Table 6 Main models Variables (1)... | Emerald Publishing

Table 6

Main models

Variables	(1) Operational ROA	(2) Operational ROA	(3) Net ROA	(4) Net ROA
IMS	0.1447***		0.1132**
IMS	(0.0467)		(0.0475)
Partial IMS		0.1968***		0.1786***
Partial IMS		(0.0568)		(0.0569)
Long-term debt/assets	−0.1203	−0.1601**	−0.4057***	−0.4451***
Long-term debt/assets	(0.0736)	(0.0741)	(0.0734)	(0.0745)
Total assets (millions)	−0.3963***	−0.4027***	−0.1152	−0.1331
Total assets (millions)	(0.0963)	(0.0956)	(0.0963)	(0.0961)
Operating leverage	−0.1214*	−0.1306**	−0.0807	−0.0878
Operating leverage	(0.0637)	(0.0632)	(0.0634)	(0.0628)
Revenue	0.2768***	0.2765***	0.2164***	0.2141***
Revenue	(0.0499)	(0.0497)	(0.0498)	(0.0495)
Macro-industry dummies	Sim	Sim	Sim	Sim
N	400	400	400	400
Firms	40	40	40	40
Wald χ²	74.39	77.49	68.91	73.78
R² overall	0.1891	0.1780	0.2053	0.2049

Variables	(1) Operational ROA	(2) Operational ROA	(3) Net ROA	(4) Net ROA
IMS	0.1447***		0.1132**
IMS	(0.0467)		(0.0475)
Partial IMS		0.1968***		0.1786***
Partial IMS		(0.0568)		(0.0569)
Long-term debt/assets	−0.1203	−0.1601**	−0.4057***	−0.4451***
Long-term debt/assets	(0.0736)	(0.0741)	(0.0734)	(0.0745)
Total assets (millions)	−0.3963***	−0.4027***	−0.1152	−0.1331
Total assets (millions)	(0.0963)	(0.0956)	(0.0963)	(0.0961)
Operating leverage	−0.1214*	−0.1306**	−0.0807	−0.0878
Operating leverage	(0.0637)	(0.0632)	(0.0634)	(0.0628)
Revenue	0.2768***	0.2765***	0.2164***	0.2141***
Revenue	(0.0499)	(0.0497)	(0.0498)	(0.0495)
Macro-industry dummies	Sim	Sim	Sim	Sim
N	400	400	400	400
Firms	40	40	40	40
Wald χ²	74.39	77.49	68.91	73.78
R² overall	0.1891	0.1780	0.2053	0.2049

Note(s): Standard errors in parentheses. Standardized coefficients. *p < 0.10, **p < 0.05, ***p < 0.01

Source(s): Prepared by the authors based on research data