H4 OLS regression of A.R. on firm financial measures
| 2008 | 2009 | ||||
|---|---|---|---|---|---|
| Variables | Coefficients | Sig | Variables | Coefficients | Sig |
| 1. Reclassified firms vs.not | |||||
| DV | −0.282 (0.111) | ** | DV | 0.011 (0.004) | *** |
| SALETAS | 0.677 (0.268) | ** | NAVSH | 0.013 (0.004) | *** |
| OPM | −0.096 (0.077) | * | NPM | 0.101 (0.035) | *** |
| CGEAR | 0.028 (0.016) | * | DEBTE | 0.007 (0.002) | *** |
| Constant | 0.060 (0.016) | Constant | 0.014 (0.001) | ||
| R2 adj | 0.574 | R2 adj | 0.742 | ||
| Sample size | 84 | Sample size | 84 | ||
| 2. US firms vs. reclassified | |||||
| DV | 0.076 (0.033) | ** | DV | 0.051 (0.013) | *** |
| LNMV | −0.005 (0.002) | *** | SALETAS | −0.168 (0.038) | *** |
| EPS | 0.001 (0.000) | *** | ROSC | −0.121 (0.015) | *** |
| No sig. result for Leverage | TLSFU | −0.003 (0.001) | *** | ||
| Constant | −0.044 (0.010) | *** | Constant | −0.009 (0.003) | *** |
| R2 adj | 0.325 | R2 adj | 0.603 | ||
| Sample size | 331 | Sample size | 334 | ||
| 3. US firms vs. not reclassified | |||||
| DV | 0.042 (0.012) | *** | DV | 0.055 (0.015) | *** |
| LNMV | −0.005 (0.002) | *** | LNMV | 0.003 (0.001) | *** |
| ROSC | −0.019 (0.011) | * | ROSC | −0.124 (0.016) | *** |
| TLSFU | −0.003 (0.001) | * | TLSFU | −0.003 (0.001) | *** |
| Constant | −0.020 (0.008) | *** | Constant | −0.012 (0.003) | *** |
| R2 adj | 0.326 | R2 adj | 0.575 | ||
| Sample size | 334 | Sample size | 341 | ||
| 2008 | 2009 | ||||
|---|---|---|---|---|---|
| Variables | Coefficients | Sig | Variables | Coefficients | Sig |
| DV | −0.282 (0.111) | ** | DV | 0.011 (0.004) | *** |
| SALETAS | 0.677 (0.268) | ** | NAVSH | 0.013 (0.004) | *** |
| OPM | −0.096 (0.077) | * | NPM | 0.101 (0.035) | *** |
| CGEAR | 0.028 (0.016) | * | DEBTE | 0.007 (0.002) | *** |
| Constant | 0.060 (0.016) | Constant | 0.014 (0.001) | ||
| 0.574 | 0.742 | ||||
| Sample size | 84 | Sample size | 84 | ||
| DV | 0.076 (0.033) | ** | DV | 0.051 (0.013) | *** |
| LNMV | −0.005 (0.002) | *** | SALETAS | −0.168 (0.038) | *** |
| EPS | 0.001 (0.000) | *** | ROSC | −0.121 (0.015) | *** |
| TLSFU | −0.003 (0.001) | *** | |||
| Constant | −0.044 (0.010) | *** | Constant | −0.009 (0.003) | *** |
| 0.325 | 0.603 | ||||
| Sample size | 331 | Sample size | 334 | ||
| DV | 0.042 (0.012) | *** | DV | 0.055 (0.015) | *** |
| LNMV | −0.005 (0.002) | *** | LNMV | 0.003 (0.001) | *** |
| ROSC | −0.019 (0.011) | * | ROSC | −0.124 (0.016) | *** |
| TLSFU | −0.003 (0.001) | * | TLSFU | −0.003 (0.001) | *** |
| Constant | −0.020 (0.008) | *** | Constant | −0.012 (0.003) | *** |
| 0.326 | 0.575 | ||||
| Sample size | 334 | Sample size | 341 | ||
Note(s): *, ** and *** indicate statistically significant factors at 10, 5 and 1% (two-tailed) level, respectively