Table 5 OLS regression Regression...

Table 5

OLS regression

Regression estimates
	ZSCR	SBY leadership (2010–2013)	JKW leadership (2014–2022)
Variable	Model 1	Model 2	Model 3
PC-SB	−0.682*** (−7.24)	−0.943*** (−3.24)	−0.610*** (−6.03)
RGYM	−0.400*** (−2.28)	–	–
BCZE	0.066*** (9.34)	0.111*** (7.10)	0.057*** (7.18)
FAGE	0.008*** (6.34)	−0.003 (−0.99)	0.009*** (6.61)
FSIZ	0.033*** (3.93)	0.018 (0.55)	0.037*** (4.32)
LVRG	−0.001 (−1.64)	−0.001 (−1.03)	−0.009*** (−2.64)
SOE	−0.015 (−0.16)	0.349* (1.73)	−0.100 (−0.91)
INDY	Included	Included	Included
YIR	Included	Included	Included
Average VIF	2.28	1.56	2.15
R²	0.096	0.215	0.083
Adjusted R²	0.089	0.192	0.077
F	14.25	9.37	12.49
Prob > F	0.000***	0.000***	0.000***
N	3,505	601	2,904

Regression estimates
	ZSCR	SBY leadership (2010–2013)	JKW leadership (2014–2022)
Variable	Model 1	Model 2	Model 3
PC-SB	−0.682*** (−7.24)	−0.943*** (−3.24)	−0.610*** (−6.03)
RGYM	−0.400*** (−2.28)	–	–
BCZE	0.066*** (9.34)	0.111*** (7.10)	0.057*** (7.18)
FAGE	0.008*** (6.34)	−0.003 (−0.99)	0.009*** (6.61)
FSIZ	0.033*** (3.93)	0.018 (0.55)	0.037*** (4.32)
LVRG	−0.001 (−1.64)	−0.001 (−1.03)	−0.009*** (−2.64)
SOE	−0.015 (−0.16)	0.349* (1.73)	−0.100 (−0.91)
INDY	Included	Included	Included
YIR	Included	Included	Included
Average VIF	2.28	1.56	2.15
R²	0.096	0.215	0.083
Adjusted R²	0.089	0.192	0.077
F	14.25	9.37	12.49
Prob > F	0.000***	0.000***	0.000***
N	3,505	601	2,904

Note(s): Table 5 presents the regression estimation results. Model 1 is the regression estimate using the years 2010–2022. Model 2 is the regression estimate for the SBY leadership period from 2010–2013. Model 3 shows the regression estimate for the JKW leadership period from 2014–2022. *** denotes a 1% significance level, ** denotes a 5% significance level, and * denotes a 10% significance level. all variable definitions

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