Table 7 Lagged models Variables (1)... | Emerald Publishing

Table 7

Lagged models

Variables	(1) Operational ROA	(2) Operational ROA	(3) Net ROA	(4) Net ROA
IMS (t−1)	0.1005*		0.1095**
IMS (t−1)	(0.0545)		(0.0558)
Partial IMS (t−1)		0.1277*		0.1359**
Partial IMS (t−1)		(0.0652)		(0.0661)
Long-term debt/assets	−0.1131	−0.1429*	−0.4186***	−0.4529***
Long-term debt/assets	(0.0773)	(0.0770)	(0.0781)	(0.0788)
Total assets (millions)	−0.3048***	−0.3100***	−0.1031	−0.1131
Total assets (millions)	(0.1036)	(0.1036)	(0.1048)	(0.1057)
Operating leverage	−0.1256*	−0.1296*	−0.0978	−0.1029
Operating leverage	(0.0672)	(0.0668)	(0.0675)	(0.0673)
Revenue	0.2850***	0.2845***	0.2284***	0.2277***
Revenue	(0.0526)	(0.0525)	(0.0529)	(0.0529)
Macro-industry dummies	Sim	Sim	Sim	Sim
N	325	325	316	316
Firms	37	37	36	36
Wald χ²	56.78	57.72	64.84	65.28
R² overall	0.1815	0.1690	0.1994	0.1923

Variables	(1) Operational ROA	(2) Operational ROA	(3) Net ROA	(4) Net ROA
IMS (t−1)	0.1005*		0.1095**
IMS (t−1)	(0.0545)		(0.0558)
Partial IMS (t−1)		0.1277*		0.1359**
Partial IMS (t−1)		(0.0652)		(0.0661)
Long-term debt/assets	−0.1131	−0.1429*	−0.4186***	−0.4529***
Long-term debt/assets	(0.0773)	(0.0770)	(0.0781)	(0.0788)
Total assets (millions)	−0.3048***	−0.3100***	−0.1031	−0.1131
Total assets (millions)	(0.1036)	(0.1036)	(0.1048)	(0.1057)
Operating leverage	−0.1256*	−0.1296*	−0.0978	−0.1029
Operating leverage	(0.0672)	(0.0668)	(0.0675)	(0.0673)
Revenue	0.2850***	0.2845***	0.2284***	0.2277***
Revenue	(0.0526)	(0.0525)	(0.0529)	(0.0529)
Macro-industry dummies	Sim	Sim	Sim	Sim
N	325	325	316	316
Firms	37	37	36	36
Wald χ²	56.78	57.72	64.84	65.28
R² overall	0.1815	0.1690	0.1994	0.1923

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