Table 4 Regression results – Robustness... | Emerald Publishing

Table 4

Regression results – Robustness

	ROE		EMV
	(1)	(2)	(3)	(4)
Depth	0.359***	−0.0930	−0.448	−5.398**
Depth	(0.092)	(0.815)	(0.343)	−2.559
Depth*Depth		0.303		3.321**
Depth*Depth		(0.544)		−1.662
Firm size	0.114***	0.112***	0.010	−0.017
Firm size	(0.023)	(0.0234)	(0.074)	(0.076)
Leverage	−0.612***	−0.614***	−0.150	−0.166
Leverage	(0.162)	(0.162)	(0.384)	(0.382)
R&D	0.191	0.202	3.585**	3.708**
R&D	(0.269)	(0.268)	−1.470	−1.464
Firm age	0.133*	0.133*	−0.591***	−0.588***
Firm age	(0.079)	(0.0788)	(0.161)	(0.160)
Family share	−0.058	−0.0527	−0.736**	−0.675**
Family share	(0.128)	(0.131)	(0.334)	(0.336)
Constant	−0.733***	−0.565	2.412***	4.255***
Constant	(0.233)	(0.393)	(0.637)	−1.179
Observations	641	641	641	641
R-squared	0.097	0.097	0.054	0.058

	ROE		EMV
	(1)	(2)	(3)	(4)
Depth	0.359***	−0.0930	−0.448	−5.398**
Depth	(0.092)	(0.815)	(0.343)	−2.559
Depth*Depth		0.303		3.321**
Depth*Depth		(0.544)		−1.662
Firm size	0.114***	0.112***	0.010	−0.017
Firm size	(0.023)	(0.0234)	(0.074)	(0.076)
Leverage	−0.612***	−0.614***	−0.150	−0.166
Leverage	(0.162)	(0.162)	(0.384)	(0.382)
R&D	0.191	0.202	3.585**	3.708**
R&D	(0.269)	(0.268)	−1.470	−1.464
Firm age	0.133*	0.133*	−0.591***	−0.588***
Firm age	(0.079)	(0.0788)	(0.161)	(0.160)
Family share	−0.058	−0.0527	−0.736**	−0.675**
Family share	(0.128)	(0.131)	(0.334)	(0.336)
Constant	−0.733***	−0.565	2.412***	4.255***
Constant	(0.233)	(0.393)	(0.637)	−1.179
Observations	641	641	641	641
R-squared	0.097	0.097	0.054	0.058

Source(s): Authors’ own work