Regression results for profitability and institutional ownership
| INEF | Panel A (ROA) | Panel B (INOW) | ||
|---|---|---|---|---|
| LM | UM | LM | UM | |
| Coef. | Coef. | Coef. | Coef. | |
| CONSTANT | −0.271 (0.143) | −0.030 (0.047) | −0.104 (0.108) | −0.160 (0.087) |
| CSD | 0.170 (0.078)** | 0.057 (0.027)** | 0.049 (0.053) | 0.123 (0.042)** |
| INOW | 0.073 (0.046) | 0.352 (0.136)** | 0.157 (0.107) | 0.249 (0.108)** |
| FSS | −0.002 (0.009) | −0.011 (0.003)** | −0.008 (0.006) | −0.010 (0.004)** |
| FA | 0.006 (0.011) | 0.007 (0.004) | 0.005 (0.007) | 0.002 (0.005) |
| LEV | −0.105 (0.056) | −0.045 (0.019)** | −0.065 (0.029)** | −0.020 (0.025) |
| BFE | 0.031 (0.051) | 0.056 (0.020)** | 0.043 (0.034) | 0.054 (0.023)** |
| BGD | 0.056 (0.072) | 0.086 (0.030)** | 0.054 (0.048) | 0.124 (0.034)** |
| R-squared | 0.1604 | 0.1811 | 0.1340 | 0.1591 |
| F-value | 2.24 | 9.86 | 4.16 | 5.57 |
| Prob > F | 0.000 | 0.000 | 0.000 | 0.000 |
| INEF | Panel A (ROA) | Panel B (INOW) | ||
|---|---|---|---|---|
| LM | UM | LM | UM | |
| Coef. | Coef. | Coef. | Coef. | |
| CONSTANT | −0.271 (0.143) | −0.030 (0.047) | −0.104 (0.108) | −0.160 (0.087) |
| CSD | 0.170 (0.078)** | 0.057 (0.027)** | 0.049 (0.053) | 0.123 (0.042)** |
| INOW | 0.073 (0.046) | 0.352 (0.136)** | 0.157 (0.107) | 0.249 (0.108)** |
| FSS | −0.002 (0.009) | −0.011 (0.003)** | −0.008 (0.006) | −0.010 (0.004)** |
| FA | 0.006 (0.011) | 0.007 (0.004) | 0.005 (0.007) | 0.002 (0.005) |
| LEV | −0.105 (0.056) | −0.045 (0.019)** | −0.065 (0.029)** | −0.020 (0.025) |
| BFE | 0.031 (0.051) | 0.056 (0.020)** | 0.043 (0.034) | 0.054 (0.023)** |
| BGD | 0.056 (0.072) | 0.086 (0.030)** | 0.054 (0.048) | 0.124 (0.034)** |
| 0.1604 | 0.1811 | 0.1340 | 0.1591 | |
| 2.24 | 9.86 | 4.16 | 5.57 | |
| Prob > | 0.000 | 0.000 | 0.000 | 0.000 |
Note(s): *p < 0.05; standard error (Std Err) in parentheses
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