Multinomial logit model for listing at the novo mercado level of corporate governance (2010–2019)
| Variables | Traditional | Level 1 | Level 2 | |||
|---|---|---|---|---|---|---|
| Coeff. | Marg. effect | Coeff. | Marg. effect | Coeff. | Marg. effect | |
| Constant | 8.640 *** (−0.411) | − | −10.339 *** (−0.599) | − | −5.667*** (−0.772) | − |
| Beta | −3.229 *** (−0.139) | −48.60% | −0.012 (−0.182) | N/S | −0.029 (−0.241) | N/S |
| Value at risk | 0.154 *** (−0.012) | 2.31% | 0.068 *** (−0.022) | 0.35% | −0.093*** (−0.034) | −0.65% |
| Return | 0.000 (−0.002) | N/S | 0.003 (−0.002) | N/S | 0.003 (−0.003) | N/S |
| ROE | 0.314 (−0.198) | N/S | 0.461 (−0.422) | N/S | −0.817* (−0.418) | −4.56% |
| Sharpe index | 0.357 *** (−0.079) | 6.27% | −0.397 *** (−0.120) | −3.42% | −0.256* (−0.154) | −1.28% |
| Size | −0.483*** (−0.024) | −8.60% | 0.649 *** (−0.034) | 5.53% | 0.293*** (−0.043) | 1.40% |
| Leverage | 0.001 (−0.093) | N/S | −3.438 *** (−0.315) | −27.20% | 0.965*** (−0.176) | 7.22% |
| Time dummies | Yes | − | Yes | − | Yes | − |
| Akaike I. C. | 10,364.600 | 10,364.600 | 10,364.600 | |||
| Variables | Traditional | Level 1 | Level 2 | |||
|---|---|---|---|---|---|---|
| Coeff. | Marg. effect | Coeff. | Marg. effect | Coeff. | Marg. effect | |
| Constant | 8.640 *** (−0.411) | − | −10.339 *** (−0.599) | − | −5.667*** (−0.772) | − |
| Beta | −3.229 *** (−0.139) | −48.60% | −0.012 (−0.182) | N/S | −0.029 (−0.241) | N/S |
| Value at risk | 0.154 *** (−0.012) | 2.31% | 0.068 *** (−0.022) | 0.35% | −0.093*** (−0.034) | −0.65% |
| Return | 0.000 (−0.002) | N/S | 0.003 (−0.002) | N/S | 0.003 (−0.003) | N/S |
| ROE | 0.314 (−0.198) | N/S | 0.461 (−0.422) | N/S | −0.817* (−0.418) | −4.56% |
| Sharpe index | 0.357 *** (−0.079) | 6.27% | −0.397 *** (−0.120) | −3.42% | −0.256* (−0.154) | −1.28% |
| Size | −0.483*** (−0.024) | −8.60% | 0.649 *** (−0.034) | 5.53% | 0.293*** (−0.043) | 1.40% |
| Leverage | 0.001 (−0.093) | N/S | −3.438 *** (−0.315) | −27.20% | 0.965*** (−0.176) | 7.22% |
| Time dummies | Yes | − | Yes | − | Yes | − |
| Akaike I. C. | 10,364.600 | 10,364.600 | 10,364.600 | |||
Note:
*** represents significance at the 10% level, ** at the 5% level, and *** at the 1% level
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