Two-stage least squares (2SLS) regression results
| Variable | ROA | EBIT margin | NP margin |
|---|---|---|---|
| Points ratio t – 2 (IV) | −0.071(0.134) | 0.449**(0.212) | 0.581***(0.198) |
| Size | −0.392(1.844) | −10.840***(3.086) | −12.552***(3.093) |
| Debt ratio | −7.188***(1.806) | −6.206**(2.535) | −9.377***(2.555) |
| Wage turnover ratio | −0.681***(0.053) | −1.257***(0.084) | −0.992***(0.086) |
| Capital intensity | −15.086***(4.368) | −18.229***(6.815) | −16.638**(6.446) |
| Intangible assets ratio | −7.695**(3.777) | −15.087**(6.603) | −9.073(6.307) |
| Stadium capacity | −0.909(1.334) | −1.337(2.273) | −2.202(1.953) |
| Stadium ownership | −2.107(1.470) | −0.453(2.396) | 0.855(2.189) |
| Relegation | −4.542(3.225) | −0.190(4.829) | 2.218(4.139) |
| Ownership concentration | −5.442*(3.255) | −16.320***(6.262) | −13.007**(5.627) |
| Num. obs. | 288 | 288 | 288 |
| First stage F-stat | 49.7 | 49.7 | 49.7 |
| Wu-Hausman stat | 0.669 | 0.645 | 3.190 |
| Wu-Hausman p-value | 0.414 | 0.423 | 0.075 |
| Variable | |||
|---|---|---|---|
| Points ratio t – 2 ( | −0.071(0.134) | 0.449 | 0.581 |
| Size | −0.392(1.844) | −10.840 | −12.552 |
| Debt ratio | −7.188 | −6.206 | −9.377 |
| Wage turnover ratio | −0.681 | −1.257 | −0.992 |
| Capital intensity | −15.086 | −18.229 | −16.638 |
| Intangible assets ratio | −7.695 | −15.087 | −9.073(6.307) |
| Stadium capacity | −0.909(1.334) | −1.337(2.273) | −2.202(1.953) |
| Stadium ownership | −2.107(1.470) | −0.453(2.396) | 0.855(2.189) |
| Relegation | −4.542(3.225) | −0.190(4.829) | 2.218(4.139) |
| Ownership concentration | −5.442 | −16.320 | −13.007 |
| Num. obs. | 288 | 288 | 288 |
| First stage F-stat | 49.7 | 49.7 | 49.7 |
| Wu-Hausman stat | 0.669 | 0.645 | 3.190 |
| Wu-Hausman p-value | 0.414 | 0.423 | 0.075 |
*p < 0.05,
**p < 0.01,
***p < 0.001
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