Regression results
| (1) | (2) | (3) | (4) | |
|---|---|---|---|---|
| ADIV | ADIV | IDIV | IDIV | |
| VAIC™ | 0.014*** (0.003) | −0.020*** (0.002) | ||
| HCE | 0.010*** (0.004) | −0.020*** (0.002) | ||
| SCE | 0.075** (0.037) | −0.022 (0.028) | ||
| CEE | 0.037 (0.027) | −0.015 (0.024) | ||
| SIZE | 0.004 (0.012) | −0.002 (0.013) | 0.035*** (0.009) | 0.034*** (0.010) |
| COMP | −1.998*** (0.505) | −1.660*** (0.557) | −1.733*** (0.371) | −1.704*** (0.421) |
| LEV | 0.100 (0.070) | 0.091 (0.073) | 0.168*** (0.049) | 0.164*** (0.051) |
| LISTING | −0.021 (0.030) | −0.024 (0.030) | −0.121*** (0.025) | −0.121*** (0.025) |
| GOV | 0.030 (0.032) | 0.035 (0.032) | −0.056** (0.028) | −0.056** (0.028) |
| _cons | 2.237*** (0.338) | 1.998*** (0.366) | 1.602*** (0.249) | 1.587*** (0.278) |
| Banks | 32 | 32 | 32 | 32 |
| Obs. | 354 | 354 | 354 | 354 |
| Parameters | 6 | 8 | 6 | 8 |
| R2 | 0.119 | 0.129 | 0.208 | 0.208 |
| Wald χ2 | 52.39*** | 54.43*** | 152.55*** | 164.74*** |
| AR (1) | 14.35*** | 14.84*** | 2.58 | 2.33 |
| B-P/C-W χ2 | 4.45** | 5.09** | 0.59 | 0.65 |
| (1) | (2) | (3) | (4) | |
|---|---|---|---|---|
| ADIV | ADIV | IDIV | IDIV | |
| VAIC™ | 0.014*** (0.003) | −0.020*** (0.002) | ||
| HCE | 0.010*** (0.004) | −0.020*** (0.002) | ||
| SCE | 0.075** (0.037) | −0.022 (0.028) | ||
| CEE | 0.037 (0.027) | −0.015 (0.024) | ||
| SIZE | 0.004 (0.012) | −0.002 (0.013) | 0.035*** (0.009) | 0.034*** (0.010) |
| COMP | −1.998*** (0.505) | −1.660*** (0.557) | −1.733*** (0.371) | −1.704*** (0.421) |
| LEV | 0.100 (0.070) | 0.091 (0.073) | 0.168*** (0.049) | 0.164*** (0.051) |
| LISTING | −0.021 (0.030) | −0.024 (0.030) | −0.121*** (0.025) | −0.121*** (0.025) |
| GOV | 0.030 (0.032) | 0.035 (0.032) | −0.056** (0.028) | −0.056** (0.028) |
| _cons | 2.237*** (0.338) | 1.998*** (0.366) | 1.602*** (0.249) | 1.587*** (0.278) |
| Banks | 32 | 32 | 32 | 32 |
| Obs. | 354 | 354 | 354 | 354 |
| Parameters | 6 | 8 | 6 | 8 |
| 0.119 | 0.129 | 0.208 | 0.208 | |
| Wald | 52.39*** | 54.43*** | 152.55*** | 164.74*** |
| AR (1) | 14.35*** | 14.84*** | 2.58 | 2.33 |
| B-P/C-W | 4.45** | 5.09** | 0.59 | 0.65 |
Notes: ADIV is an asset diversity measure; IDIV is an income diversification measure; VAIC™, value added intellectual coefficient; HCE, human capital efficiency; SCE, structural capital efficiency; CEE, capital employed efficiency; SIZE, bank size; COMP, bank competition; LEV, leverage; LISTING, stock exchange listing; GOV, government ownership. B-P/C-W is Breusch-Pagan/Cook-Weisberg test for heteroscedasticity (Breusch and Pagan, 1979; Cook and Weisberg, 1983) and AR(1) is first order serial correlation test (Wooldridge, 2002). Standard errors are in parenthesis and are robust to heteroscedasticity. *,**,***Significant at 10, 5 and 1 per cent levels, respectively
Source: Authors’ computation in STATA14
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