Value relevance of normal and opportunistic capitalization firms
| Pi,90 | Pi,120 | |
|---|---|---|
| EPSi,t | 5.401*** | 5.331*** |
| (13.19) | (12.50) | |
| BVPSi,t | 0.208*** | 0.217*** |
| (4.44) | (4.41) | |
| OTCi,t | −0.063 | −0.245 |
| (−0.07) | (−0.26) | |
| RDCi,t | −0.674 | −0.709 |
| (−1.20) | (−1.26) | |
| EPSi,t× OTCi,t | −2.225 | −2.151 |
| (−1.41) | (−1.26) | |
| EPSi,t× RDCi,t | 1.953** | 2.074** |
| (2.43) | (2.45) | |
| BVPSi,t× OTCi,t | 0.084 | 0.097 |
| (0.51) | (0.59) | |
| BVPSi,t× RDCi,t | −0.012 | −0.025 |
| (−0.11) | (−0.22) | |
| Constant | 9.620*** | 8.041*** |
| (6.64) | (5.55) | |
| Fixed Effects | ||
| Industry | YES | YES |
| Year | YES | YES |
| # of Obs. | 10,847 | 10,842 |
| Adj. R2 | 0.397 | 0.393 |
| 5.401*** | 5.331*** | |
| (13.19) | (12.50) | |
| 0.208*** | 0.217*** | |
| (4.44) | (4.41) | |
| −0.063 | −0.245 | |
| (−0.07) | (−0.26) | |
| −0.674 | −0.709 | |
| (−1.20) | (−1.26) | |
| −2.225 | −2.151 | |
| (−1.41) | (−1.26) | |
| 1.953** | 2.074** | |
| (2.43) | (2.45) | |
| 0.084 | 0.097 | |
| (0.51) | (0.59) | |
| −0.012 | −0.025 | |
| (−0.11) | (−0.22) | |
| 9.620*** | 8.041*** | |
| (6.64) | (5.55) | |
| Industry | YES | YES |
| Year | YES | YES |
| # of Obs. | 10,847 | 10,842 |
| Adj. | 0.397 | 0.393 |
Note(s): All variables are defined in Appendix. The robust t statistics shown in parentheses are based on the firm-clustered standard errors. *, ** and *** represent the statistical significance level of 10%, 5% and 1%, respectively
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