Table 9 Basu's expanded regression panel...

Table 9

Basu's expanded regression panel model (third 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	0.316	–	−0.210	0.834
NEG_t	−1.111	0.597	−3.096	−1.860	0.064
RET_t	0.001	0.003	0.269	0.218	0.828
RET_t × NEG_t	−0.017	0.018	−1.437	−0.996	0.321
POST_t	0.027	0.033	0.076	0.814	0.417
POST_t × NEG_t	0.068	0.061	0.164	1.118	0.265
POST_t × RET_t	6^–6.965	0.000	−0.003	−0.022	0.982
POST_t × RET_t × NEG_t	0.259	0.122	0.118	2.128	0.034
MTB_t_1	0.018	0.006	0.446	3.177	0.002
MTB_t_1 × NEG_t	−0.019	0.011	−0.172	−1.642	0.102
MTB_t_1 × RET_t	5^–9.806	0.000	−0.358	−2.643	0.009
MTB_t_1 × RET_t × NEG_t	−0.002	0.001	−0.317	−2.242	0.026
LEV_t_1	−0.213	0.076	−0.291	−2.795	0.006
LEV_t_1 × NEG_t	−0.190	0.120	−0.427	−1.579	0.116
LEV_t_1 × RET_t	0.000	0.001	0.094	0.265	0.791
LEV_t_1 × NEG_t × RET_t	−0.003	0.004	−0.197	−0.729	0.467
SIZE_1	0.024	0.026	0.094	0.896	0.371
SIZE_t_1 × NEG_t	0.093	0.049	3.128	1.908	0.058
SIZE_t_1 × RET_t_1	5^–6.217	0.000	−0.362	−0.299	0.765
SIZE_t_1_NEG_t × RET_t	0.002	0.001	1.868	1.345	0.180
LIT_t_1	−0.033	0.491	−0.086	−0.067	0.947
LIT_t_1 × NEG_t	−3.753	4.240	−0.141	−0.885	0.377
LIT_t_1 × RET_t	0.001	0.019	0.077	0.059	0.953
LIT_t_1 × NEG_t × RET_t	−0.118	0.154	−0.126	−0.766	0.445
Summary of regression models
Correlation coefficient	0.650		F-statistic	5.670
R²	0.423		p-value	0.00
Regression coefficient	0.259		t-statistic	2.128
Durbin–Watson statistic	2.046		p-value	0.034

	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	0.316	–	−0.210	0.834
NEG_t	−1.111	0.597	−3.096	−1.860	0.064
RET_t	0.001	0.003	0.269	0.218	0.828
RET_t × NEG_t	−0.017	0.018	−1.437	−0.996	0.321
POST_t	0.027	0.033	0.076	0.814	0.417
POST_t × NEG_t	0.068	0.061	0.164	1.118	0.265
POST_t × RET_t	6^–6.965	0.000	−0.003	−0.022	0.982
POST_t × RET_t × NEG_t	0.259	0.122	0.118	2.128	0.034
MTB_t_1	0.018	0.006	0.446	3.177	0.002
MTB_t_1 × NEG_t	−0.019	0.011	−0.172	−1.642	0.102
MTB_t_1 × RET_t	5^–9.806	0.000	−0.358	−2.643	0.009
MTB_t_1 × RET_t × NEG_t	−0.002	0.001	−0.317	−2.242	0.026
LEV_t_1	−0.213	0.076	−0.291	−2.795	0.006
LEV_t_1 × NEG_t	−0.190	0.120	−0.427	−1.579	0.116
LEV_t_1 × RET_t	0.000	0.001	0.094	0.265	0.791
LEV_t_1 × NEG_t × RET_t	−0.003	0.004	−0.197	−0.729	0.467
SIZE_1	0.024	0.026	0.094	0.896	0.371
SIZE_t_1 × NEG_t	0.093	0.049	3.128	1.908	0.058
SIZE_t_1 × RET_t_1	5^–6.217	0.000	−0.362	−0.299	0.765
SIZE_t_1_NEG_t × RET_t	0.002	0.001	1.868	1.345	0.180
LIT_t_1	−0.033	0.491	−0.086	−0.067	0.947
LIT_t_1 × NEG_t	−3.753	4.240	−0.141	−0.885	0.377
LIT_t_1 × RET_t	0.001	0.019	0.077	0.059	0.953
LIT_t_1 × NEG_t × RET_t	−0.118	0.154	−0.126	−0.766	0.445
Summary of regression models
Correlation coefficient	0.650		F-statistic	5.670
R²	0.423		p-value	0.00
Regression coefficient	0.259		t-statistic	2.128
Durbin–Watson statistic	2.046		p-value	0.034

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