Analysis of temporal symmetry (ROA)
| ROA06 | ROA07 | ROA08 | ROA09 | ROA10 | ROA11 | ROA12 | ROA13 | ROA14 | ROA15 | ROA16 | ROA17 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Slack2006 | CR | 2.947*** (0.421) | 2.436*** (0.418) | 1.618*** (0.465) | 1.091 (0.675) | 1.284** (0.454) | 0.253 (0.415) | 0.176 (0.507) | 0.766+ (0.450) | 0.625 (0.455) | −0.155 (0.579) | 0.665 (0.650) | −0.066 (0.429) |
| D/E | −0.084 (0.109) | 0.029 (0.108) | −0.191 (0.120) | 0.035 (0.174) | −0.154 (0.117) | −0.296** (0.107) | −0.234+ (0.131) | −0.012 (0.116) | 0.132 (0.117) | −0.109 (0.150) | 0.177 (0.168) | −0.300** (0.111) | |
| PE/I | −0.190*** (0.040) | −0.155*** (0.039) | −0.158*** (0.044) | −0.116+ (0.064) | −0.054 (0.043) | 0.012 (0.039) | −0.015 (0.048) | 0.061 (0.042) | 0.022 (0.043) | −0.018 (0.054) | −0.033 (0.061) | −0.050 (0.040) | |
| Slack2007 | CR | 2.415*** (0.381) | 1.517*** (0.433) | 0.987 (0.624) | 1.182** (0.420) | 0.722+ (0.386) | 0.466 (0.470) | 0.736+ (0.415) | 0.405 (0.421) | 0.453 (0.535) | 0.638 (0.601) | −0.187 (0.399) | |
| D/E | 0.130* (0.063) | 0.054 (0.072) | 0.087 (0.104) | 0.091 (0.070) | −0.020 (0.064) | 0.044 (0.078) | 0.133+ (0.069) | 0.086 (0.070) | 0.017 (0.089) | 0.118 (0.100) | −0.095 (0.066) | ||
| PE/I | −0.149*** (0.039) | −0.146*** (0.045) | −0.104 (0.065) | −0.050 (0.043) | −0.014 (0.040) | −0.013 (0.049) | 0.059 (0.043) | 0.025 (0.043) | −0.011 (0.055) | −0.016 (0.062) | −0.050 (0.041) | ||
| Slack2008 | CR | 0.710*** (0.212) | 0.255 (0.311) | 0.255 (0.210) | 0.132 (0.193) | 0.085 (0.234) | 0.055 (0.208) | −0.089 (0.210) | 0.013 (0.266) | 0.215 (0.300) | −0.146 (0.198) | ||
| D/E | −0.149** (0.049) | 0.013* (0.072) | −0.091 (0.049) | −0.044 (0.045) | −0.054 (0.054) | 0.097* (0.048) | 0.009 (0.049) | 0.090 (0.062) | 0.079 (0.070) | −0.097* (0.046) | |||
| PE/I | −0.205*** (0.041) | −0.138* (0.061) | −0.076+ (0.041) | −0.042 (0.037) | −0.055 (0.046) | 0.027 (0.040) | 0.002 (0.041) | −0.034 (0.052) | −0.032 (0.058) | −0.060 (0.038) | |||
| Slack2009 | CR | 0.568+ (0.325) | 0.361 (0.222) | 0.258 (0.203) | 0.156 (0.249) | 0.037 (0.222) | −0.046 (0.224) | 0.028 (0.284) | 0.184 (0.319) | −0.218 (0.211) | |||
| D/E | 0.061 (0.051) | 0.059+ (0.035) | 0.052 (0.032) | 0.013 (0.039) | 0.027 (0.035) | −0.008 (0.035) | 0.034 (0.045) | 0.070 (0.050) | 0.001 (0.033) | ||||
| PE/I | −0.225*** (0.053) | −0.123*** (0.036) | −0.083* (0.033) | −0.077+ (0.040) | −0.024 (0.036) | −0.027 (0.036) | −0.058 (0.046) | −0.068 (0.052) | −0.061+ (0.034) | ||||
| Slack2010 | CR | 0.916** (0.325) | 0.484 (0.304) | 0.381 (0.372) | 0.178 (0.332) | 0.202 (0.334) | 0.335 (0.424) | 0.439 (0.477) | −0.139 (0.316) | ||||
| D/E | −0.073*** (0.022) | −0.042* (0.021) | −0.028 (0.025) | −0.013 (0.022) | −0.017 (0.023) | −0.019 (0.029) | 0.001 (0.032) | −0.025 (0.021) | |||||
| PE/I | −0.147*** (0.034) | −0.077** (0.032) | −0.076+ (0.039) | −0.028 (0.035) | −0.036 (0.035) | −0.073 (0.044) | −0.062 (0.050) | −0.078* (0.033) | |||||
| Slack2011 | CR | 0.635** (0.232) | 0.221 (0.287) | 0.295 (0.255) | 0.263 (0.257) | 0.219 (0.328) | 0.331 (0.368) | 0.004 (0.243) | |||||
| D/E | −0.117* (0.045) | −0.050 (0.056) | 0.011 (0.050) | 0.006 (0.050) | 0.010 (0.064) | 0.038 (0.072) | −0.091 (0.048) | ||||||
| PE/I | −0.104** (0.033) | −0.089* (0.041) | −0.035 (0.037) | −0.057 (0.037) | −0.085+ (0.047) | −0.072 (0.053) | −0.08*1 (0.035) | ||||||
| Slack2012 | CR | 0.575* (0.282) | 0.400 (0.254) | 0.295 (0.255) | 0.306 (0.325) | 0.453 (0.366) | −0.141 (0.241) | ||||||
| D/E | 0.038 (0.172) | 0.195 (0.154) | 0.319* (0.155) | 0.375+ (0.198) | 0.109 (0.223) | −0.486*** (0.146) | |||||||
| PE/I | −0.166*** (0.041) | −0.067+ (0.037) | −0.068+ (0.037) | −0.093* (0.047) | −0.107* (0.053) | −0.079* (0.035) | |||||||
| Slack2013 | CR | 0,728** (0,275) | 0,534+ (0,279) | 0,401+ (0,355) | 0,725+ (0,400) | -0,104*** (0,263) | |||||||
| D/E | −0.253 (0.172) | −0.042 (0.175) | −0.405 (0.223) | −0.042 (0.251) | −0.642 (0.165) | ||||||||
| PE/I | −0,135∗∗∗ (0,037) | −0,117∗∗ (0,037) | −0,151∗∗ (0,048) | −0,143∗∗ (0,054) | −0,092∗∗ (0,035) | ||||||||
| Slack2014 | CR | 0.470+ (0.251) | 0.221 (0.319) | 0.506 (0.360) | −0.141 (0.235) | ||||||||
| D/E | −0.158 (0.150) | −0.406* (0.191) | −0.038 (0.215) | −0.607*** (0.141) | |||||||||
| PE/I | −0.119** (0.039) | −0.153** (0.050) | −0.146** (0.056) | −0.104** (0.037) | |||||||||
| Slack2015 | CR | 0.873** (0.286) | 0.642+ (0.334) | −0.137 (0.219) | |||||||||
| D/E | 0.027 (0.152) | 0.099 (0.178) | −0.551*** (0.116) | ||||||||||
| PE/I | −0.321*** (0.045) | −0.165** (0.052) | −0.116*** (0.034) | ||||||||||
| Slack2016 | CR | 1.124** (0.354) | 0.156** (0.236) | ||||||||||
| D/E | 0.084 (0.242) | −0.446 (0.162) | |||||||||||
| PE/I | −0.203*** (0.054) | −0.149*** (0.036) | |||||||||||
| Slack2017 | CR | (0.455)* (0.212) | |||||||||||
| D/E | (−0.19) (0.152) | ||||||||||||
| PE/I | (−0.16)*** |
| ROA06 | ROA07 | ROA08 | ROA09 | ROA10 | ROA11 | ROA12 | ROA13 | ROA14 | ROA15 | ROA16 | ROA17 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Slack2006 | CR | 2.947*** | 2.436*** | 1.618*** | 1.091 | 1.284** | 0.253 | 0.176 | 0.766+ | 0.625 | −0.155 | 0.665 | −0.066 (0.429) |
| D/E | −0.084 | 0.029 | −0.191 | 0.035 | −0.154 | −0.296** | −0.234+ | −0.012 | 0.132 | −0.109 | 0.177 | −0.300** | |
| PE/I | −0.190*** | −0.155*** | −0.158*** | −0.116+ | −0.054 | 0.012 | −0.015 | 0.061 | 0.022 | −0.018 | −0.033 | −0.050 (0.040) | |
| Slack2007 | CR | 2.415*** | 1.517*** | 0.987 | 1.182** | 0.722+ | 0.466 | 0.736+ | 0.405 | 0.453 | 0.638 | −0.187 | |
| D/E | 0.130* | 0.054 | 0.087 | 0.091 | −0.020 | 0.044 | 0.133+ | 0.086 | 0.017 | 0.118 | −0.095 | ||
| PE/I | −0.149*** | −0.146*** | −0.104 | −0.050 | −0.014 | −0.013 | 0.059 | 0.025 | −0.011 | −0.016 | −0.050 | ||
| Slack2008 | CR | 0.710*** | 0.255 | 0.255 | 0.132 | 0.085 | 0.055 | −0.089 | 0.013 | 0.215 | −0.146 | ||
| D/E | −0.149** | 0.013* | −0.091 | −0.044 | −0.054 | 0.097* | 0.009 | 0.090 | 0.079 | −0.097* | |||
| PE/I | −0.205*** | −0.138* | −0.076+ | −0.042 | −0.055 | 0.027 | 0.002 | −0.034 | −0.032 | −0.060 | |||
| Slack2009 | CR | 0.568+ | 0.361 | 0.258 | 0.156 | 0.037 | −0.046 | 0.028 | 0.184 | −0.218 | |||
| D/E | 0.061 | 0.059+ | 0.052 | 0.013 | 0.027 | −0.008 | 0.034 | 0.070 | 0.001 | ||||
| PE/I | −0.225*** | −0.123*** | −0.083* | −0.077+ | −0.024 | −0.027 | −0.058 | −0.068 | −0.061+ | ||||
| Slack2010 | CR | 0.916** | 0.484 | 0.381 | 0.178 | 0.202 | 0.335 | 0.439 | −0.139 | ||||
| D/E | −0.073*** | −0.042* | −0.028 | −0.013 | −0.017 | −0.019 | 0.001 | −0.025 | |||||
| PE/I | −0.147*** | −0.077** | −0.076+ | −0.028 | −0.036 | −0.073 | −0.062 | −0.078* | |||||
| Slack2011 | CR | 0.635** | 0.221 | 0.295 | 0.263 | 0.219 | 0.331 | 0.004 | |||||
| D/E | −0.117* | −0.050 | 0.011 | 0.006 | 0.010 | 0.038 | −0.091 | ||||||
| PE/I | −0.104** | −0.089* | −0.035 | −0.057 | −0.085+ | −0.072 | −0.08*1 | ||||||
| Slack2012 | CR | 0.575* | 0.400 | 0.295 | 0.306 | 0.453 | −0.141 | ||||||
| D/E | 0.038 | 0.195 | 0.319* | 0.375+ | 0.109 | −0.486*** | |||||||
| PE/I | −0.166*** | −0.067+ | −0.068+ | −0.093* | −0.107* | −0.079* | |||||||
| Slack2013 | CR | 0,728** | 0,534+ | 0,401+ | 0,725+ | -0,104*** | |||||||
| D/E | −0.253 | −0.042 | −0.405 | −0.042 | −0.642 | ||||||||
| PE/I | −0,135∗∗∗ | −0,117∗∗ | −0,151∗∗ | −0,143∗∗ | −0,092∗∗ | ||||||||
| Slack2014 | CR | 0.470+ | 0.221 | 0.506 | −0.141 | ||||||||
| D/E | −0.158 | −0.406* | −0.038 | −0.607*** | |||||||||
| PE/I | −0.119** | −0.153** | −0.146** | −0.104** | |||||||||
| Slack2015 | CR | 0.873** | 0.642+ | −0.137 | |||||||||
| D/E | 0.027 | 0.099 | −0.551*** | ||||||||||
| PE/I | −0.321*** | −0.165** | −0.116*** | ||||||||||
| Slack2016 | CR | 1.124** | 0.156** (0.236) | ||||||||||
| D/E | 0.084 | −0.446 | |||||||||||
| PE/I | −0.203*** | −0.149*** | |||||||||||
| Slack2017 | CR | (0.455)* | |||||||||||
| D/E | (−0.19) (0.152) | ||||||||||||
| PE/I | (−0.16)*** |
Note(s): Standard errors in parentheses; +p < 0.10, *p < 0.05, **p < 0.01, ***p < 0.001
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