Effects of EO on profitability (split samples by sales at p0-p25, p25-p75, and p75-p100)
| (1) Small firms | (2) Medium firms | (3) Large firms | |
|---|---|---|---|
| Variables | Profitability | Profitability | Profitability |
| EO | −0.024*** (0.007) | 0.162*** (0.022) | 3.356*** (0.199) |
| EO # EO | 0.063*** (0.013) | −0.051 (0.039) | −3.905*** (0.359) |
| Sales | −0.018 (0.045) | 0.119*** (0.020) | 0.004*** (0.001) |
| Recoverable slack | −0.014*** (0.002) | −0.034* (0.014) | −1.640*** (0.255) |
| Available slack | 0.000+ (0.000) | 0.001*** (0.000) | 0.013*** (0.003) |
| Debt-to-equity | −0.000** (0.000) | −0.001*** (0.000) | −0.003 (0.002) |
| Earnings per share | 0.000*** (0.000) | 0.001*** (0.000) | 0.009*** (0.002) |
| Total assets | −0.112*** (0.016) | −0.011* (0.005) | 0.025*** (0.002) |
| Employees | −0.003 (0.002) | −0.004** (0.001) | −0.000 (0.000) |
| Years since IPO | 0.002* (0.001) | 0.008*** (0.002) | 0.008 (0.008) |
| Hostility | −0.006** (0.002) | −0.032*** (0.008) | −0.428*** (0.078) |
| Dynamism | −0.001 (0.017) | 0.045 (0.101) | −3.680*** (0.912) |
| Complexity | 0.005** (0.002) | 0.042*** (0.009) | 0.112 (0.086) |
| Constant | 0.000 (0.001) | −0.056*** (0.005) | −0.242*** (0.055) |
| Firm fixed effect | Yes | Yes | Yes |
| Year fixed effect | Yes | Yes | Yes |
| Observations | 23,911 | 59,702 | 27,723 |
| N_g | 4,408.000 | 7,335.000 | 2,053.000 |
| F | 16.057 | 46.169 | 49.554 |
| r2_o | 0.200 | 0.121 | 0.584 |
| P | 0.000 | 0.000 | 0.000 |
| (1) Small firms | (2) Medium firms | (3) Large firms | |
|---|---|---|---|
| Variables | Profitability | Profitability | Profitability |
| −0.024 | 0.162 | 3.356 | |
| 0.063 | −0.051 (0.039) | −3.905 | |
| Sales | −0.018 (0.045) | 0.119 | 0.004 |
| Recoverable slack | −0.014 | −0.034 | −1.640 |
| Available slack | 0.000+ (0.000) | 0.001 | 0.013 |
| Debt-to-equity | −0.000 | −0.001 | −0.003 (0.002) |
| Earnings per share | 0.000 | 0.001 | 0.009 |
| Total assets | −0.112 | −0.011 | 0.025 |
| Employees | −0.003 (0.002) | −0.004 | −0.000 (0.000) |
| Years since | 0.002 | 0.008 | 0.008 (0.008) |
| Hostility | −0.006 | −0.032 | −0.428 |
| Dynamism | −0.001 (0.017) | 0.045 (0.101) | −3.680 |
| Complexity | 0.005 | 0.042 | 0.112 (0.086) |
| Constant | 0.000 (0.001) | −0.056 | −0.242 |
| Firm fixed effect | Yes | Yes | Yes |
| Year fixed effect | Yes | Yes | Yes |
| Observations | 23,911 | 59,702 | 27,723 |
| N_g | 4,408.000 | 7,335.000 | 2,053.000 |
| F | 16.057 | 46.169 | 49.554 |
| 0.200 | 0.121 | 0.584 | |
| 0.000 | 0.000 | 0.000 |
Standard errors in parentheses. +p < 0.10, *p < 0.05, **p < 0.01, ***p < 0.001
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