Regression results on intellectual capital, female board inclusion and financial performance (ROA)
| ES | FOS | POS | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Variables | SGMM-1 | SGMM-2 | SGMM-3 | SGMM-4 | SGMM-1 | SGMM-2 | SGMM-3 | SGMM-4 | SGMM-1 | SGMM-2 | SGMM-3 | SGMM-4 |
| L.ROA | 0.117 | 0.120 | 0.121 | 0.124 | 0.140 | 0.149 | 0.103 | 0.116 | 0.0266 | 0.0350 | 0.0363 | 0.0338 |
| (0.142) | (0.142) | (0.142) | (0.142) | (0.222) | (0.233) | (0.191) | (0.202) | (0.157) | (0.153) | (0.157) | (0.155) | |
| VAIC | 0.0113*** | 0.0112*** | 0.00954** | 0.00972*** | 0.0103*** | 0.0101*** | 0.000204 | 0.00194 | 0.0125*** | 0.0117*** | 0.0117** | 0.0128*** |
| (0.00225) | (0.00223) | (0.00402) | (0.00330) | (0.00276) | (0.00284) | (0.00402) | (0.00317) | (0.00373) | (0.00365) | (0.00500) | (0.00455) | |
| FBR | −0.0287 | −0.0554 | 0.0855** | −0.0677 | −0.119** | −0.131 | ||||||
| (0.0289) | (0.0492) | (0.0377) | (0.0609) | (0.0524) | (0.0798) | |||||||
| VAICxFBR | 0.0102 | 0.0566*** | 0.00518 | |||||||||
| (0.0161) | (0.0202) | (0.0215) | ||||||||||
| BI | −0.0411 | −0.0614 | 0.104* | −0.0314 | −0.112* | −0.0925 | ||||||
| (0.0354) | (0.0416) | (0.0582) | (0.0605) | (0.0679) | (0.0728) | |||||||
| VAICxBI | 0.00839 | 0.0457*** | 0.00506 | |||||||||
| (0.0108) | (0.0153) | (0.0205) | ||||||||||
| ESIZE | −0.00482** | −0.00475** | −0.00480** | −0.00460** | −0.00374 | −0.00364 | −0.00505* | −0.00473 | −0.00393 | −0.00316 | −0.00406 | −0.00347 |
| (0.00225) | (0.00224) | (0.00228) | (0.00228) | (0.00281) | (0.00319) | (0.00280) | (0.00288) | (0.00380) | (0.00410) | (0.00376) | (0.00421) | |
| LEV | −0.0744*** | −0.0737*** | −0.0735*** | −0.0730*** | −0.0785*** | −0.0835*** | −0.0709*** | −0.0719*** | −0.0995*** | −0.101*** | −0.0984*** | −0.0997*** |
| (0.0210) | (0.0209) | (0.0213) | (0.0210) | (0.0234) | (0.0248) | (0.0236) | (0.0225) | (0.0253) | (0.0245) | (0.0243) | (0.0235) | |
| SG | 0.0655*** | 0.0656*** | 0.0650*** | 0.0655*** | 0.0671*** | 0.0690*** | 0.0632*** | 0.0645*** | 0.0442* | 0.0493** | 0.0442** | 0.0490** |
| (0.0145) | (0.0145) | (0.0144) | (0.0144) | (0.0200) | (0.0207) | (0.0180) | (0.0180) | (0.0230) | (0.0224) | (0.0224) | (0.0223) | |
| NBR | 0.195** | 0.191** | 0.207** | 0.193** | 0.00461 | 0.00957 | 0.0845 | 0.0551 | 0.274** | 0.232* | 0.282** | 0.226* |
| (0.0840) | (0.0799) | (0.0855) | (0.0803) | (0.0934) | (0.107) | (0.0828) | (0.0858) | (0.119) | (0.132) | (0.127) | (0.129) | |
| BSIZE | −0.00965** | −0.00875** | −0.0103** | −0.00857** | 0.00223 | 0.000574 | 9.97e−05 | 0.00175 | −0.0150** | −0.0107 | −0.0154** | −0.0104 |
| (0.00466) | (0.00429) | (0.00478) | (0.00435) | (0.00627) | (0.00618) | (0.00610) | (0.00579) | (0.00678) | (0.00723) | (0.00768) | (0.00699) | |
| Sector-specific effects | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Observations | 639 | 639 | 639 | 639 | 315 | 315 | 315 | 315 | 324 | 324 | 324 | 324 |
| No. of groups | 71 | 71 | 71 | 71 | 35 | 35 | 35 | 35 | 36 | 36 | 36 | 36 |
| No. of instruments | 15 | 15 | 16 | 16 | 15 | 15 | 16 | 16 | 15 | 15 | 16 | 16 |
| Wald Chi-squared statistic (p-value) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) |
| AR1 (p-value) | (0.002) | (0.002) | (0.002) | (0.002) | (0.081) | (0.084) | (0.068) | (0.072) | (0.032) | (0.029) | (0.028) | (0.028) |
| AR2 (p-value) | (0.887) | (0.906) | (0.880) | (0.904) | (0.573) | (0.585) | (0.669) | (0.636) | (0.263) | (0.272) | (0.263) | (0.272) |
| Hansen test of overid: χ2 (6) (p-value) | (0.144) | (0.146) | (0.155) | (0.160) | (0.135) | (0.129) | (0.100) | (0.101) | (0.110) | (0.109) | (0.101) | (0.102) |
| ES | FOS | POS | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Variables | SGMM-1 | SGMM-2 | SGMM-3 | SGMM-4 | SGMM-1 | SGMM-2 | SGMM-3 | SGMM-4 | SGMM-1 | SGMM-2 | SGMM-3 | SGMM-4 |
| L.ROA | 0.117 | 0.120 | 0.121 | 0.124 | 0.140 | 0.149 | 0.103 | 0.116 | 0.0266 | 0.0350 | 0.0363 | 0.0338 |
| (0.142) | (0.142) | (0.142) | (0.142) | (0.222) | (0.233) | (0.191) | (0.202) | (0.157) | (0.153) | (0.157) | (0.155) | |
| VAIC | 0.0113*** | 0.0112*** | 0.00954** | 0.00972*** | 0.0103*** | 0.0101*** | 0.000204 | 0.00194 | 0.0125*** | 0.0117*** | 0.0117** | 0.0128*** |
| (0.00225) | (0.00223) | (0.00402) | (0.00330) | (0.00276) | (0.00284) | (0.00402) | (0.00317) | (0.00373) | (0.00365) | (0.00500) | (0.00455) | |
| FBR | −0.0287 | −0.0554 | 0.0855** | −0.0677 | −0.119** | −0.131 | ||||||
| (0.0289) | (0.0492) | (0.0377) | (0.0609) | (0.0524) | (0.0798) | |||||||
| VAICxFBR | 0.0102 | 0.0566*** | 0.00518 | |||||||||
| (0.0161) | (0.0202) | (0.0215) | ||||||||||
| BI | −0.0411 | −0.0614 | 0.104* | −0.0314 | −0.112* | −0.0925 | ||||||
| (0.0354) | (0.0416) | (0.0582) | (0.0605) | (0.0679) | (0.0728) | |||||||
| VAICxBI | 0.00839 | 0.0457*** | 0.00506 | |||||||||
| (0.0108) | (0.0153) | (0.0205) | ||||||||||
| ESIZE | −0.00482** | −0.00475** | −0.00480** | −0.00460** | −0.00374 | −0.00364 | −0.00505* | −0.00473 | −0.00393 | −0.00316 | −0.00406 | −0.00347 |
| (0.00225) | (0.00224) | (0.00228) | (0.00228) | (0.00281) | (0.00319) | (0.00280) | (0.00288) | (0.00380) | (0.00410) | (0.00376) | (0.00421) | |
| LEV | −0.0744*** | −0.0737*** | −0.0735*** | −0.0730*** | −0.0785*** | −0.0835*** | −0.0709*** | −0.0719*** | −0.0995*** | −0.101*** | −0.0984*** | −0.0997*** |
| (0.0210) | (0.0209) | (0.0213) | (0.0210) | (0.0234) | (0.0248) | (0.0236) | (0.0225) | (0.0253) | (0.0245) | (0.0243) | (0.0235) | |
| SG | 0.0655*** | 0.0656*** | 0.0650*** | 0.0655*** | 0.0671*** | 0.0690*** | 0.0632*** | 0.0645*** | 0.0442* | 0.0493** | 0.0442** | 0.0490** |
| (0.0145) | (0.0145) | (0.0144) | (0.0144) | (0.0200) | (0.0207) | (0.0180) | (0.0180) | (0.0230) | (0.0224) | (0.0224) | (0.0223) | |
| NBR | 0.195** | 0.191** | 0.207** | 0.193** | 0.00461 | 0.00957 | 0.0845 | 0.0551 | 0.274** | 0.232* | 0.282** | 0.226* |
| (0.0840) | (0.0799) | (0.0855) | (0.0803) | (0.0934) | (0.107) | (0.0828) | (0.0858) | (0.119) | (0.132) | (0.127) | (0.129) | |
| BSIZE | −0.00965** | −0.00875** | −0.0103** | −0.00857** | 0.00223 | 0.000574 | 9.97e−05 | 0.00175 | −0.0150** | −0.0107 | −0.0154** | −0.0104 |
| (0.00466) | (0.00429) | (0.00478) | (0.00435) | (0.00627) | (0.00618) | (0.00610) | (0.00579) | (0.00678) | (0.00723) | (0.00768) | (0.00699) | |
| Sector-specific effects | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Observations | 639 | 639 | 639 | 639 | 315 | 315 | 315 | 315 | 324 | 324 | 324 | 324 |
| No. of groups | 71 | 71 | 71 | 71 | 35 | 35 | 35 | 35 | 36 | 36 | 36 | 36 |
| No. of instruments | 15 | 15 | 16 | 16 | 15 | 15 | 16 | 16 | 15 | 15 | 16 | 16 |
| Wald Chi-squared statistic ( | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) |
| AR1 ( | (0.002) | (0.002) | (0.002) | (0.002) | (0.081) | (0.084) | (0.068) | (0.072) | (0.032) | (0.029) | (0.028) | (0.028) |
| AR2 ( | (0.887) | (0.906) | (0.880) | (0.904) | (0.573) | (0.585) | (0.669) | (0.636) | (0.263) | (0.272) | (0.263) | (0.272) |
| Hansen test of overid: | (0.144) | (0.146) | (0.155) | (0.160) | (0.135) | (0.129) | (0.100) | (0.101) | (0.110) | (0.109) | (0.101) | (0.102) |
Note(s): *, ** and *** indicate 10%, 5% and 1% significant levels, respectively. Standard errors in parentheses
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