Regression analysis (US)
| 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 | 0.19*** (0.04) | 1.00*** (0.12) | 0.24*** (0.02) | 0.14** (0.06) | 0.22*** (0.06) | – | – | – | – | – |
| INN_CAP | – | – | – | – | – | 0.17*** (0.04) | 0.93*** (0.09) | 0.15*** (0.02) | 0.13** (0.06) | 0.15*** (0.04) |
| RESP_INN | 0.04 (0.04) | 0.04 (0.05) | ||||||||
| ORG_SUPP | −0.16 (0.17) | 0.14 (0.14) | ||||||||
| CEO_AGE | 1.69 (2.21) | −1.65 (6.81) | 0.58 (1.30) | 1.76 (2.22) | 1.78 (2.25) | 1.96 (2.12) | −0.25 (9.08) | 1.12 (1.89) | 1.96 (2.09) | 1.80 (0.14) |
| CEO_EXP | −3.72 (2.24) | −4.28 (6.69) | −0.78 (1.30) | −3.53 (2.19) | −3.85* (2.27) | −3.12 (2.19) | −0.76 (6.57) | −0.88 (1.68) | −3.09 (2.19) | −2.99 (2.18) |
| CEO_GENDER | 6.10 (3.73) | 17.82 (11.12) | 2.39 (1.66) | 5.31 (3.71) | 6.49* (3.80) | 4.17 (3.19) | 7.71 (8.97) | −1.05 (2.63) | 3.88 (3.23) | 4.32 (3.13) |
| FIRM_SIZE | 0.48 (2.43) | 3.36 (8.02) | 0.58 (1.16) | 0.33 (2.43) | 0.57 (2.44) | 0.34 (2.51) | 2.64 (6.27) | 0.44 (1.49) | 0.24 (2.53) | 0.28 (2.52) |
| SECTOR | −3.42 (3.06) | −7.15 (8.57) | 0.59 (1.48) | −3.10 (3.04) | −3.32 (3.04) | −4.06 (2.94) | −10.18 (8.09) | −1.55 (2.21) | −3.68 (2.91) | −3.84 (2.99) |
| MARKET | 8.24*** (3.07) | 3.79 (8.70) | −3.37** (1.54) | 8.07*** (2.99) | 7.68** (3.21) | 7.70*** (2.92) | 0.49 (8.33) | −2.64 (2.43) | 7.69*** (2.92) | 8.07*** (2.86) |
| Constant | 22.17 (16.35) | 36.69 (49.84) | 3.81 (7.51) | 20.55 (16.28) | 22.80 (16.59) | 20.88 (15.45) | 26.07 (47.81) | 14.14 (11.57) | 19.91 (15.31) | 18.91 (15.63) |
| No. of obs. | 94 | 94 | 94 | 94 | 94 | 94 | 94 | 94 | 94 | 94 |
| F-statistics | 6.86*** | 11.42*** | 36.01*** | 6.71*** | 5.91*** | 7.70*** | 23.02*** | 7.97*** | 7.03*** | 7.05*** |
| R2 | 0.34 | 0.55 | 0.67 | 0.35 | 0.34 | 0.34 | 0.59 | 0.33 | 0.35 | 0.35 |
| Mean VIF | 1.31 | 1.31 | 1.31 | 1.58 | 1.79 | 1.30 | 1.30 | 1.30 | 1.61 | 1.39 |
| 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 = |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.19 | 1.00 | 0.24 | 0.14 | 0.22 | – | – | – | – | – | |
| – | – | – | – | – | 0.17 | 0.93 | 0.15 | 0.13 | 0.15 | |
| 0.04 (0.04) | 0.04 (0.05) | |||||||||
| −0.16 (0.17) | 0.14 (0.14) | |||||||||
| 1.69 (2.21) | −1.65 (6.81) | 0.58 (1.30) | 1.76 (2.22) | 1.78 (2.25) | 1.96 (2.12) | −0.25 (9.08) | 1.12 (1.89) | 1.96 (2.09) | 1.80 (0.14) | |
| −3.72 (2.24) | −4.28 (6.69) | −0.78 (1.30) | −3.53 (2.19) | −3.85 | −3.12 (2.19) | −0.76 (6.57) | −0.88 (1.68) | −3.09 (2.19) | −2.99 (2.18) | |
| 6.10 (3.73) | 17.82 (11.12) | 2.39 (1.66) | 5.31 (3.71) | 6.49 | 4.17 (3.19) | 7.71 (8.97) | −1.05 (2.63) | 3.88 (3.23) | 4.32 (3.13) | |
| 0.48 (2.43) | 3.36 (8.02) | 0.58 (1.16) | 0.33 (2.43) | 0.57 (2.44) | 0.34 (2.51) | 2.64 (6.27) | 0.44 (1.49) | 0.24 (2.53) | 0.28 (2.52) | |
| −3.42 (3.06) | −7.15 (8.57) | 0.59 (1.48) | −3.10 (3.04) | −3.32 (3.04) | −4.06 (2.94) | −10.18 (8.09) | −1.55 (2.21) | −3.68 (2.91) | −3.84 (2.99) | |
| 8.24 | 3.79 (8.70) | −3.37 | 8.07 | 7.68 | 7.70 | 0.49 (8.33) | −2.64 (2.43) | 7.69 | 8.07 | |
| 22.17 (16.35) | 36.69 (49.84) | 3.81 (7.51) | 20.55 (16.28) | 22.80 (16.59) | 20.88 (15.45) | 26.07 (47.81) | 14.14 (11.57) | 19.91 (15.31) | 18.91 (15.63) | |
| No. of obs. | 94 | 94 | 94 | 94 | 94 | 94 | 94 | 94 | 94 | 94 |
| 6.86 | 11.42 | 36.01 | 6.71 | 5.91 | 7.70 | 23.02 | 7.97 | 7.03 | 7.05 | |
| 0.34 | 0.55 | 0.67 | 0.35 | 0.34 | 0.34 | 0.59 | 0.33 | 0.35 | 0.35 | |
| Mean | 1.31 | 1.31 | 1.31 | 1.58 | 1.79 | 1.30 | 1.30 | 1.30 | 1.61 | 1.39 |
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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