Effects of EO on profitability
| (1) | (2) | (3) | |
|---|---|---|---|
| Variables | Profitability | Profitability | Profitability |
| EO | 0.037*** (0.002) | 0.060*** (0.002) | |
| EO # E0 | −0.010*** (0.000) | ||
| Sale | 0.006*** (0.001) | 0.005*** (0.001) | 0.005*** (0.001) |
| Recoverable slack | −0.200*** (0.018) | −0.181*** (0.017) | −0.146*** (0.017) |
| Available slack | 0.001*** (0.000) | 0.001*** (0.000) | 0.000* (0.000) |
| Earnings per share | 0.002*** (0.000) | 0.002*** (0.000) | 0.001*** (0.000) |
| Total assets | 0.027*** (0.002) | 0.027*** (0.002) | 0.027*** (0.002) |
| Employees | −0.000 (0.001) | −0.000 (0.001) | −0.000 (0.001) |
| Years since IPO | 0.004 (0.003) | 0.003 (0.003) | 0.005 (0.003) |
| Hostility | −0.260*** (0.025) | −0.241*** (0.024) | −0.221*** (0.024) |
| Dynamism | −1.355*** (0.295) | −1.367*** (0.295) | −1.300*** (0.292) |
| Complexity | 0.055* (0.025) | 0.060* (0.025) | 0.060* (0.025) |
| Constant | 0.025** (0.010) | 0.018+ (0.010) | 0.025** (0.009) |
| Firm fixed effects | Yes | Yes | Yes |
| Year fixed effects | Yes | Yes | Yes |
| Observations | 111,336 | 111,336 | 111,336 |
| No. of firms | 13,796 | 13,796 | 13,796 |
| F-statistic | 39.007 | 43.740 | 46.413 |
| R-squared | 0.585*** | 0.589*** | 0.591*** |
| (1) | (2) | (3) | |
|---|---|---|---|
| Variables | Profitability | Profitability | Profitability |
| 0.037 | 0.060 | ||
| −0.010 | |||
| Sale | 0.006 | 0.005 | 0.005 |
| Recoverable slack | −0.200 | −0.181 | −0.146 |
| Available slack | 0.001 | 0.001 | 0.000 |
| Earnings per share | 0.002 | 0.002 | 0.001 |
| Total assets | 0.027 | 0.027 | 0.027 |
| Employees | −0.000 (0.001) | −0.000 (0.001) | −0.000 (0.001) |
| Years since | 0.004 (0.003) | 0.003 (0.003) | 0.005 (0.003) |
| Hostility | −0.260 | −0.241 | −0.221 |
| Dynamism | −1.355 | −1.367 | −1.300 |
| Complexity | 0.055 | 0.060 | 0.060 |
| Constant | 0.025 | 0.018+ (0.010) | 0.025 |
| Firm fixed effects | Yes | Yes | Yes |
| Year fixed effects | Yes | Yes | Yes |
| Observations | 111,336 | 111,336 | 111,336 |
| No. of firms | 13,796 | 13,796 | 13,796 |
| F-statistic | 39.007 | 43.740 | 46.413 |
| 0.585 | 0.589 | 0.591 |
Standard errors in parentheses. +p < 0.10, *p < 0.05, **p < 0.01, ***p < 0.001
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