Diversification and growth opportunity [estimated based on Equation 1]
| Dependent variables: growth opportunity (Q) | ||
|---|---|---|
| 1 | 2 | |
| Constant | −1.365** (0.020) | −3.983*** (0.001) |
| Diversification indexes | ||
| HERF | −1.869 (0.109) | |
| HERF2 | 3.001* (0.060) | |
| Total entropy | −1.998 (0.107) | |
| Total entropy2 | 1.750** (0.046) | |
| Control variables | ||
| SIZE | 0.236*** (0.000) | 0.423*** (0.000) |
| LDTA | −1.118** (0.036) | −2.808** (0.012) |
| Number of Obs | 270 | 270 |
| Adjusted R square | 0.143 | 0.096 |
| Sargan test: p-value | 0.317 | 0.287 |
| M2: p-value | 0.345 | 0.321 |
| Durbin–Watson | 1.981 | 2.140 |
| Dependent variables: growth opportunity | ||
|---|---|---|
| 1 | 2 | |
| Constant | −1.365** (0.020) | −3.983*** (0.001) |
| HERF | −1.869 (0.109) | |
| HERF2 | 3.001* (0.060) | |
| Total entropy | −1.998 (0.107) | |
| Total entropy2 | 1.750** (0.046) | |
| SIZE | 0.236*** (0.000) | 0.423*** (0.000) |
| LDTA | −1.118** (0.036) | −2.808** (0.012) |
| Number of Obs | 270 | 270 |
| Adjusted | 0.143 | 0.096 |
| Sargan test: | 0.317 | 0.287 |
| 0.345 | 0.321 | |
| Durbin–Watson | 1.981 | 2.140 |
Note(s): Figures in parentheses are probability values based on White robust standard errors for heteroskedasticity. *, **, *** denote statistically significance at 1, 5 and 10% level, respectively. m2 is a serial correlation test of second-order using residuals of first differences, asymptotically distributed as N(0,1) under null hypothesis of no serial correlation. Sargan test is a test of overidentifying restrictions distributed asymptotically under null hypothesis of validity of instruments as Chi-squared
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