Table 7 Basu's expanded regression panel...

Table 7

Basu's expanded regression panel model (second 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)	0.066	0.201	–	0.328	0.743
NEG_t	−0.048	0.220	−0.125	−0.219	0.827
RET_ t	5^–8.479	0.001	−0.040	−0.059	0.953
RET_t.NEG_t	0.006	0.009	0.404	0.745	0.456
TESTFIRM_t	−0.030	0.024	−0.075	−1.235	0.217
TESTFIRM_ t.NEG_ t	−0.013	0.035	−0.027	−0.375	0.708
TESTFIRM_t.RETt	5^2.935	0.000	0.008	0.143	0.886
TESTFIRM_t.RET_t.NEG_t	0.452	0.179	0.339	2.525	0.012
MTB_t_1	0.006	0.003	0.162	2.143	0.033
MTB_t_1.NEG_t	−0.007	0.003	−0.142	−2.099	0.036
MTB_t_1.RET_t	7^6.848	0.000	0.001	0.026	0.980
MTB_t_1.RET_t.NEG_t	−0.001	0.000	−0.132	−2.449	0.015
LEV_t_1	−0.321	0.039-	−1.059	−8.289	0.000
LEV_t_1.NEG_t	0.170	0.040	0.638	4.212	0.000
LEV_t_1.RET_t	5^9.621	0.000	0.032	0.235	0.814
LEV_t_1.NEG_t.RETt_t	0.006	0.003	0.309	2.350	0.019
SIZE_t_1	0.023	0.016	0.123	1.380	0.168
SIZE_t_1.NEG_t	−0.010	0.018	−0.319	−0.575	0.566
SIZE_t_1.RET_t_1	6^–8.424	0.000	−0.048	−0.072	0.943
SIZE_t_1_NEG_t_RET_t	−0.001	0.001	−0.484	−0.900	0.369
LIT_t_1	−0.787	0.720	−0.078	−1.093	0.275
LIT_t_1.NEG_t	1.215	1.778	0.100	0.684	0.495
LIT_t_1.RET_t	0.007	0.013	0.030	0.546	0.586
LIT_t_1.NEG_t.RET_t	0.005	0.054	0.014	0.101	0.920
Summary of regression models
Correlation coefficient	0.720		F-statistic	20.594
R²	0.518		p-value	0.00
Regression coefficient	0.452		t-statistic	2.525
Durbin–Watson statistic	1.693		p-value	0.012

	The estimated regression coefficients
Matched on	Unstandardized regression coefficients		Standardized coefficient	t- Statistic	Sig
Matched on	B	Std. Error	Beta	t- Statistic	Sig
(Constant)	0.066	0.201	–	0.328	0.743
NEG_t	−0.048	0.220	−0.125	−0.219	0.827
RET_ t	5^–8.479	0.001	−0.040	−0.059	0.953
RET_t.NEG_t	0.006	0.009	0.404	0.745	0.456
TESTFIRM_t	−0.030	0.024	−0.075	−1.235	0.217
TESTFIRM_ t.NEG_ t	−0.013	0.035	−0.027	−0.375	0.708
TESTFIRM_t.RETt	5^2.935	0.000	0.008	0.143	0.886
TESTFIRM_t.RET_t.NEG_t	0.452	0.179	0.339	2.525	0.012
MTB_t_1	0.006	0.003	0.162	2.143	0.033
MTB_t_1.NEG_t	−0.007	0.003	−0.142	−2.099	0.036
MTB_t_1.RET_t	7^6.848	0.000	0.001	0.026	0.980
MTB_t_1.RET_t.NEG_t	−0.001	0.000	−0.132	−2.449	0.015
LEV_t_1	−0.321	0.039-	−1.059	−8.289	0.000
LEV_t_1.NEG_t	0.170	0.040	0.638	4.212	0.000
LEV_t_1.RET_t	5^9.621	0.000	0.032	0.235	0.814
LEV_t_1.NEG_t.RETt_t	0.006	0.003	0.309	2.350	0.019
SIZE_t_1	0.023	0.016	0.123	1.380	0.168
SIZE_t_1.NEG_t	−0.010	0.018	−0.319	−0.575	0.566
SIZE_t_1.RET_t_1	6^–8.424	0.000	−0.048	−0.072	0.943
SIZE_t_1_NEG_t_RET_t	−0.001	0.001	−0.484	−0.900	0.369
LIT_t_1	−0.787	0.720	−0.078	−1.093	0.275
LIT_t_1.NEG_t	1.215	1.778	0.100	0.684	0.495
LIT_t_1.RET_t	0.007	0.013	0.030	0.546	0.586
LIT_t_1.NEG_t.RET_t	0.005	0.054	0.014	0.101	0.920
Summary of regression models
Correlation coefficient	0.720		F-statistic	20.594
R²	0.518		p-value	0.00
Regression coefficient	0.452		t-statistic	2.525
Durbin–Watson statistic	1.693		p-value	0.012

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