Robustness test
| Column 5 | Column 6 | Column 7 | Column 8 | |
|---|---|---|---|---|
| ROE | ROA | EVAR (FE) | Q (FE) | |
| L.ROE | 0.0905** | |||
| (2.3627) | ||||
| L.ROA | 0.2170*** | |||
| (4.8073) | ||||
| BEI | 0.0489** | 0.0280*** | 0.0047*** | 0.0624*** |
| (2.4256) | (3.0160) | (3.3660) | (4.0680) | |
| BEI*GO | −0.0954** | −0.0547*** | −0.0114*** | −0.0826* |
| (−2.4989) | (−3.1039) | (−2.8962) | (−1.9274) | |
| GO | 0.3178** | 0.1892*** | 0.0214 | 0.2414 |
| (2.2234) | (2.8720) | (1.1188) | (1.1608) | |
| SIZE | 0.0413*** | 0.0174*** | 0.0959*** | −0.9074*** |
| (2.9638) | (2.6716) | (12.9410) | (−11.1982) | |
| LEV | −0.1307 | −0.1107*** | −0.1983*** | −1.2187*** |
| (−1.6082) | (−2.7992) | (−18.9842) | (−10.7223) | |
| RD | 0.5475*** | 0.3399*** | 1.2024*** | 4.6814*** |
| (3.2239) | (4.6195) | (8.6481) | (3.0794) | |
| AGE | −0.1641*** | −0.0671*** | −0.4229*** | 0.1278 |
| (−5.4164) | (−5.3828) | (−16.9141) | (0.1698) | |
| MTO | −0.0103*** | −0.0044*** | −0.0026* | −0.0074 |
| (−3.0470) | (−2.9532) | (−1.8289) | (−0.4816) | |
| _cons | −0.2091** | −0.0887* | −0.3191*** | 10.4855*** |
| (−2.0095) | (−1.9594) | (−5.1643) | (8.5888) | |
| N | 6,130 | 6,130 | 6,130 | 6,130 |
| Adj. R2 | 0.1280 | 0.2275 | ||
| AR(1) | 0.000 | 0.000 | ||
| AR(2) | 0.598 | 0.653 | ||
| Hansen test | 0.507 | 0.509 |
| Column 5 | Column 6 | Column 7 | Column 8 | |
|---|---|---|---|---|
| ROE | ROA | EVAR (FE) | Q (FE) | |
| L.ROE | 0.0905** | |||
| (2.3627) | ||||
| L.ROA | 0.2170*** | |||
| (4.8073) | ||||
| BEI | 0.0489** | 0.0280*** | 0.0047*** | 0.0624*** |
| (2.4256) | (3.0160) | (3.3660) | (4.0680) | |
| BEI*GO | −0.0954** | −0.0547*** | −0.0114*** | −0.0826* |
| (−2.4989) | (−3.1039) | (−2.8962) | (−1.9274) | |
| GO | 0.3178** | 0.1892*** | 0.0214 | 0.2414 |
| (2.2234) | (2.8720) | (1.1188) | (1.1608) | |
| SIZE | 0.0413*** | 0.0174*** | 0.0959*** | −0.9074*** |
| (2.9638) | (2.6716) | (12.9410) | (−11.1982) | |
| LEV | −0.1307 | −0.1107*** | −0.1983*** | −1.2187*** |
| (−1.6082) | (−2.7992) | (−18.9842) | (−10.7223) | |
| RD | 0.5475*** | 0.3399*** | 1.2024*** | 4.6814*** |
| (3.2239) | (4.6195) | (8.6481) | (3.0794) | |
| AGE | −0.1641*** | −0.0671*** | −0.4229*** | 0.1278 |
| (−5.4164) | (−5.3828) | (−16.9141) | (0.1698) | |
| MTO | −0.0103*** | −0.0044*** | −0.0026* | −0.0074 |
| (−3.0470) | (−2.9532) | (−1.8289) | (−0.4816) | |
| _cons | −0.2091** | −0.0887* | −0.3191*** | 10.4855*** |
| (−2.0095) | (−1.9594) | (−5.1643) | (8.5888) | |
| 6,130 | 6,130 | 6,130 | 6,130 | |
| Adj. | 0.1280 | 0.2275 | ||
| AR(1) | 0.000 | 0.000 | ||
| AR(2) | 0.598 | 0.653 | ||
| Hansen test | 0.507 | 0.509 |
Note(s): t statistics in parentheses. *p < 0.1, **p < 0.05, ***p < 0.01
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