Table 5 Basu's expanded regression panel...

Table 5

Basu's expanded regression panel model (first hypothesis)

	The estimated regression coefficients
Matched on	Unstandardized regression coefficients		Standardized coefficient	t-statistic	Sig
Matched on	B	Std. error	Beta	t-statistic	Sig
(Constant)	0.059	9.480	–	0.006	0.995
NEG_t_1	83.310	18.799	6.933	4.432	0.000
RET_t_1	0.002	0.093	0.026	0.021	0.983
RET_t_1 × NEG_t_1	2.500	0.596	6.264	4.197	0.000
TESTFIRM_t_1	0.000	1.130	0.000	0.000	1.000
TESTFIRM_t_1 × NEG_t_1	9.729	2.110	0.532	4.610	0.000
TESTFIRM_t_1 × RET_t_1	−0.001	0.013	−0.005	−0.045	0.964
TESTFIRM_t_1 × RET_t_1 × NEG_t_1	0.252	0.067	0.369	3.731	0.000
MTB_t_2	0.025	0.237	0.015	0.105	0.917
MTB_t_2 × NEG_t_1	0.491	0.527	0.110	0.932	0.352
MTB_t_2 × RET_t_1	0.000	0.001	−0.014	−0.096	0.924
MTB_t_2 × RET_t_1 × NEG_t_1	0.017	0.015	0.114	1.114	0.266
LEV_t_2	−0.326	1.981	−0.015	−0.164	0.869
LEV_t_2 × NEG_t_1	−8.373	4.024	−0.510	−2.081	0.038
LEV_ t_2 × RET_t_1	0.001	0.037	0.008	0.023	0.981
LEV_ t_2 × NEG_ t_1 × RET_ t_1	−0.244	0.163	−0.463	−1.496	0.136
SIZE_ t_2	0.018	0.757	0.002	0.024	0.981
SIZE_ t_2 × NEG_ t_1	−6.685	1.603	−6.645	−4.171	0.000
SIZE_ t−2 × RET_ t_1	0.000	0.007	−0.025	−0.023	0.982
SIZE_ t_2 × NEG_ t_1 × RET_ t_1	−0.201	0.052	−5.992	−3.853	0.000
LIT_ t_2	0.171	18.455	0.011	0.009	0.993
LIT_ t_2 × NEG_ t_1	−27.39	52.031	−0.097	−0.526	0.599
LIT_ t_2 × RET_ t_1	−0.007	0.0702	−0.012	−0.010	0.992
LIT_ t_2 × NEG_ t_1 × RET_ t_1	−0.826	1.756	−0.087	−0.470	0.638
Summary of regression model
Correlation coefficient	0.440		F-statistic		2.901
R²	0.194		p-value		0.00
Regression coefficient	0.252		t-statistic		3.731
Durbin–Watson statistic	2.151		p-value		0.00

	The estimated regression coefficients
Matched on	Unstandardized regression coefficients		Standardized coefficient	t-statistic	Sig
Matched on	B	Std. error	Beta	t-statistic	Sig
(Constant)	0.059	9.480	–	0.006	0.995
NEG_t_1	83.310	18.799	6.933	4.432	0.000
RET_t_1	0.002	0.093	0.026	0.021	0.983
RET_t_1 × NEG_t_1	2.500	0.596	6.264	4.197	0.000
TESTFIRM_t_1	0.000	1.130	0.000	0.000	1.000
TESTFIRM_t_1 × NEG_t_1	9.729	2.110	0.532	4.610	0.000
TESTFIRM_t_1 × RET_t_1	−0.001	0.013	−0.005	−0.045	0.964
TESTFIRM_t_1 × RET_t_1 × NEG_t_1	0.252	0.067	0.369	3.731	0.000
MTB_t_2	0.025	0.237	0.015	0.105	0.917
MTB_t_2 × NEG_t_1	0.491	0.527	0.110	0.932	0.352
MTB_t_2 × RET_t_1	0.000	0.001	−0.014	−0.096	0.924
MTB_t_2 × RET_t_1 × NEG_t_1	0.017	0.015	0.114	1.114	0.266
LEV_t_2	−0.326	1.981	−0.015	−0.164	0.869
LEV_t_2 × NEG_t_1	−8.373	4.024	−0.510	−2.081	0.038
LEV_ t_2 × RET_t_1	0.001	0.037	0.008	0.023	0.981
LEV_ t_2 × NEG_ t_1 × RET_ t_1	−0.244	0.163	−0.463	−1.496	0.136
SIZE_ t_2	0.018	0.757	0.002	0.024	0.981
SIZE_ t_2 × NEG_ t_1	−6.685	1.603	−6.645	−4.171	0.000
SIZE_ t−2 × RET_ t_1	0.000	0.007	−0.025	−0.023	0.982
SIZE_ t_2 × NEG_ t_1 × RET_ t_1	−0.201	0.052	−5.992	−3.853	0.000
LIT_ t_2	0.171	18.455	0.011	0.009	0.993
LIT_ t_2 × NEG_ t_1	−27.39	52.031	−0.097	−0.526	0.599
LIT_ t_2 × RET_ t_1	−0.007	0.0702	−0.012	−0.010	0.992
LIT_ t_2 × NEG_ t_1 × RET_ t_1	−0.826	1.756	−0.087	−0.470	0.638
Summary of regression model
Correlation coefficient	0.440		F-statistic		2.901
R²	0.194		p-value		0.00
Regression coefficient	0.252		t-statistic		3.731
Durbin–Watson statistic	2.151		p-value		0.00

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