2010 Regressions for slack–performance relationship
| Slack | ROA (2010) | ROA (2011) | ROA (2014) | ROE (2010) | ROE (2011) | ROE (2014) | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Modelos | 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 | −1.516 (8.462) | 3.408 (8.261) | −0.77 (8.962) | 8.88 (7.728) | 11.448 (7.732) | 11.112 (8.465) | 12.893 (8.407) | 14.056 (8.503) | 12.71 (9.362) | −3.604 (133.749) | −33.746 (51.187) | −41.33 (57.553) | 25.436 (22.734) | 31.804 (22.627) | 37.32 (25.335) | 19.109 (37.816) | 24.275 (38.265) | −8.446 (42.299) |
| Family | −1.049 (0.87) | −0.76 (0.85) | −0.559 (0.825) | −1.603* (0.794) | −1.456+ (0.795) | −1.35+ (0.78) | −3.553*** (0.864) | −3.476*** (0.875) | −3.355*** (0.862) | 11.227 (13.743) | 8.339 (5.265) | 8.363 (5.3) | −2.289 (2.336) | −1.229 (2.327) | −1.216 (2.333) | −8.072* (3.886) | −7.739* (3.936) | −6.766+ (3.895) |
| Public | 3.878 (3.922) | 0.55 (3.86) | 1.787 (4.099) | −0.673 (3.581) | −2.416 (3.613) | −2.762 (3.872) | −2.149 (3.896) | −2.936 (3.972) | −2.897 (4.282) | 3.26 (61.984) | 5.1 (23.915) | 9.262 (26.322) | −3.668 (10.536) | −7.567 (10.571) | −10.638 (11.587) | −3.562 (17.525) | −6.692 (17.878) | 4.796 (19.346) |
| E/I | −0.01 (0.377) | −0.078 (0.365) | 0.197 (0.369) | 0.19 (0.344) | 0.156 (0.342) | 0.432 (0.349) | 0.588 (0.374) | 0.57 (0.376) | 0.892* (0.386) | 2.188 (5.954) | 4.154+ (2.263) | 3.476 (2.371) | −0.037 (1.012) | −0.308 (1) | 0.17 (1.044) | −1.402 (1.683) | −1.507 (1.691) | 0.071 (1.743) |
| Age | −0.02 (0.026) | −0.024 (0.025) | −0.021 (0.024) | −0.042+ (0.023) | −0.044+ (0.023) | −0.042+ (0.023) | −0.008 (0.025) | −0.008 (0.026) | −0.007 (0.025) | −0.087 (0.405) | 0.081 (0.155) | 0.083 (0.156) | −0.134+ (0.069) | −0.128+ (0.069) | −0.129+ (0.069) | −0.231* (0.115) | −0.237* (0.116) | −0.22+ (0.114) |
| Tamaño | 0.145 (0.42) | 0.539 (0.413) | 0.721+ (0.41) | −0.247 (0.384) | −0.039 (0.387) | 0.028 (0.387) | −0.518 (0.417) | −0.425 (0.425) | −0.352 (0.428) | −1.499 (6.638) | 2.412 (2.561) | 2.596 (2.631) | −0.77 (1.128) | −0.474 (1.132) | −0.565 (1.158) | 3.277+ (1.877) | 3.566+ (1.915) | 4.357* (1.934) |
| CR10 | 0.916** (0.325) | 1.765*** (0.446) | 0.484 (0.304) | 1.022* (0.421) | 0.202 (0.335) | 0.561 (0.465) | −1.318 (2.015) | −0.943 (2.861) | −0.094 (0.891) | 0.085 (1.259) | 0.864 (1.506) | 1.089 (2.103) | ||||||
| D/E10 | −0.073*** (0.022) | −0.367*** (0.079) | −0.042* (0.021) | −0.31*** (0.074) | −0.017 (0.023) | −0.308*** (0.082) | −7.152*** (0.139) | −6.634*** (0.506) | 0.171** (0.062) | −0.23 (0.223) | 0.073 (0.104) | −1.229*** (0.372) | ||||||
| PE/I10 | −0.147*** (0.034) | −0.17*** (0.041) | −0.077* (0.032) | −0.072+ (0.039) | −0.036 (0.035) | −0.031 (0.043) | −0.833*** (0.213) | −0.924*** (0.262) | −0.262** (0.094) | −0.205+ (0.116) | −0.122 (0.159) | −0.222 (0.193) | ||||||
| 2CR10 | −0.244*** (0.071) | −0.175** (0.067) | −0.136+ (0.075) | 0.028 (0.459) | −0.13 (0.202) | −0.225 (0.337) | ||||||||||||
| 2D/E10 | 0.001*** (0) | 0.001*** (0) | 0.001*** (0) | −0.002 (0.002) | 0.001+ (0.001) | 0.004*** (0.001) | ||||||||||||
| 2PE/I10 | 0.001 (0.001) | 0.000 (0.001) | 0.000 (0.001) | 0.003 (0.006) | −0.002 (0.003) | 0.005 (0.004) | ||||||||||||
| R2 Adj | 0.000 | 0.064 | 0.126 | 0.007 | 0.025 | 0.073 | 0.028 | 0.025 | 0.062 | 0.000 | 0.855 | 0.855 | 0.002 | 0.03 | 0.035 | 0.024 | 0.02 | 0.05 |
| Slack | ROA (2010) | ROA (2011) | ROA (2014) | ROE (2010) | ROE (2011) | ROE (2014) | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Modelos | 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 | −1.516 (8.462) | 3.408 (8.261) | −0.77 (8.962) | 8.88 (7.728) | 11.448 (7.732) | 11.112 (8.465) | 12.893 (8.407) | 14.056 (8.503) | 12.71 (9.362) | −3.604 (133.749) | −33.746 (51.187) | −41.33 (57.553) | 25.436 (22.734) | 31.804 (22.627) | 37.32 (25.335) | 19.109 (37.816) | 24.275 (38.265) | −8.446 (42.299) |
| Family | −1.049 (0.87) | −0.76 (0.85) | −0.559 (0.825) | −1.603* (0.794) | −1.456+ (0.795) | −1.35+ (0.78) | −3.553*** (0.864) | −3.476*** (0.875) | −3.355*** (0.862) | 11.227 (13.743) | 8.339 (5.265) | 8.363 (5.3) | −2.289 (2.336) | −1.229 (2.327) | −1.216 (2.333) | −8.072* (3.886) | −7.739* (3.936) | −6.766+ (3.895) |
| Public | 3.878 (3.922) | 0.55 (3.86) | 1.787 (4.099) | −0.673 (3.581) | −2.416 (3.613) | −2.762 (3.872) | −2.149 (3.896) | −2.936 (3.972) | −2.897 (4.282) | 3.26 (61.984) | 5.1 (23.915) | 9.262 (26.322) | −3.668 (10.536) | −7.567 (10.571) | −10.638 (11.587) | −3.562 (17.525) | −6.692 (17.878) | 4.796 (19.346) |
| E/I | −0.01 (0.377) | −0.078 (0.365) | 0.197 (0.369) | 0.19 (0.344) | 0.156 (0.342) | 0.432 (0.349) | 0.588 (0.374) | 0.57 (0.376) | 0.892* (0.386) | 2.188 (5.954) | 4.154+ (2.263) | 3.476 (2.371) | −0.037 (1.012) | −0.308 (1) | 0.17 (1.044) | −1.402 (1.683) | −1.507 (1.691) | 0.071 (1.743) |
| Age | −0.02 (0.026) | −0.024 (0.025) | −0.021 (0.024) | −0.042+ (0.023) | −0.044+ (0.023) | −0.042+ (0.023) | −0.008 (0.025) | −0.008 (0.026) | −0.007 (0.025) | −0.087 (0.405) | 0.081 (0.155) | 0.083 (0.156) | −0.134+ (0.069) | −0.128+ (0.069) | −0.129+ (0.069) | −0.231* (0.115) | −0.237* (0.116) | −0.22+ (0.114) |
| Tamaño | 0.145 (0.42) | 0.539 (0.413) | 0.721+ (0.41) | −0.247 (0.384) | −0.039 (0.387) | 0.028 (0.387) | −0.518 (0.417) | −0.425 (0.425) | −0.352 (0.428) | −1.499 (6.638) | 2.412 (2.561) | 2.596 (2.631) | −0.77 (1.128) | −0.474 (1.132) | −0.565 (1.158) | 3.277+ (1.877) | 3.566+ (1.915) | 4.357* (1.934) |
| CR10 | 0.916** (0.325) | 1.765*** (0.446) | 0.484 (0.304) | 1.022* (0.421) | 0.202 (0.335) | 0.561 (0.465) | −1.318 (2.015) | −0.943 (2.861) | −0.094 (0.891) | 0.085 (1.259) | 0.864 (1.506) | 1.089 (2.103) | ||||||
| D/E10 | −0.073*** (0.022) | −0.367*** (0.079) | −0.042* (0.021) | −0.31*** (0.074) | −0.017 (0.023) | −0.308*** (0.082) | −7.152*** (0.139) | −6.634*** (0.506) | 0.171** (0.062) | −0.23 (0.223) | 0.073 (0.104) | −1.229*** (0.372) | ||||||
| PE/I10 | −0.147*** (0.034) | −0.17*** (0.041) | −0.077* (0.032) | −0.072+ (0.039) | −0.036 (0.035) | −0.031 (0.043) | −0.833*** (0.213) | −0.924*** (0.262) | −0.262** (0.094) | −0.205+ (0.116) | −0.122 (0.159) | −0.222 (0.193) | ||||||
| 2CR10 | −0.244*** (0.071) | −0.175** (0.067) | −0.136+ (0.075) | 0.028 (0.459) | −0.13 (0.202) | −0.225 (0.337) | ||||||||||||
| 2D/E10 | 0.001*** (0) | 0.001*** (0) | 0.001*** (0) | −0.002 (0.002) | 0.001+ (0.001) | 0.004*** (0.001) | ||||||||||||
| 2PE/I10 | 0.001 (0.001) | 0.000 (0.001) | 0.000 (0.001) | 0.003 (0.006) | −0.002 (0.003) | 0.005 (0.004) | ||||||||||||
| 0.000 | 0.064 | 0.126 | 0.007 | 0.025 | 0.073 | 0.028 | 0.025 | 0.062 | 0.000 | 0.855 | 0.855 | 0.002 | 0.03 | 0.035 | 0.024 | 0.02 | 0.05 | |
Note(s): Standard errors in parentheses; +p < 0.10, *p < 0.05, **p < 0.01, ***p < 0.001
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