Table 5 Regression estimate of the... | Emerald Publishing

Table 5

Regression estimate of the effect of economic sustainability practices on financial performance of largest listed companies of Sub-Saharan Africa

	ROA model			TOBIN's Q model
	(FE)	(RE)	(PCSE)	(FE)	(RE)	(PCSE)
	ROA	ROA	ROA	TOBIN's Q	TOBIN's Q	TOBIN's Q
RMA	−0.0677^*	−0.0523^*	−0.0482	−0.0123	−0.0163	−0.0319^***
RMA	(−2.05)	(−2.31)	(−1.64)	(−1.22)	(−1.75)	(−6.36)
PCR	−0.00150	−0.0211^**	−0.0107	0.00359	0.00186	0.000817
PCR	(−0.21)	(−3.28)	(−1.53)	(1.65)	(0.87)	(1.26)
EVA	0.0498^***	0.0423^***	0.0410^***	0.00763^***	0.00663^***	0.00286^***
EVA	(10.28)	(9.54)	(7.25)	(5.14)	(4.54)	(3.61)
MAS	10.86^***	6.486^***	7.084^***	1.654^***	1.173^***	0.620^***
MAS	(11.62)	(10.30)	(8.37)	(5.77)	(4.50)	(4.04)
GTAX	0.367^***	0.558^***	0.415^***	0.0270	0.0466^**	0.0743^**
GTAX	(7.72)	(12.39)	(5.70)	(1.86)	(3.21)	(3.01)
CS	−4.984^***	−2.599^***	−2.606^***	−0.972^***	−0.634^***	−0.330^***
CS	(−11.29)	(−10.09)	(−8.78)	(−7.19)	(−5.47)	(−4.23)
INDS	0	−0.358^**	−0.436^**	0	−0.00198	0.116
INDS	(.)	(−3.01)	(−2.70)	(.)	(−0.02)	(1.72)
CO	0	−0.318	−0.529	0	0.402	0.566^***
CO	(.)	(−0.82)	(−1.57)	(.)	(1.40)	(4.02)
_cons	11.92^*	5.133	0.858	6.310^***	3.154^*	1.384
_cons	(2.41)	(1.70)	(0.30)	(4.16)	(1.98)	(1.65)
N	2,217	2,217	2,217	2,217	2,217	2,217
R²	0.150		0.185	0.040		0.143
adj. R²	0.087			−0.031
pseudo R²
ll_0	−7513.0			−4756.9
Ll	−7333.0			−4711.2
χ²		534.5	224.6		81.23	76.44

	ROA model			TOBIN's Q model
	(FE)	(RE)	(PCSE)	(FE)	(RE)	(PCSE)
	ROA	ROA	ROA	TOBIN's Q	TOBIN's Q	TOBIN's Q
RMA	−0.0677^*	−0.0523^*	−0.0482	−0.0123	−0.0163	−0.0319^***
RMA	(−2.05)	(−2.31)	(−1.64)	(−1.22)	(−1.75)	(−6.36)
PCR	−0.00150	−0.0211^**	−0.0107	0.00359	0.00186	0.000817
PCR	(−0.21)	(−3.28)	(−1.53)	(1.65)	(0.87)	(1.26)
EVA	0.0498^***	0.0423^***	0.0410^***	0.00763^***	0.00663^***	0.00286^***
EVA	(10.28)	(9.54)	(7.25)	(5.14)	(4.54)	(3.61)
MAS	10.86^***	6.486^***	7.084^***	1.654^***	1.173^***	0.620^***
MAS	(11.62)	(10.30)	(8.37)	(5.77)	(4.50)	(4.04)
GTAX	0.367^***	0.558^***	0.415^***	0.0270	0.0466^**	0.0743^**
GTAX	(7.72)	(12.39)	(5.70)	(1.86)	(3.21)	(3.01)
CS	−4.984^***	−2.599^***	−2.606^***	−0.972^***	−0.634^***	−0.330^***
CS	(−11.29)	(−10.09)	(−8.78)	(−7.19)	(−5.47)	(−4.23)
INDS	0	−0.358^**	−0.436^**	0	−0.00198	0.116
INDS	(.)	(−3.01)	(−2.70)	(.)	(−0.02)	(1.72)
CO	0	−0.318	−0.529	0	0.402	0.566^***
CO	(.)	(−0.82)	(−1.57)	(.)	(1.40)	(4.02)
_cons	11.92^*	5.133	0.858	6.310^***	3.154^*	1.384
_cons	(2.41)	(1.70)	(0.30)	(4.16)	(1.98)	(1.65)
N	2,217	2,217	2,217	2,217	2,217	2,217
R²	0.150		0.185	0.040		0.143
adj. R²	0.087			−0.031
pseudo R²
ll_0	−7513.0			−4756.9
Ll	−7333.0			−4711.2
χ²		534.5	224.6		81.23	76.44

Source(s): Authors’ own work