Regression analysis (EU)
| Variables | Model 1AY = COMP | Model 2AY = RESP_INN | Model 3AY = ORG_SUPP | Model 4AY = COMP | Model 5AY = COMP | Model 1BY = COMP | Model 2BY = RESP_INN | Model 3BY = ORG_SUPP | Model 4BY = COMP | Model 5B Y = COMP |
|---|---|---|---|---|---|---|---|---|---|---|
| RES_AV | 0.27*** (0.03) | 1.09*** (0.10) | 0.22*** (0.01) | 0.16*** (0.04) | 0.21*** (0.05) | – | – | – | – | – |
| INN_CAP | – | – | – | – | – | 0.27*** (0.02) | 0.92*** (0.07) | 0.15*** (0.01) | 0.20*** (0.03) | 0.23*** (0.03) |
| RESP_INN | 0.11*** (0.02) | 0.07*** (0.02) | ||||||||
| ORG_SUPP | 0.30* (0.18) | 0.25** (0.13) | ||||||||
| CEO_AGE | −3.23 (2.04) | 11.83** (5.33) | −0.01 (0.92) | −4–56** (1.79) | −3.22 (1.99) | −2.21 (1.77) | 14.90** (6.26) | 0.17 (1.22) | −3.23** (1.62) | −2.25 (1.68) |
| CEO_EXP | 0.06 (1.26) | −15.94*** (4.60) | 1.37** (0.68) | 1.86 (1.21) | −0.35 (1.28) | 0.18 (1.17) | −15.34*** (4.68) | 1.61* (0.89) | 1.22 (1.17) | 0.22 (1.12) |
| CEO_GENDER | −3.45 (2.30) | 6.86 (9.05) | −3.11** (1.47) | −4.23** (2.06) | −2.51 (2.16) | −2.37 (2.07) | 10.87 (7.70) | −2.27 (1.62) | −3.11 (1.99) | −1.80 (1.94) |
| FIRM_SIZE | −0.66 (1.02) | 3.62 (3.36) | 1.20 (0.58) | −1.07 (0.99) | −1.03 (1.06) | −0.01 (0.94) | 6.42** (3.32) | 2.04*** (0.67) | −0.45 (0.94) | 0.52 (0.98) |
| SECTOR | −2.63 (2.52) | 2.57 (8.55) | 1.19 (1.43) | −2.92 (2.23) | −2.99 (2.54) | −1.35 (2.34) | 6.39 (8.28) | 1.40 (1.66) | −1.79 (2.22) | −1.71 (2.35) |
| MARKET | −4.91* (2.56) | −16.30* (8.64) | −2.89* (1.54) | −3.07 (2.38) | −4.03 (2.62) | −3.65 (2.30) | −12.33 (7.83) | −2.53 (1.78) | −2.80 (2.22) | −3.02 (2.22) |
| Constant | 42.49** (7.94) | 23.80*** (23.80) | 4.06 (4.66) | 34.83*** (7.02) | 41.27*** (7.78) | 28.66*** (7.46) | 25.93 (22.17) | 1.30 (5.66) | 26.88*** (7.01) | 28.34*** (7.34) |
| No. of obs. | 150 | 150 | 150 | 150 | 150 | 150 | 150 | 150 | 150 | 150 |
| F-statistics | 19.73*** | 24.65*** | 54.71*** | 23.36*** | 18.16*** | 27.96*** | 33.88*** | 21.81*** | 27.66*** | 25.46*** |
| R2 | 0.44 | 0.49 | 0.63 | 0.52 | 0.46 | 0.56 | 0.56 | 0.48 | 0.59 | 0.58 |
| Mean VIF | 1.15 | 1.15 | 1.15 | 1.38 | 1.55 | 1.15 | 1.15 | 1.15 | 1.45 | 1.35 |
| Variables | Model 1AY = | Model 2AY = RESP_INN | Model 3AY = ORG_SUPP | Model 4AY = | Model 5AY = | Model 1BY = | Model 2BY = RESP_INN | Model 3BY = ORG_SUPP | Model 4BY = | Model 5B Y = |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.27 | 1.09 | 0.22 | 0.16 | 0.21 | – | – | – | – | – | |
| – | – | – | – | – | 0.27 | 0.92 | 0.15 | 0.20 | 0.23 | |
| 0.11 | 0.07 | |||||||||
| 0.30 | 0.25 | |||||||||
| −3.23 (2.04) | 11.83 | −0.01 (0.92) | −4–56 | −3.22 (1.99) | −2.21 (1.77) | 14.90 | 0.17 (1.22) | −3.23 | −2.25 (1.68) | |
| 0.06 (1.26) | −15.94 | 1.37 | 1.86 (1.21) | −0.35 (1.28) | 0.18 (1.17) | −15.34 | 1.61 | 1.22 (1.17) | 0.22 (1.12) | |
| −3.45 (2.30) | 6.86 (9.05) | −3.11 | −4.23 | −2.51 (2.16) | −2.37 (2.07) | 10.87 (7.70) | −2.27 (1.62) | −3.11 (1.99) | −1.80 (1.94) | |
| −0.66 (1.02) | 3.62 (3.36) | 1.20 (0.58) | −1.07 (0.99) | −1.03 (1.06) | −0.01 (0.94) | 6.42 | 2.04 | −0.45 (0.94) | 0.52 (0.98) | |
| −2.63 (2.52) | 2.57 (8.55) | 1.19 (1.43) | −2.92 (2.23) | −2.99 (2.54) | −1.35 (2.34) | 6.39 (8.28) | 1.40 (1.66) | −1.79 (2.22) | −1.71 (2.35) | |
| −4.91 | −16.30 | −2.89 | −3.07 (2.38) | −4.03 (2.62) | −3.65 (2.30) | −12.33 (7.83) | −2.53 (1.78) | −2.80 (2.22) | −3.02 (2.22) | |
| 42.49 | 23.80 | 4.06 (4.66) | 34.83 | 41.27 | 28.66 | 25.93 (22.17) | 1.30 (5.66) | 26.88 | 28.34 | |
| No. of obs. | 150 | 150 | 150 | 150 | 150 | 150 | 150 | 150 | 150 | 150 |
| 19.73 | 24.65 | 54.71 | 23.36 | 18.16 | 27.96 | 33.88 | 21.81 | 27.66 | 25.46 | |
| 0.44 | 0.49 | 0.63 | 0.52 | 0.46 | 0.56 | 0.56 | 0.48 | 0.59 | 0.58 | |
| Mean | 1.15 | 1.15 | 1.15 | 1.38 | 1.55 | 1.15 | 1.15 | 1.15 | 1.45 | 1.35 |
The standard errors in parentheses are robust to heteroskedasticity and autocorrelation; latent variables have undergone a transformation process via the Box–Cox technique
Significance levels: *p < 0.10; **p < 0.05; ***p < 0.01
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