Regression results
| Model 1 (ROA) | Model 2 (ROA) | Model 3 (MB) | Model 4 (MB) | Model 5 (ROE) | Model 6 (ROE) | |
|---|---|---|---|---|---|---|
| Constant | 0.076* (0.042) | −0.042 (0.038) | −6.478*** (1.371) | −7.416*** (1.440) | 0.634*** (0.122) | 0.167** (0.084) |
| VAIC | 0.009*** (0.001) | 0.118*** (0.042) | 0.018*** (0.003) | |||
| CEE | 0.122*** (0.012) | 1.052** (0.463) | 0.526*** (0.027) | |||
| HCE | 0.006*** (0.001) | 0.090* (0.047) | 0.007** (0.002) | |||
| SCE | 0.039*** (0.009) | 0.276 (0.371) | 0.029 (0.021) | |||
| Size | −0.004 (0.008) | 0.008 (0.007) | 1.734*** (0.262) | 1.843*** (0.266) | −0.098*** (0.023) | −0.042*** (0.015) |
| PC | −0.063* (0.037) | −0.037 (0.032) | −0.142 (1.221) | 0.070 (1.220) | −0.107 (0.108) | 0.009 (0.071) |
| Adjusted R2 | 0.191 | 0.408 | 0.154 | 0.168 | 0.146 | 0.634 |
| F-statistics | 21.01*** | 36.61*** | 16.25*** | 10.72*** | 15.30*** | 91.86*** |
| Model 1 (ROA) | Model 2 (ROA) | Model 3 (MB) | Model 4 (MB) | Model 5 (ROE) | Model 6 (ROE) | |
|---|---|---|---|---|---|---|
| Constant | 0.076* (0.042) | −0.042 (0.038) | −6.478*** (1.371) | −7.416*** (1.440) | 0.634*** (0.122) | 0.167** (0.084) |
| VAIC | 0.009*** (0.001) | 0.118*** (0.042) | 0.018*** (0.003) | |||
| CEE | 0.122*** (0.012) | 1.052** (0.463) | 0.526*** (0.027) | |||
| HCE | 0.006*** (0.001) | 0.090* (0.047) | 0.007** (0.002) | |||
| SCE | 0.039*** (0.009) | 0.276 (0.371) | 0.029 (0.021) | |||
| Size | −0.004 (0.008) | 0.008 (0.007) | 1.734*** (0.262) | 1.843*** (0.266) | −0.098*** (0.023) | −0.042*** (0.015) |
| PC | −0.063* (0.037) | −0.037 (0.032) | −0.142 (1.221) | 0.070 (1.220) | −0.107 (0.108) | 0.009 (0.071) |
| Adjusted | 0.191 | 0.408 | 0.154 | 0.168 | 0.146 | 0.634 |
| 21.01*** | 36.61*** | 16.25*** | 10.72*** | 15.30*** | 91.86*** |
Note(s): ***, ** and * indicate significant at 1, 5 and 10% level, respectively
Source(s): Authors' compilation
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