Regression analyses
| Dependent vaviable | Ln_Sales | Ln_Assets | Ln_Employees | Solvency | Liquidity | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| Model 1a | Model 1b | Model 2a | Model 2b | Model 3a | Model 3b | Model 4a | Model 4b | Model 5a | Model 5b | |
| Export | 0.128 (1.513) | 0.109 (1.274) | 0.170 * (1.145) | 0.132 † (1.682) | 0.098 (1.185) | 0.079 (0.948) | −0.047 (−0.543) | −0.041 (−0.464) | −0.042 (−0.489) | −0.036 (−0.417) |
| Export intenity | 0.027 (0.314) | 0.043 (0.506) | 0.059 (0.742) | 0.064 (0.825) | 0.109 (1.319) | 0.122 (1.470) | −0.020 (−0.226) | −0.038 (−0.437) | −0.014 (−0.164) | −0.033 (−0.380) |
| ROA | 0.032 (0.575) | 0.035 (0.623) | −0.035 (−0.662) | −0.021 (−0.411) | −0.029 (−0.534) | −0.029 (−0.522) | −0.057 (−0.991) | −0.043 (−0.754) | −0.056 (−0.967) | −0.044 (−0.774) |
| CEO duality | −0.124 (−1.106) | −0.096 * (−1.552) | −0.251 * (−2.536) | −0.189 (−1.330) | −0.132 * (−2.923) | −0.116 † (−1.911) | −0.060 (−0.989) | −0.021 (−0.339) | −0.040 (−0.667) | −0.014 (−0.213) |
| 2Generation | 0.205 * (0.034) | 0.227 ** (0.071) | 0.244 ** (0.334) | 0.292 ** (0.288) | 0.192 * (0.239) | 0.106 (0.331) | 0.155 * (0.200) | 0.218 † (0.183) | 0.152 * (0.110) | 0.177 † (0.165) |
| Muslim | −0.269 * (−1.555) | −0.222 ** (0.569) | −0.129 ** (−1.035) | −0.076** (−0.387) | −0.141 † (−2.187) | 0.102 † (0.487) | 0.115 * (1.687) | 0.206* (0.941) | 0.116* (1.707) | 0.212* (−0.969) |
| China | −0.156 (−1.319) | −0.049 * (−0.205) | −0.187 ** (−1.949) | −0.193 ** (0.891) | −0.148 * (−3.773) | −0.139 * (1.034) | 0.144 (−0.633) | −0.125 † (0.517) | −0.081* (−1.171) | −0.104* (−0.018) |
| Muslim x 2Generation | −0.047 (−0.287) | 0.290 † (0.916) | −0.081 (−0.498) | 0.457* (1.705) | 0.395* (1.338) | |||||
| China x 2Generation | 0.166 (0.907) | 0.443 ** (1.640) | 0.182 (1.013) | 0.057 * (0.304) | 0.033 * (0.175) | |||||
| Constant | 7.533*** | 6.890*** | 7.747*** | 6.275*** | 2.734*** | 2.424*** | 3.000*** | 1.688 | 2.314*** | 1.715 |
| Observations | 490 | 490 | 490 | 490 | 490 | 490 | 490 | 490 | 490 | 490 |
| R2-squared adjusted | 0.062 *** | 0.066 *** | 0.174*** | 0.218*** | 0.108 *** | 0.107 *** | 0.009 | 0.026 | 0.016 | 0.029 |
| R2-squared change | 0.081 | 0.013 | 0.190*** | 0.052*** | 0.125 | 0.009 | 0.029 | 0.026 | 0.036 | 0.056 |
| F (change) | 4.330 *** | 2.293*** | 11.579*** | 6.656*** | 7.066 *** | 0.984 *** | 1.473 | 2.663 | 1.830 | 2.027 |
| Dependent vaviable | Ln_Sales | Ln_Assets | Ln_Employees | Solvency | Liquidity | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| Model 1a | Model 1b | Model 2a | Model 2b | Model 3a | Model 3b | Model 4a | Model 4b | Model 5a | Model 5b | |
| Export | 0.128 (1.513) | 0.109 (1.274) | 0.170 * (1.145) | 0.132 † (1.682) | 0.098 (1.185) | 0.079 (0.948) | −0.047 (−0.543) | −0.041 (−0.464) | −0.042 (−0.489) | −0.036 (−0.417) |
| Export intenity | 0.027 (0.314) | 0.043 (0.506) | 0.059 (0.742) | 0.064 (0.825) | 0.109 (1.319) | 0.122 (1.470) | −0.020 (−0.226) | −0.038 (−0.437) | −0.014 (−0.164) | −0.033 (−0.380) |
| ROA | 0.032 (0.575) | 0.035 (0.623) | −0.035 (−0.662) | −0.021 (−0.411) | −0.029 (−0.534) | −0.029 (−0.522) | −0.057 (−0.991) | −0.043 (−0.754) | −0.056 (−0.967) | −0.044 (−0.774) |
| CEO duality | −0.124 (−1.106) | −0.096 * (−1.552) | −0.251 * (−2.536) | −0.189 (−1.330) | −0.132 * (−2.923) | −0.116 † (−1.911) | −0.060 (−0.989) | −0.021 (−0.339) | −0.040 (−0.667) | −0.014 (−0.213) |
| 2Generation | 0.205 * (0.034) | 0.227 ** (0.071) | 0.244 ** (0.334) | 0.292 ** (0.288) | 0.192 * (0.239) | 0.106 (0.331) | 0.155 * (0.200) | 0.218 † (0.183) | 0.152 * (0.110) | 0.177 † (0.165) |
| Muslim | −0.269 * (−1.555) | −0.222 ** (0.569) | −0.129 ** (−1.035) | −0.076** (−0.387) | −0.141 † (−2.187) | 0.102 † (0.487) | 0.115 * (1.687) | 0.206* (0.941) | 0.116* (1.707) | 0.212* (−0.969) |
| China | −0.156 (−1.319) | −0.049 * (−0.205) | −0.187 ** (−1.949) | −0.193 ** (0.891) | −0.148 * (−3.773) | −0.139 * (1.034) | 0.144 (−0.633) | −0.125 † (0.517) | −0.081* (−1.171) | −0.104* (−0.018) |
| Muslim x 2Generation | −0.047 (−0.287) | 0.290 † (0.916) | −0.081 (−0.498) | 0.457* (1.705) | 0.395* (1.338) | |||||
| China x 2Generation | 0.166 (0.907) | 0.443 ** (1.640) | 0.182 (1.013) | 0.057 * (0.304) | 0.033 * (0.175) | |||||
| Constant | 7.533*** | 6.890*** | 7.747*** | 6.275*** | 2.734*** | 2.424*** | 3.000*** | 1.688 | 2.314*** | 1.715 |
| Observations | 490 | 490 | 490 | 490 | 490 | 490 | 490 | 490 | 490 | 490 |
| 0.062 *** | 0.066 *** | 0.174*** | 0.218*** | 0.108 *** | 0.107 *** | 0.009 | 0.026 | 0.016 | 0.029 | |
| 0.081 | 0.013 | 0.190*** | 0.052*** | 0.125 | 0.009 | 0.029 | 0.026 | 0.036 | 0.056 | |
| F (change) | 4.330 *** | 2.293*** | 11.579*** | 6.656*** | 7.066 *** | 0.984 *** | 1.473 | 2.663 | 1.830 | 2.027 |
Note(s): *p < 0.05; **p < 0.01; ***p < 0.001
Sharing content requires targeting cookies to be enabled. Please update your cookie preferences to use this feature.