860)	(0.895)
Regional dummies	YES	YES	YES	YES
Firm industry dummies	YES	YES	YES	YES
Year dummies	YES	YES	YES	YES
Main effects
External monitoring (EM)		0.039	0.199**	0.036
		(0.038)	(0.093)	(0.038)
Takeover protection (TP)		0.868**	0.910**	−0.941
		(0.440)	(0.441)	(0.716)
Firm internationalization (FI)		0.120**	0.289***	−0.106
		(0.056)	(0.093)	(0.098)
Moderating effects
EM × FI			−0.004**
			(0.002)
TP × FI				0.040***
				(0.013)
Intercept	−88.373***	−91.588***	−102.074***	−81.306***
	(25.473)	(25.837)	(26.144)	(25.638)
R² Within	0.053	0.058	0.062	0.066
R² Between	0.183	0.202	0.210	0.203
R² Overall	0.144	0.160	0.169	0.161
Wald χ²	182.449***	188.202***	192.025***	198.657***
ΔWald χ²		10.68**	4.43**	9.87***

Variable	Model 1	Model 2	Model 3	Model 4
Controls
Firm ROE	0.002	0.002	0.002	0.002
	(0.002)	(0.002)	(0.002)	(0.002)
Firm size	4.408***	4.315***	4.460***	4.149***
	(1.273)	(1.277)	(1.265)	(1.275)
Firm age	2.705*	2.851**	2.978**	2.923**
	(1.390)	(1.397)	(1.379)	(1.380)
Firm emissions	1.694*	1.604*	1.532*	1.823*
	(0.883)	(0.877)	(0.860)	(0.895)
Regional dummies	YES	YES	YES	YES
Firm industry dummies	YES	YES	YES	YES
Year dummies	YES	YES	YES	YES
Main effects
External monitoring (EM)		0.039	0.199**	0.036
		(0.038)	(0.093)	(0.038)
Takeover protection (TP)		0.868**	0.910**	−0.941
		(0.440)	(0.441)	(0.716)
Firm internationalization (FI)		0.120**	0.289***	−0.106
		(0.056)	(0.093)	(0.098)
Moderating effects
EM × FI			−0.004**
			(0.002)
TP × FI				0.040***
				(0.013)
Intercept	−88.373***	−91.588***	−102.074***	−81.306***
	(25.473)	(25.837)	(26.144)	(25.638)
R² Within	0.053	0.058	0.062	0.066
R² Between	0.183	0.202	0.210	0.203
R² Overall	0.144	0.160	0.169	0.161
Wald χ²	182.449***	188.202***	192.025***	198.657***
ΔWald χ²		10.68**	4.43**	9.87***

Note(s): Significance level at ***p < 0.01; **p < 0.05; *p < 0.1. Robust standard errors in brackets. No. of observations: 2,181; no. of groups: 243. ΔWald χ² for model 2 is with respect to model 1; ΔWald χ² for models 3 and 4 is with respect to model 2

Source(s): Authors’ own work

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