Regression analysis (UK)
| 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 3AY = ORG_SUPP | Model 4BY = COMP | Model 5BY = COMP |
|---|---|---|---|---|---|---|---|---|---|---|
| RES_AV | 0.20*** (0.03) | 0.83*** (0.09) | 0.23*** (0.01) | 0.09** (0.08) | 0.13*** (0.04) | – | – | – | – | – |
| INN_CAP | – | – | – | – | – | 0.21*** (0.02) | 0.72*** (0.06) | 0.13*** (0.01) | 0.14*** (0.03) | 0.18*** (0.03) |
| RESP_INN | 0.14*** (0.06) | 0.09*** (0.02) | ||||||||
| ORG_SUPP | 0.31** (0.14) | 0.21* (0.12) | ||||||||
| CEO_AGE | −2.43* (1.39) | −11.03*** (3.78) | −0.57 (0.64) | −0.92 (1.39) | −2.25 (1.37) | −0.93 (1.34) | −5.45 (3.74) | 0.68 (0.82) | −0.43 (1.34) | −1.07 (1.31) |
| CEO_EXP | −0.81 (1.23) | 0.02 (3.30) | 0.94 (0.62) | −0.81 (1.12) | −1.10 (1.23) | 0.08 (1.14) | 2.86 (3.17) | 1.26* (0.71) | −0.18 (1.06) | −0.18 (1.14) |
| CEO_GENDER | −4.46** (2.19) | 1.53 (5.98) | 4.99*** (0.99) | −4.67** (2.16) | −6.00** (2.40) | −6.17*** (2.10) | −3.58 (5.88) | 4.69*** (1.20) | −5.85*** (2.09) | −7.15*** (2.21) |
| FIRM_SIZE | 0.08 (0.92) | 2.36 (2.92) | 0.71 (0.47) | −0.24 (0.81) | −0.14 (0.93) | 1.11 (0.87) | 7.05*** (2.44) | 2.34*** (0.56) | 0.47 (0.82) | 0.63 (0.92) |
| SECTOR | 0.60 (2.08) | −4.60 (5.76) | −1.82** (0.95) | 1.24 (1.99) | 1.17 (2.10) | 2.25 (1.92) | −0.33 (5.46) | −2.11* (1.22) | 2.28 (1.89) | 2.69 (1.92) |
| MARKET | 0.84 (2.36) | −21.79*** (6.99) | 2.10** (0.95) | 3.81* (2.18) | 0.19 (2.39) | 1.71 (2.11) | −18.06*** (6.14) | 3.26** (1.37) | 3.35 (2.09) | 1.03 (2.10) |
| Constant | 41.45*** (8.32) | 126.91*** (24.70) | −4.32 (3.53) | 24.15*** (8.07) | 42.79*** (8.46) | 23.32*** (7.89) | 71.15*** (20.35) | −8.91** (4.70) | 16.87** (7.91) | 25.17*** (7.92) |
| No. of obs. | 249 | 249 | 249 | 249 | 249 | 249 | 249 | 249 | 249 | 249 |
| F-statistics | 6.83*** | 20.73*** | 80.48*** | 11.88*** | 6.22*** | 14.60*** | 25.03*** | 42.30*** | 14.68*** | 12.81*** |
| R2 | 0.20 | 0.37 | 0.64 | 0.32 | 0.22 | 0.33 | 0.46 | 0.44 | 0.38 | 0.34 |
| Mean VIF | 1.15 | 1.15 | 1.15 | 1.28 | 1.56 | 1.13 | 1.13 | 1.13 | 1.33 | 1.30 |
| Variables | Model 1AY = | Model 2AY = RESP_INN | Model 3AY = ORG_SUPP | Model 4AY = | Model 5AY = | Model 1BY = | Model 2BY = RESP_INN | Model 3AY = ORG_SUPP | Model 4BY = | Model 5BY = |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.20 | 0.83 | 0.23 | 0.09 | 0.13 | – | – | – | – | – | |
| – | – | – | – | – | 0.21 | 0.72 | 0.13 | 0.14 | 0.18 | |
| 0.14 | 0.09 | |||||||||
| 0.31 | 0.21 | |||||||||
| −2.43 | −11.03 | −0.57 (0.64) | −0.92 (1.39) | −2.25 (1.37) | −0.93 (1.34) | −5.45 (3.74) | 0.68 (0.82) | −0.43 (1.34) | −1.07 (1.31) | |
| −0.81 (1.23) | 0.02 (3.30) | 0.94 (0.62) | −0.81 (1.12) | −1.10 (1.23) | 0.08 (1.14) | 2.86 (3.17) | 1.26 | −0.18 (1.06) | −0.18 (1.14) | |
| −4.46 | 1.53 (5.98) | 4.99 | −4.67 | −6.00 | −6.17 | −3.58 (5.88) | 4.69 | −5.85 | −7.15 | |
| 0.08 (0.92) | 2.36 (2.92) | 0.71 (0.47) | −0.24 (0.81) | −0.14 (0.93) | 1.11 (0.87) | 7.05 | 2.34 | 0.47 (0.82) | 0.63 (0.92) | |
| 0.60 (2.08) | −4.60 (5.76) | −1.82 | 1.24 (1.99) | 1.17 (2.10) | 2.25 (1.92) | −0.33 (5.46) | −2.11 | 2.28 (1.89) | 2.69 (1.92) | |
| 0.84 (2.36) | −21.79 | 2.10 | 3.81 | 0.19 (2.39) | 1.71 (2.11) | −18.06 | 3.26 | 3.35 (2.09) | 1.03 (2.10) | |
| 41.45 | 126.91 | −4.32 (3.53) | 24.15 | 42.79 | 23.32 | 71.15 | −8.91 | 16.87 | 25.17 | |
| No. of obs. | 249 | 249 | 249 | 249 | 249 | 249 | 249 | 249 | 249 | 249 |
| 6.83 | 20.73 | 80.48 | 11.88 | 6.22 | 14.60 | 25.03 | 42.30 | 14.68 | 12.81 | |
| 0.20 | 0.37 | 0.64 | 0.32 | 0.22 | 0.33 | 0.46 | 0.44 | 0.38 | 0.34 | |
| Mean | 1.15 | 1.15 | 1.15 | 1.28 | 1.56 | 1.13 | 1.13 | 1.13 | 1.33 | 1.30 |
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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