Table 4 Results of regression Ab_CFO... | Emerald Publishing

Table 4

Results of regression

	Ab_CFO	Ab_Prod	Ab_DisExp
Parent	0.045* (0.006)	−0.079* (0.008)	−0.144* (0.017)
AEM	0.313* (0.105)	0.027 (0.030)	−0.507* (0.172)
FirmSize	−0.015* (0.002)	0.017* (0.002)	0.017* (0.004)
DebtSize	0.061* (0.012)	0.161* (0.016)	0.194* (0.033)
InstOwn	0.000 (0.001)	−0.012* (0.001)	−0.013* (0.002)
MB	0.002 (0.044)	−0.190 (0.184)	−1.129* (0.363)
InstQual	0.004* (0.002)	−0.030* (0.003)	−0.044* (0.007)
Econ	0.002* (0.001)	0.003* (0.001)	−0.001 (0.002)
Intercept	−0.027 (0.045)	−0.144* (0.042)	0.190 (0.140)
Year	Yes	Yes	Yes
Firm clusters	Yes	Yes	Yes
No. of observations	28,808	21,476	20,330
R²	0.115	0.081	0.032
ρ	0.444	0.779	0.098
Breusch–Pagan LM test p > ${\bar{χ}}^{2}$	0.000	0.000	0.000

	Ab_CFO	Ab_Prod	Ab_DisExp
Parent	0.045* (0.006)	−0.079* (0.008)	−0.144* (0.017)
AEM	0.313* (0.105)	0.027 (0.030)	−0.507* (0.172)
FirmSize	−0.015* (0.002)	0.017* (0.002)	0.017* (0.004)
DebtSize	0.061* (0.012)	0.161* (0.016)	0.194* (0.033)
InstOwn	0.000 (0.001)	−0.012* (0.001)	−0.013* (0.002)
MB	0.002 (0.044)	−0.190 (0.184)	−1.129* (0.363)
InstQual	0.004* (0.002)	−0.030* (0.003)	−0.044* (0.007)
Econ	0.002* (0.001)	0.003* (0.001)	−0.001 (0.002)
Intercept	−0.027 (0.045)	−0.144* (0.042)	0.190 (0.140)
Year	Yes	Yes	Yes
Firm clusters	Yes	Yes	Yes
No. of observations	28,808	21,476	20,330
R²	0.115	0.081	0.032
ρ	0.444	0.779	0.098
Breusch–Pagan LM test p > ${\bar{χ}}^{2}$	0.000	0.000	0.000

Note(s): Robust standard errors in parentheses *p < 0.01