Table 1 ROA, pure financial... | Emerald Publishing

Table 1

ROA, pure financial profitability, pure operating profitability, operating revenues, operating expenses, and BGD

	(1)	(2)	(3)	(4)	(5)
ROA_t-1	0.6299***
ROA_t-1	[0.0011]
FI_PROF_t-1		0.5339***
FI_PROF_t-1		[0.0002]
OP_PROF_t-1			0.3710***
OP_PROF_t-1			[0.0001]
OP_REV_t-1				0.6907***
OP_REV_t-1				[0.0001]
OP_EXP_t-1					0.5811***
OP_EXP_t-1					[0.0013]
WOM_BOARD	0.0217***	−0.1489***	0.0236***	0.4056***	−0.0532***
WOM_BOARD	[0.0008]	[0.0032]	[0.0021]	[0.0026]	[0.0037]
DEBT	−0.0024***	−0.0078***	−0.0195***	−0.0128***	−0.0025***
DEBT	[0.0000]	[0.0001]	[0.0001]	[0.0001]	[0.0001]
VARSALES	0.8829***	−0.4797***	6.7694***	13.6297***	0.1356***
VARSALES	[0.0050]	[0.0101]	[0.0141]	[0.0267]	[0.0187]
RDA	0.0969***	0.2840***	−1.5669***	−0.4070***	1.1303***
RDA	[0.0025]	[0.0082]	[0.0257]	[0.0314]	[0.0145]
SIZE	−0.0017***	0.0096***	0.0236***	−0.0904***	−0.0281***
SIZE	[0.0001]	[0.0005]	[0.0004]	[0.0005]	[0.0005]
AGE	0.0001***	0.0014***	0.0020***	0.0064***	0.0003***
AGE	[0.0000]	[0.0000]	[0.0000]	[0.0001]	[0.0000]
BSIZE	0.0007***	−0.0064***	−0.0046***	0.0054***	−0.0024***
BSIZE	[0.0000]	[0.0002]	[0.0002]	[0.0001]	[0.0002]
BIND	0.0169***	0.0061***	0.2051***	0.6119***	0.2197***
BIND	[0.0006]	[0.0015]	[0.0024]	[0.0027]	[0.0034]
CEO	0.0007**	−0.0051***	0.0985***	0.0200***	−0.0530***
CEO	[0.0003]	[0.0010]	[0.0010]	[0.0016]	[0.0016]
QUOTA	0.0029***	−0.0017	−0.0316***	−0.0244***	0.0195***
QUOTA	[0.0003]	[0.0011]	[0.0013]	[0.0017]	[0.0016]
GGDP	0.1784***	0.4420***	2.1051***	−0.1445***	−0.1876***
GGDP	[0.0077]	[0.0138]	[0.0148]	[0.0209]	[0.0242]
Constant	0.0466***	−0.2823***	−0.7247***	1.3973***	0.6254***
Constant	[0.0026]	[0.0093]	[0.0097]	[0.0103]	[0.0129]
Observations	7,240	5,349	7,274	7,274	7,274
Number of firms	907	702	916	916	916
Country dummies	YES	YES	YES	YES	YES
Time dummies	YES	YES	YES	YES	YES
Industry dummies	YES	YES	YES	YES	YES
Freedom degrees	621	525	759	759	591
Hansen test	634.7	528.9	765.1	727.1	625.6
Sig. Hansen	0.343	0.444	0.431	0.792	0.157
AR2	−1.250	1.218	−1.211	−1.119	−0.789
Sig. AR2	0.211	0.223	0.226	0.263	0.430

	(1)	(2)	(3)	(4)	(5)
ROA_t-1	0.6299***
ROA_t-1	[0.0011]
FI_PROF_t-1		0.5339***
FI_PROF_t-1		[0.0002]
OP_PROF_t-1			0.3710***
OP_PROF_t-1			[0.0001]
OP_REV_t-1				0.6907***
OP_REV_t-1				[0.0001]
OP_EXP_t-1					0.5811***
OP_EXP_t-1					[0.0013]
WOM_BOARD	0.0217***	−0.1489***	0.0236***	0.4056***	−0.0532***
WOM_BOARD	[0.0008]	[0.0032]	[0.0021]	[0.0026]	[0.0037]
DEBT	−0.0024***	−0.0078***	−0.0195***	−0.0128***	−0.0025***
DEBT	[0.0000]	[0.0001]	[0.0001]	[0.0001]	[0.0001]
VARSALES	0.8829***	−0.4797***	6.7694***	13.6297***	0.1356***
VARSALES	[0.0050]	[0.0101]	[0.0141]	[0.0267]	[0.0187]
RDA	0.0969***	0.2840***	−1.5669***	−0.4070***	1.1303***
RDA	[0.0025]	[0.0082]	[0.0257]	[0.0314]	[0.0145]
SIZE	−0.0017***	0.0096***	0.0236***	−0.0904***	−0.0281***
SIZE	[0.0001]	[0.0005]	[0.0004]	[0.0005]	[0.0005]
AGE	0.0001***	0.0014***	0.0020***	0.0064***	0.0003***
AGE	[0.0000]	[0.0000]	[0.0000]	[0.0001]	[0.0000]
BSIZE	0.0007***	−0.0064***	−0.0046***	0.0054***	−0.0024***
BSIZE	[0.0000]	[0.0002]	[0.0002]	[0.0001]	[0.0002]
BIND	0.0169***	0.0061***	0.2051***	0.6119***	0.2197***
BIND	[0.0006]	[0.0015]	[0.0024]	[0.0027]	[0.0034]
CEO	0.0007**	−0.0051***	0.0985***	0.0200***	−0.0530***
CEO	[0.0003]	[0.0010]	[0.0010]	[0.0016]	[0.0016]
QUOTA	0.0029***	−0.0017	−0.0316***	−0.0244***	0.0195***
QUOTA	[0.0003]	[0.0011]	[0.0013]	[0.0017]	[0.0016]
GGDP	0.1784***	0.4420***	2.1051***	−0.1445***	−0.1876***
GGDP	[0.0077]	[0.0138]	[0.0148]	[0.0209]	[0.0242]
Constant	0.0466***	−0.2823***	−0.7247***	1.3973***	0.6254***
Constant	[0.0026]	[0.0093]	[0.0097]	[0.0103]	[0.0129]
Observations	7,240	5,349	7,274	7,274	7,274
Number of firms	907	702	916	916	916
Country dummies	YES	YES	YES	YES	YES
Time dummies	YES	YES	YES	YES	YES
Industry dummies	YES	YES	YES	YES	YES
Freedom degrees	621	525	759	759	591
Hansen test	634.7	528.9	765.1	727.1	625.6
Sig. Hansen	0.343	0.444	0.431	0.792	0.157
AR2	−1.250	1.218	−1.211	−1.119	−0.789
Sig. AR2	0.211	0.223	0.226	0.263	0.430

Note(s): Variable definitions in Table S1 of the Online Supplementary Material. Standard errors are shown in brackets. ***, **, and * denote significance at the 1%, 5%, and 10% levels, respectively

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