Table 8 Khan–Watts' expanded regression...

Table 8

Khan–Watts' 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)	0.038	0.154	–	0.248	0.804
NEG_t	−0.163	0.185	−0.424	−0.881	0.379
RET_t	0.000	0.001	−0.091	−0.141	0.888
SIZE_t × RET_t	6^6.956	0.000	0.040	0.065	0.948
MTB_t × RET_ t	5^–5.677	0.000	−0.158	−2.647	0.008
LEV_ t × RET_t	0.000	0.000	0.060	0.463	0.643
LIT_t × RETt_t	0.001	0.005	0.037	0.263	0.792
NEG_t × RET_t	0.002	0.008	0.110	0.223	0.824
SIZE_t × NEG_t × RET_t	0.000	0.001	−0.239	−0.490	0.625
MTB_t × NEG_t × RET_t	0.000	0.000	−0.053	−1.609	0.108
LEV_t × NEG_t × RET_t	0.005	0.002	0.272	2.828	0.005
LIT_t × NEG_t × RET_t	0.043	0.045	0.111	0.948	0.344
SIZE_t	0.023	0.012	0.111	1.828	0.068
MTB_t	0.021	0.005	0.594	4.398	0.000
LEV_t	−0.336	0.032	−1.230	−10.653	0.000
LIT_t	−0.014	0.085	−0.023	−0.168	0.867
NEG_t × SIZE_t	0.001	0.015	0.034	0.073	0.942
NEG_t × MTB_t	−0.022	0.005	−0.577	−4.433	0.000
NEG_t × LEV_t	0.193	0.033	0.791	5.867	0.000
NEG_t × LIT_t	1.653	1.424	0.136	1.161	0.246
TESTFIRM_t	−0.028	0.022	−0.071	−1.316	0.189
TESTFIRM_t × NEG_t	−0.004	0.030	−0.009	−0.149	0.881
TESTFIRM_t × RET_t	5^1.416	0.000	0.004	0.084	0.933
TESTFIRM_t × RET_t × NEG_t	0.151	0.074	0.046	2.031	0.043
Summary of regression models
Correlation coefficient	0.782		F-statistic	30.453
R²	0.611		p-value	0.00
Regression coefficient	0.151		t-statistic	2.031
Durbin–Watson statistic	1.789		p-value	0.043

	The estimated regression coefficients
Matched on	Unstandardized regression coefficients		Standardized coefficient	t- Statistic	Sig
Matched on	B	Std. Error	Beta	t- Statistic	Sig
(Constant)	0.038	0.154	–	0.248	0.804
NEG_t	−0.163	0.185	−0.424	−0.881	0.379
RET_t	0.000	0.001	−0.091	−0.141	0.888
SIZE_t × RET_t	6^6.956	0.000	0.040	0.065	0.948
MTB_t × RET_ t	5^–5.677	0.000	−0.158	−2.647	0.008
LEV_ t × RET_t	0.000	0.000	0.060	0.463	0.643
LIT_t × RETt_t	0.001	0.005	0.037	0.263	0.792
NEG_t × RET_t	0.002	0.008	0.110	0.223	0.824
SIZE_t × NEG_t × RET_t	0.000	0.001	−0.239	−0.490	0.625
MTB_t × NEG_t × RET_t	0.000	0.000	−0.053	−1.609	0.108
LEV_t × NEG_t × RET_t	0.005	0.002	0.272	2.828	0.005
LIT_t × NEG_t × RET_t	0.043	0.045	0.111	0.948	0.344
SIZE_t	0.023	0.012	0.111	1.828	0.068
MTB_t	0.021	0.005	0.594	4.398	0.000
LEV_t	−0.336	0.032	−1.230	−10.653	0.000
LIT_t	−0.014	0.085	−0.023	−0.168	0.867
NEG_t × SIZE_t	0.001	0.015	0.034	0.073	0.942
NEG_t × MTB_t	−0.022	0.005	−0.577	−4.433	0.000
NEG_t × LEV_t	0.193	0.033	0.791	5.867	0.000
NEG_t × LIT_t	1.653	1.424	0.136	1.161	0.246
TESTFIRM_t	−0.028	0.022	−0.071	−1.316	0.189
TESTFIRM_t × NEG_t	−0.004	0.030	−0.009	−0.149	0.881
TESTFIRM_t × RET_t	5^1.416	0.000	0.004	0.084	0.933
TESTFIRM_t × RET_t × NEG_t	0.151	0.074	0.046	2.031	0.043
Summary of regression models
Correlation coefficient	0.782		F-statistic	30.453
R²	0.611		p-value	0.00
Regression coefficient	0.151		t-statistic	2.031
Durbin–Watson statistic	1.789		p-value	0.043

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