2006 Regressions for slack–performance relationship
| Slack | ROA (2006) | ROA (2007) | ROA (2010) | ROE (2006) | ROE (2007) | ROE (2010) | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Models | M 1 | M 2 | M 2 (bis) | M 1 | M 2 | M2 (bis) | M 1 | M 2 | M 2 (bis) | M 1 | M 2 | M 2 (bis) | M 1 | M 2 | M 2 (bis) | M 1 | M 2 | M 2 (bis) | |
| Cons | 6.588 (8.211) | 5.891 (7.752) | 7.118 (7.847) | 11.464 (7.957) | 10.964 (7.69) | 13.402 (7.737) | 1.885 (8.336) | 2.304 (8.348) | 3.006 (8.431) | 23.085 (32.567) | 8.372 (29.525) | 25.157 (26.064) | 19.129 (121.632) | 42.858 (110.954) | 68.129 (98.408) | 16.494 (131.81) | 4.911 (126.625) | −25.457 (126.331) | |
| Family | −1.983* (0.854) | −1.415+ (0.81) | −1.454+ (0.809) | −1.689 (0.828) | −1.224 (0.803) | −1.22 (0.798) | −1.394 (0.867) | −1.248 (0.872) | −1.215 (0.869) | −4.932 (3.389) | −1.942 (3.083) | −1.776 (2.687) | −10.612 (12.656) | −11.26 (11.587) | −9.681 (10.144) | 9.043 (13.715) | 9.033 (13.223) | 8.887 (13.022) | |
| Public | 1.842 (3.848) | 0.758 (3.621) | 0.25 (3.64) | −1.383 (3.729) | −2.279 (3.591) | −3.296 (3.589) | 3.406 (3.907) | 2.692 (3.899) | 2.464 (3.911) | 2.005 (15.262) | 4.932 (13.789) | 1.88 (12.09) | −6.907 (57.002) | −15.067 (51.819) | −17.272 (45.648) | 0.901 (61.772) | 4.02 (59.138) | 9.037 (58.601) | |
| E/I | −0.198 (0.371) | −0.381 (0.348) | −0.483 (0.353) | 0.199 (0.359) | 0.042 (0.345) | 0.031 (0.348) | −0.01 (0.376) | −0.055 (0.375) | 0.022 (0.379) | −2.017 (1.47) | −3.113* (1.325) | −2.471* (1.172) | −1.976 (5.49) | −3.163 (4.979) | 1.119 (4.424) | 2.175 (5.95) | 3.21 (5.682) | 2.351 (5.679) | |
| Age | 0.016 (0.026) | 0.006 (0.024) | 0.001 (0.024) | −0.013 (0.025) | −0.019 (0.024) | −0.019 (0.024) | −0.013 (0.026) | −0.021 (0.026) | −0.017 (0.026) | −0.236* (0.101) | −0.149 (0.092) | −0.109 (0.08) | −0.82* (0.378) | −0.502 (0.344) | −0.265 (0.303) | −0.03 (0.41) | −0.301 (0.393) | −0.357 (0.389) | |
| Tamaño | −0.44 (0.398) | 0.264 (0.385) | 0.368 (0.392) | −0.086 (0.386) | 0.471 (0.382) | 0.418 (0.386) | −0.409 (0.404) | −0.142** (0.415) | −0.291 (0.421) | 1.104 (1.578) | 2.795+ (1.466) | −0.029 (1.301) | 11.003+ (5.893) | 8.3 (5.509) | −1.385 (4.913) | −4.962 (6.386) | −2.835 (6.288) | 2.049 (6.306) | |
| CR06 | 2.947*** (0.422) | 3.58 (0.626) | 2.436*** (0.418) | 3.572*** (0.617) | 1.284 (0.454) | 1.436* (0.673) | 5.265*** (1.606) | 5.33* (2.08) | 10.792+ (6.037) | 4.185 (7.853) | −5.83 (6.889) | −5.232 (10.082) | |||||||
| D/E06 | −0.084 (0.109) | 0.011 (0.12) | 0.029 (0.108) | −0.017 (0.118) | −0.154 (0.118) | −0.272* (0.129) | 3.625*** (0.416) | 2.032*** (0.397) | 15.987*** (1.564) | 9.292*** (1.501) | −12.752*** (1.785) | −10.19*** (1.927) | |||||||
| PE/I06 | −0.19*** (0.04) | −0.191 (0.048) | −0.155*** (0.04) | −0.174 (0.047) | −0.054 (0.043) | −0.057 (0.051) | −0.889*** (0.152) | −0.524*** (0.158) | 0.15 (0.573) | 0.777 (0.598) | 0.005 (0.654) | −0.75 (0.768) | |||||||
| 2CR06 | −0.226 (0.185) | −0.475** (0.182) | −0.105 (0.199) | −0.836 (0.615) | −0.118 (2.32) | 1.156 (2.979) | |||||||||||||
| 2D/E06 | −0.008 (0.005) | 0.006 (0.005) | 0.012* (0.005) | 0.181*** (0.016) | 0.699*** (0.06) | −0.299*** (0.077) | |||||||||||||
| 2PE/I06 | 0 (0.002) | 0.002 (0.002) | 0.001 (0.002) | −0.017** (0.006) | −0.006 (0.024) | 0.039 (0.031) | |||||||||||||
| R2 Adj | 0.005 | 0.133 | 0.136 | 0 | 0.087 | 0.1 | 0.001 | 0.02 | 0.028 | 0.017 | 0.21 | 0.401 | 0.01 | 0.195 | 0.384 | 0 | 0.091 | 0.12 | |
| Slack | ROA (2006) | ROA (2007) | ROA (2010) | ROE (2006) | ROE (2007) | ROE (2010) | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Models | M 1 | M 2 | M 2 (bis) | M 1 | M 2 | M2 (bis) | M 1 | M 2 | M 2 (bis) | M 1 | M 2 | M 2 (bis) | M 1 | M 2 | M 2 (bis) | M 1 | M 2 | M 2 (bis) | |
| Cons | 6.588 (8.211) | 5.891 (7.752) | 7.118 (7.847) | 11.464 (7.957) | 10.964 (7.69) | 13.402 (7.737) | 1.885 (8.336) | 2.304 (8.348) | 3.006 (8.431) | 23.085 (32.567) | 8.372 (29.525) | 25.157 (26.064) | 19.129 (121.632) | 42.858 (110.954) | 68.129 (98.408) | 16.494 (131.81) | 4.911 (126.625) | −25.457 (126.331) | |
| Family | −1.983* (0.854) | −1.415+ (0.81) | −1.454+ (0.809) | −1.689 (0.828) | −1.224 (0.803) | −1.22 (0.798) | −1.394 (0.867) | −1.248 (0.872) | −1.215 (0.869) | −4.932 (3.389) | −1.942 (3.083) | −1.776 (2.687) | −10.612 (12.656) | −11.26 (11.587) | −9.681 (10.144) | 9.043 (13.715) | 9.033 (13.223) | 8.887 (13.022) | |
| Public | 1.842 (3.848) | 0.758 (3.621) | 0.25 (3.64) | −1.383 (3.729) | −2.279 (3.591) | −3.296 (3.589) | 3.406 (3.907) | 2.692 (3.899) | 2.464 (3.911) | 2.005 (15.262) | 4.932 (13.789) | 1.88 (12.09) | −6.907 (57.002) | −15.067 (51.819) | −17.272 (45.648) | 0.901 (61.772) | 4.02 (59.138) | 9.037 (58.601) | |
| E/I | −0.198 (0.371) | −0.381 (0.348) | −0.483 (0.353) | 0.199 (0.359) | 0.042 (0.345) | 0.031 (0.348) | −0.01 (0.376) | −0.055 (0.375) | 0.022 (0.379) | −2.017 (1.47) | −3.113* (1.325) | −2.471* (1.172) | −1.976 (5.49) | −3.163 (4.979) | 1.119 (4.424) | 2.175 (5.95) | 3.21 (5.682) | 2.351 (5.679) | |
| Age | 0.016 (0.026) | 0.006 (0.024) | 0.001 (0.024) | −0.013 (0.025) | −0.019 (0.024) | −0.019 (0.024) | −0.013 (0.026) | −0.021 (0.026) | −0.017 (0.026) | −0.236* (0.101) | −0.149 (0.092) | −0.109 (0.08) | −0.82* (0.378) | −0.502 (0.344) | −0.265 (0.303) | −0.03 (0.41) | −0.301 (0.393) | −0.357 (0.389) | |
| Tamaño | −0.44 (0.398) | 0.264 (0.385) | 0.368 (0.392) | −0.086 (0.386) | 0.471 (0.382) | 0.418 (0.386) | −0.409 (0.404) | −0.142** (0.415) | −0.291 (0.421) | 1.104 (1.578) | 2.795+ (1.466) | −0.029 (1.301) | 11.003+ (5.893) | 8.3 (5.509) | −1.385 (4.913) | −4.962 (6.386) | −2.835 (6.288) | 2.049 (6.306) | |
| CR06 | 2.947*** (0.422) | 3.58 (0.626) | 2.436*** (0.418) | 3.572*** (0.617) | 1.284 (0.454) | 1.436* (0.673) | 5.265*** (1.606) | 5.33* (2.08) | 10.792+ (6.037) | 4.185 (7.853) | −5.83 (6.889) | −5.232 (10.082) | |||||||
| D/E06 | −0.084 (0.109) | 0.011 (0.12) | 0.029 (0.108) | −0.017 (0.118) | −0.154 (0.118) | −0.272* (0.129) | 3.625*** (0.416) | 2.032*** (0.397) | 15.987*** (1.564) | 9.292*** (1.501) | −12.752*** (1.785) | −10.19*** (1.927) | |||||||
| PE/I06 | −0.19*** (0.04) | −0.191 (0.048) | −0.155*** (0.04) | −0.174 (0.047) | −0.054 (0.043) | −0.057 (0.051) | −0.889*** (0.152) | −0.524*** (0.158) | 0.15 (0.573) | 0.777 (0.598) | 0.005 (0.654) | −0.75 (0.768) | |||||||
| 2CR06 | −0.226 (0.185) | −0.475** (0.182) | −0.105 (0.199) | −0.836 (0.615) | −0.118 (2.32) | 1.156 (2.979) | |||||||||||||
| 2D/E06 | −0.008 (0.005) | 0.006 (0.005) | 0.012* (0.005) | 0.181*** (0.016) | 0.699*** (0.06) | −0.299*** (0.077) | |||||||||||||
| 2PE/I06 | 0 (0.002) | 0.002 (0.002) | 0.001 (0.002) | −0.017** (0.006) | −0.006 (0.024) | 0.039 (0.031) | |||||||||||||
| 0.005 | 0.133 | 0.136 | 0 | 0.087 | 0.1 | 0.001 | 0.02 | 0.028 | 0.017 | 0.21 | 0.401 | 0.01 | 0.195 | 0.384 | 0 | 0.091 | 0.12 | ||
Note(s): Standard errors in parentheses; +p < 0.10, *p < 0.05, **p < 0.01, ***p < 0.001
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