Table 6 Stratified analysis regression...

Table 6

Stratified analysis regression estimates

Regression estimates
	SBY leadership period 2	JKW leadership period 1	JKW leadership period 2
Variable	Model 1	Model 2	Model 3
PC-SB	−0.943*** (−3.24)	−0.472*** (−3.86)	−0.904*** (−5.10)
BCZE	0.111*** (7.10)	0.071*** (6.87)	0.038*** (2.67)
FAGE	−0.003 (−0.99)	0.010*** (5.54)	0.007*** (3.88)
FSIZ	0.018 (0.55)	0.039*** (4.26)	0.058*** (2.19)
LVRG	−0.001 (−1.03)	−0.005* (−1.69)	−0.172*** (−7.19)
SOE	0.349* (1.73)	−0.114 (−0.78)	−0.066 (−0.40)
INDY	Included	Included	Included
YIR	Included	Included	Included
Average VIF	1.56	2.15	1.33
R²	0.214	0.117	0.096
Adjusted R²	0.192	0.107	0.086
F	9.37	11.99	10.03
Prob > F	0.000***	0.000***	0.000***
N	601	1,565	1,339

Regression estimates
	SBY leadership period 2	JKW leadership period 1	JKW leadership period 2
Variable	Model 1	Model 2	Model 3
PC-SB	−0.943*** (−3.24)	−0.472*** (−3.86)	−0.904*** (−5.10)
BCZE	0.111*** (7.10)	0.071*** (6.87)	0.038*** (2.67)
FAGE	−0.003 (−0.99)	0.010*** (5.54)	0.007*** (3.88)
FSIZ	0.018 (0.55)	0.039*** (4.26)	0.058*** (2.19)
LVRG	−0.001 (−1.03)	−0.005* (−1.69)	−0.172*** (−7.19)
SOE	0.349* (1.73)	−0.114 (−0.78)	−0.066 (−0.40)
INDY	Included	Included	Included
YIR	Included	Included	Included
Average VIF	1.56	2.15	1.33
R²	0.214	0.117	0.096
Adjusted R²	0.192	0.107	0.086
F	9.37	11.99	10.03
Prob > F	0.000***	0.000***	0.000***
N	601	1,565	1,339

Note(s): Table 6 presents the results of the logistic regression estimation. Model 1 is the regression estimate for the SBY's leadership period from 2010–2013. Model 2 is the regression estimate for JKW's leadership period 1 from 2014–2018 to. Model 3 is the regression estimate for JKW's leadership period 2 from 2019–2022 to. *** denotes a 1% significance level, ** denotes a 5% significance level, and * denotes a 10% significance level. Table 2 presents all variable definitions

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