Table 6 Baseline regression analysis...

Table 6

Baseline regression analysis

Variables	(1)	(2)	(3)
Variables	RNDTA	RNDTA	RNDTA
CEO_RU	0.001	0.002^*	0.002^*
CEO_RU	(1.52)	(1.82)	(1.76)
AGE		−0.003	−0.003
AGE		(−1.14)	(−0.86)
BIG4		−0.001	−0.001
BIG4		(−0.76)	(−0.75)
FSIZE		0.001	0.001^*
FSIZE		(1.52)	(1.68)
FAGE		0.000^**	0.000^**
FAGE		(2.19)	(2.05)
TANG		0.002	0.002
TANG		(1.10)	(0.73)
ROE		0.008^***	0.009^***
ROE		(4.11)	(4.00)
CASHEQ		−0.001	−0.003
CASHEQ		(−0.40)	(−0.68)
SCORE		−0.000	−0.000
SCORE		(−1.38)	(−1.46)
GDP		0.168	0.001
GDP		(1.38)	(0.29)
Constant	0.001	0.001	−0.023
Constant	(1.21)	(0.09)	(−0.32)
Industry FE	Excluded	Excluded	Included
Country FE	Excluded	Excluded	Included
R²	0.005	0.079	0.102
Adjusted R²	0.003	0.058	0.049
Observations	411	411	411

Variables	(1)	(2)	(3)
Variables	RNDTA	RNDTA	RNDTA
CEO_RU	0.001	0.002^*	0.002^*
CEO_RU	(1.52)	(1.82)	(1.76)
AGE		−0.003	−0.003
AGE		(−1.14)	(−0.86)
BIG4		−0.001	−0.001
BIG4		(−0.76)	(−0.75)
FSIZE		0.001	0.001^*
FSIZE		(1.52)	(1.68)
FAGE		0.000^**	0.000^**
FAGE		(2.19)	(2.05)
TANG		0.002	0.002
TANG		(1.10)	(0.73)
ROE		0.008^***	0.009^***
ROE		(4.11)	(4.00)
CASHEQ		−0.001	−0.003
CASHEQ		(−0.40)	(−0.68)
SCORE		−0.000	−0.000
SCORE		(−1.38)	(−1.46)
GDP		0.168	0.001
GDP		(1.38)	(0.29)
Constant	0.001	0.001	−0.023
Constant	(1.21)	(0.09)	(−0.32)
Industry FE	Excluded	Excluded	Included
Country FE	Excluded	Excluded	Included
R²	0.005	0.079	0.102
Adjusted R²	0.003	0.058	0.049
Observations	411	411	411

Note(s): t-statistics are given in parentheses

^*p < 0.1, ^**p < 0.05, ^***p < 0.01

Source(s): Authors’ own work

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