2013 Regressions for slack–performance relationship
| Slack | ROA (2013) | ROA (2014) | ROA (2017) | ROE (2013) | ROE (2014) | ROE (2017) | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 11.699 (8.189) | 10.744 (8.075) | 15.371 (7.84) | 10.616 (8.252) | 9.646 (8.21) | 13.787 (8.012) | 7.828 (7.852) | 5.924 (7.733) | 6.368 (7.77) | 18.593 (30.208) | 8.921 (27.649) | 12.553 (27.471) | 15.195 (36.88) | 10.985 (36.918) | 4.49 (36.744) | 17.364 (20.49) | 10.237 (20.208) | 11.514 (20.412) | |
| Family | −1.974* (0.868) | −1.596+ (0.866) | −1.628+ (0.836) | −3.386*** (0.875) | −2.984*** (0.881) | −3.017*** (0.854) | −3.397*** (0.832) | −3.261*** (0.829) | −3.178*** (0.828) | −4.074 (3.203) | −4.65 (2.966) | −5.137+ (2.929) | −6.566+ (3.91) | −5.343 (3.96) | −4.826 (3.918) | −6.297** (2.172) | −4.924* (2.168) | −4.902* (2.176) | |
| Public | −2.478 (3.851) | −2.984 (3.799) | −4.417 (3.67) | −1.677 (3.88) | −1.962 (3.863) | −3.304 (3.751) | 1.474 (3.692) | 1.9 (3.638) | 1.697 (3.638) | −4.665 (14.203) | −2.165 (13.008) | −3.157 (12.862) | −5.475 (17.34) | −5.784 (17.37) | −5.522 (17.203) | 1.719 (9.634) | 3.51 (9.508) | 3.097 (9.557) | |
| E/I | 0.244 (0.372) | 0.169 (0.369) | −0.058 (0.36) | 0.592 (0.375) | 0.492 (0.375) | 0.293 (0.368) | 0.474 (0.357) | 0.472 (0.353) | 0.499 (0.357) | −1.945 (1.373) | −1.458 (1.262) | −1.871 (1.261) | −1.535 (1.676) | −1.825 (1.685) | −1.088 (1.686) | −0.299 (0.931) | −0.672 (0.922) | −0.718 (0.937) | |
| Age | −0.036 (0.025) | −0.041 (0.025) | −0.046+ (0.024) | −0.01 (0.026) | −0.013 (0.026) | −0.016 (0.025) | −0.006 (0.024) | −0.004 (0.024) | −0.001 (0.024) | −0.134 (0.094) | −0.129 (0.086) | −0.148+ (0.086) | −0.259* (0.115) | −0.262* (0.115) | −0.214* (0.115) | −0.103 (0.064) | −0.088 (0.063) | −0.088 (0.064) | |
| Tamaño | −0.147 (0.422) | 0.315 (0.429) | 0.285 (0.414) | −0.222 (0.426) | 0.139 (0.436) | 0.121 (0.423) | −0.737+ (0.405) | −0.534 (0.411) | −0.547 (0.41) | 2.431 (1.558) | 3.222* (1.469) | 3.279* (1.451) | 5.208** (1.902) | 6.306*** (1.961) | 6.479*** (1.941) | −0.188 (1.057) | 0.533 (1.074) | 0.52 (1.078) | |
| CR13 | 0.728** (0.275) | 2.296*** (0.388) | 0.534+ (0.28) | 2.025*** (0.397) | −0.104 (0.264) | 0.243 (0.385) | −1.31 (0.942) | −0.8 (1.361) | 1.268 (1.258) | 2.271 (1.82) | −0.25 (0.689) | 0.245 (1.011) | |||||||
| D/E13 | −0.253 (0.173) | 0.51* (0.24) | −0.042 (0.176) | 0.673** (0.245) | −0.642* (0.165) | −0.848*** (0.238) | −5.569*** (0.592) | −3.41*** (0.841) | −0.522 (0.79) | −2.685* (1.125) | −0.502 (0.432) | −0.395 (0.625) | |||||||
| PE/I13 | −0.135*** (0.037) | −0.148*** (0.041) | −0.117** (0.038) | −0.139*** (0.042) | −0.092** (0.036) | −0.085* (0.041) | −0.347** (0.128) | −0.438** (0.145) | −0.385* (0.171) | −0.54** (0.194) | −0.388*** (0.094) | −0.388*** (0.108) | |||||||
| 2CR13 | −0.333*** (0.066) | −0.316*** (0.067) | −0.099 (0.065) | 0.024 (0.23) | −0.361 (0.307) | −0.114 (0.171) | |||||||||||||
| 2D/E13 | −0.049* (0.013) | −0.046* (0.013) | 0.019 (0.013) | −0.167*** (0.045) | 0.169** (0.06) | −0.005 (0.033) | |||||||||||||
| 2PE/I13 | 0.001 (0.002) | 0.001 (0.002) | 0 (0.002) | 0.006 (0.005) | 0.013+ (0.007) | −0.000 (0.004) | |||||||||||||
| R2 Adj | 0.006 | 0.042 | 0.11 | 0.025 | 0.043 | 0.102 | 0.03 | 0.067 | 0.071 | 0.024 | 0.171 | 0.027 | 0.034 | 0.04 | 0.062 | 0.02 | 0.054 | 0.049 | |
| Slack | ROA (2013) | ROA (2014) | ROA (2017) | ROE (2013) | ROE (2014) | ROE (2017) | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 11.699 (8.189) | 10.744 (8.075) | 15.371 (7.84) | 10.616 (8.252) | 9.646 (8.21) | 13.787 (8.012) | 7.828 (7.852) | 5.924 (7.733) | 6.368 (7.77) | 18.593 (30.208) | 8.921 (27.649) | 12.553 (27.471) | 15.195 (36.88) | 10.985 (36.918) | 4.49 (36.744) | 17.364 (20.49) | 10.237 (20.208) | 11.514 (20.412) | |
| Family | −1.974* (0.868) | −1.596+ (0.866) | −1.628+ (0.836) | −3.386*** (0.875) | −2.984*** (0.881) | −3.017*** (0.854) | −3.397*** (0.832) | −3.261*** (0.829) | −3.178*** (0.828) | −4.074 (3.203) | −4.65 (2.966) | −5.137+ (2.929) | −6.566+ (3.91) | −5.343 (3.96) | −4.826 (3.918) | −6.297** (2.172) | −4.924* (2.168) | −4.902* (2.176) | |
| Public | −2.478 (3.851) | −2.984 (3.799) | −4.417 (3.67) | −1.677 (3.88) | −1.962 (3.863) | −3.304 (3.751) | 1.474 (3.692) | 1.9 (3.638) | 1.697 (3.638) | −4.665 (14.203) | −2.165 (13.008) | −3.157 (12.862) | −5.475 (17.34) | −5.784 (17.37) | −5.522 (17.203) | 1.719 (9.634) | 3.51 (9.508) | 3.097 (9.557) | |
| E/I | 0.244 (0.372) | 0.169 (0.369) | −0.058 (0.36) | 0.592 (0.375) | 0.492 (0.375) | 0.293 (0.368) | 0.474 (0.357) | 0.472 (0.353) | 0.499 (0.357) | −1.945 (1.373) | −1.458 (1.262) | −1.871 (1.261) | −1.535 (1.676) | −1.825 (1.685) | −1.088 (1.686) | −0.299 (0.931) | −0.672 (0.922) | −0.718 (0.937) | |
| Age | −0.036 (0.025) | −0.041 (0.025) | −0.046+ (0.024) | −0.01 (0.026) | −0.013 (0.026) | −0.016 (0.025) | −0.006 (0.024) | −0.004 (0.024) | −0.001 (0.024) | −0.134 (0.094) | −0.129 (0.086) | −0.148+ (0.086) | −0.259* (0.115) | −0.262* (0.115) | −0.214* (0.115) | −0.103 (0.064) | −0.088 (0.063) | −0.088 (0.064) | |
| Tamaño | −0.147 (0.422) | 0.315 (0.429) | 0.285 (0.414) | −0.222 (0.426) | 0.139 (0.436) | 0.121 (0.423) | −0.737+ (0.405) | −0.534 (0.411) | −0.547 (0.41) | 2.431 (1.558) | 3.222* (1.469) | 3.279* (1.451) | 5.208** (1.902) | 6.306*** (1.961) | 6.479*** (1.941) | −0.188 (1.057) | 0.533 (1.074) | 0.52 (1.078) | |
| CR13 | 0.728** (0.275) | 2.296*** (0.388) | 0.534+ (0.28) | 2.025*** (0.397) | −0.104 (0.264) | 0.243 (0.385) | −1.31 (0.942) | −0.8 (1.361) | 1.268 (1.258) | 2.271 (1.82) | −0.25 (0.689) | 0.245 (1.011) | |||||||
| D/E13 | −0.253 (0.173) | 0.51* (0.24) | −0.042 (0.176) | 0.673** (0.245) | −0.642* (0.165) | −0.848*** (0.238) | −5.569*** (0.592) | −3.41*** (0.841) | −0.522 (0.79) | −2.685* (1.125) | −0.502 (0.432) | −0.395 (0.625) | |||||||
| PE/I13 | −0.135*** (0.037) | −0.148*** (0.041) | −0.117** (0.038) | −0.139*** (0.042) | −0.092** (0.036) | −0.085* (0.041) | −0.347** (0.128) | −0.438** (0.145) | −0.385* (0.171) | −0.54** (0.194) | −0.388*** (0.094) | −0.388*** (0.108) | |||||||
| 2CR13 | −0.333*** (0.066) | −0.316*** (0.067) | −0.099 (0.065) | 0.024 (0.23) | −0.361 (0.307) | −0.114 (0.171) | |||||||||||||
| 2D/E13 | −0.049* (0.013) | −0.046* (0.013) | 0.019 (0.013) | −0.167*** (0.045) | 0.169** (0.06) | −0.005 (0.033) | |||||||||||||
| 2PE/I13 | 0.001 (0.002) | 0.001 (0.002) | 0 (0.002) | 0.006 (0.005) | 0.013+ (0.007) | −0.000 (0.004) | |||||||||||||
| 0.006 | 0.042 | 0.11 | 0.025 | 0.043 | 0.102 | 0.03 | 0.067 | 0.071 | 0.024 | 0.171 | 0.027 | 0.034 | 0.04 | 0.062 | 0.02 | 0.054 | 0.049 | ||
Note(s): Standard errors in parentheses; +p < 0.10, *p < 0.05, **p < 0.01, ***p < 0.001
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