Control variables test
| Variables | (1) MeanAQTB | (2) MeanAQTB | (3) MeanAQTB | (4) MeanAQTB | (5) MeanAQTB |
|---|---|---|---|---|---|
| MeanDI | 0.551* (1.80) | 0.667** (2.12) | 0.658** (2.11) | 0.551* (1.80) | 0.667** (2.12) |
| MeanGE | −0.079 (−0.23) | 0.054 (0.14) | 0.131 (0.37) | −0.079 (−0.23) | 0.054 (0.14) |
| SocialId | −0.586*** (−4.85) | −0.568*** (−4.50) | −0.538*** (−4.38) | −0.586*** (−4.85) | −0.568*** (−4.50) |
| LnAge | 0.702 (0.96) | 0.702 (0.96) | |||
| Female | −0.042 (−0.12) | −0.042 (−0.12) | |||
| TeamRole | −0.153 (−1.18) | −0.153 (−1.18) | |||
| TeamSize | −0.939 (−1.24) | 0.929 (0.71) | |||
| Tenure | −18.707 (−1.40) | 2.480 (1.00) | |||
| MeanSatis | −0.800** (−1.98) | −0.699* (−1.76) | −0.800** (−1.98) | ||
| MeanTAT | −0.620* (−1.81) | −0.626* (−1.84) | −0.620* (−1.81) | ||
| CostGap | −28.329 (−1.29) | −28.329 (−1.29) | |||
| LnTA | 1.134 (1.31) | −10.556 (−0.78) | |||
| ROA | 220.484 (0.62) | 121.078 (0.93) | |||
| Leverage | 414.240 (0.63) | 68.440 (0.84) | |||
| InvenTAratio | 283.086 (0.62) | 96.074 (0.86) | |||
| SalesGrowth | 49.816 (0.61) | −4.276 (−1.15) | |||
| StateClient | 334.518 (0.63) | 116.024 (0.92) | |||
| N | 251 | 251 | 251 | 251 | 251 |
| pseudo R2 | 0.127 | 0.137 | 0.133 | 0.127 | 0.137 |
| Chi-squared | 167.695 | 180.316 | 174.693 | 167.695 | 180.316 |
| p-value | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 |
| Variables | (1) | (2) | (3) | (4) | (5) |
|---|---|---|---|---|---|
| MeanDI | 0.551 | 0.667 | 0.658 | 0.551 | 0.667 |
| MeanGE | −0.079 (−0.23) | 0.054 (0.14) | 0.131 (0.37) | −0.079 (−0.23) | 0.054 (0.14) |
| SocialId | −0.586 | −0.568 | −0.538 | −0.586 | −0.568 |
| LnAge | 0.702 (0.96) | 0.702 (0.96) | |||
| Female | −0.042 (−0.12) | −0.042 (−0.12) | |||
| TeamRole | −0.153 (−1.18) | −0.153 (−1.18) | |||
| TeamSize | −0.939 (−1.24) | 0.929 (0.71) | |||
| Tenure | −18.707 (−1.40) | 2.480 (1.00) | |||
| MeanSatis | −0.800 | −0.699 | −0.800 | ||
| MeanTAT | −0.620 | −0.626 | −0.620 | ||
| CostGap | −28.329 (−1.29) | −28.329 (−1.29) | |||
| LnTA | 1.134 (1.31) | −10.556 (−0.78) | |||
| ROA | 220.484 (0.62) | 121.078 (0.93) | |||
| Leverage | 414.240 (0.63) | 68.440 (0.84) | |||
| InvenTAratio | 283.086 (0.62) | 96.074 (0.86) | |||
| SalesGrowth | 49.816 (0.61) | −4.276 (−1.15) | |||
| StateClient | 334.518 (0.63) | 116.024 (0.92) | |||
| 251 | 251 | 251 | 251 | 251 | |
| pseudo | 0.127 | 0.137 | 0.133 | 0.127 | 0.137 |
| Chi-squared | 167.695 | 180.316 | 174.693 | 167.695 | 180.316 |
| 0.000 | 0.000 | 0.000 | 0.000 | 0.000 |
Notes:
z statistics in parentheses; *p < 0.1; **p < 0.05; ***p < 0.01
Sharing content requires targeting cookies to be enabled. Please update your cookie preferences to use this feature.