Table 6

Analysis of time symmetry (ROE)

ROE06ROE07ROE08ROE09ROE10ROE11ROE12ROE13ROE14ROE15ROE16ROE17
Slack2006CR5.265***
(1.606)		10.792+
(6.036)		14.151*
(5.766)		−2.509
(6.959)		−5.830
(6.889)		−1.098
(1.230)		2.970
(1.904)		2.736+
(1.644)		6.237***
(1.865)		3.692
(2.518)		7.681**
(2.452)		0.181
(1.076)
D/E3.625***
(0.416)		15.987***
(1.563)		8.126***
(1.494)		3.024+
(1.802)		−12.752***
(1.784)		−0.167
(0.318)		0.803
(0.493)		1.855***
(0.426)		4.676***
(0.483)		3.154***
(0.652)		7.777***
(0.635)		1.764***
(0.278)
PE/I−0.889***
(0.152)		0.150
(0.573)		−1.290*
(0.547)		−0.393
(0.660)		0.005
(0.653)		−0.199+
(0.116)		−0.383*
(0.180)		0.091
(0.156)		0.041
(0.177)		−0.680**
(0.239)		−0.338
(0.232)		−0.315**
(0.102)
Slack2007CR −3.901
(6.026)		−1.774
(5.466)		−4.109
(6.444)		2.872
(6.683)		−0.236
(1.136)		2.215
(1.715)		1.776
(1.530)		3.158+
(1.836)		1.193
(2.369)		2.308
(2.465)		−1.126
(1.018)
D/E −5.193***
(1.009)		2.571**
(0.915)		0.932
(1.079)		−2.545*
(1.119)		0.190
(0.190)		1.485***
(0.287)		0.949***
(0.256)		1.736***
(0.307)		1.181**
(0.396)		3.186***
(0.412)		0.753***
(0.170)
PE/I −0.378
(0.627)		−0.881
(0.569)		−0.508
(0.671)		−0.837
(0.696)		−0.196+
(0.118)		−0.245
(0.178)		0.132
(0.159)		0.179
(0.191)		−0.507*
(0.246)		−0.056
(0.256)		−0.225*
(0.106)
Slack2008CR  0.603
(2.683)		−1.641
(3.198)		0.185
(2.568)		0.048
(0.547)		0.837
(0.868)		0.333
(0.751)		0.744
(0.928)		0.874
(1.151)		0.951
(1.252)		−0.279
(0.503)
D/E  −2.792***
(0.626)		1.544*
(0.747)		−10.521***
(0.599)		0.684***
(0.127)		0.731***
(0.202)		0.946***
(0.175)		0.996***
(0.216)		1.503***
(0.268)		1.864***
(0.292)		0.590***
(0.117)
PE/I  −1.444**
(0.526)		−0.640
(0.627)		−1.305**
(0.504)		−0.240*
(0.107)		−0.351*
(0.170)		0.059
(0.147)		0.046
(0.182)		−0.517*
(0.226)		−0.233
(0.245)		−0.269**
(0.098)
Slack2009CR   −2.218
(2.765)		1.407
(3.572)		0.020
(0.600)		0.305
(0.929)		−0.117
(0.820)		0.536
(1.007)		−0.171
(1.268)		0.708
(1.385)		−0.682
(0.550)
D/E   −6.667***
(0.438)		0.012
(0.566)		0.154
(0.095)		0.374*
(0.147)		0.294*
(0.130)		0.248
(0.159)		0.314
(0.201)		0.344
(0.219)		0.046(0.087)
PE/I   −1.055*
(0.452)		−0.327
(0.584)		−0.264**
(0.098)		−0.402**
(0.151)		−0.098
(0.134)		−0.116
(0.164)		−0.473*
(0.207)		−0.414+
(0.226)		−0.273**
(0.090)
Slack2010CR    −1.318
(2.014)		−0.094
(0.890)		0.193
(1.386)		−0.493
(1.210)		0.864
(1.505)		−0.970
(1.891)		1.613
(2.073)		−0.758
(0.820)
D/E    −7.152***
(0.139)		0.171**
(0.061)		0.253**
(0.095)		0.325***
(0.083)		0.073
(0.104)		0.151
(0.130)		0.075
(0.143)		0.002
(0.056)
PE/I    −0.833***
(0.212)		−0.262**
(0.094)		−0.369*
(0.146)		−0.055
(0.127)		−0.122
(0.159)		−0.494*
(0.199)		−0.355
(0.219)		−0.307***
(0.086)
Slack2011CR     0.241
(0.690)		0.192
(1.028)		−0.346
(0.933)		0.544
(1.151)		−0.292
(1.455)		1.044
(1.594)		−0.233
(0.630)
D/E     0.032
(0.136)		1.292***
(0.202)		0.698***
(0.184)		0.576*
(0.226)		0.265
(0.286)		0.339
(0.314)		−0.125
(0.124)
PE/I     −0.328***
(0.100)		−0.335*
(0.149)		−0.015
(0.135)		−0.121
(0.167)		−0.576**
(0.211)		−0.403+
(0.231)		−0.369***
(0.091)
Slack2012CR      0.730
(1.062)		−0.493
(0.942)		1.117
(1.147)		−1.517
(1.403)		1.821
(1.579)		−0.407
(0.628)
D/E      −0.471
(0.647)		−0.923
(0.573)		1.496*
(0.698)		−4.784***
(0.854)		2.304*
(0.961)		−0.592
(0.382)
PE/I      −0.587***
(0.154)		−0.153
(0.137)		−0.250
(0.167)		−0.652**
(0.204)		−0.479*
(0.230)		−0.353***
(0.091)
Slack2013CR       −1.310
(0.942)		1.268
(1.258)		−1.678
(1.540)		2.833
(1.722)		−0.250
(0.688)
D/E       −5.569***
(0.591)		−0.522
(0.789)		−5.210***
(0.966)		2.795**
(1.081)		−0.502
(0.432)
PE/I       −0.347**
(0.127)		−0.385*
(0.170)		−0.743***
(0.209)		−0.598*
(0.233)		−0.388***
(0.093)
Slack2014CR        1.489
(1.128)		−0.934
(1.419)		3.014*
(1.468)		−0.119
(0.616)
D/E        0.622
(0.676)		−2.148*
(0.849)		6.557***
(0.879)		0.558
(0.369)
PE/I        −0.405*
(0.177)		−0.730***
(0.223)		−0.528*
(0.230)		−0.400***
(0.096)
Slack2015CR         −1.444
(1.265)		2.507+
(1.334)		−0.228
(0.567)
D/E         −4.909***
(0.672)		6.477***
(0.709)		1.070***
(0.301)
PE/I         −0.691***
(0.199)		−0.497*
(0.210)		−0.401***
(0.089)
Slack2016CR          3.600*
(1.464)		0.253
(0.602)
D/E          7.221***
(1.005)		1.384***
(0.413)
PE/I          −0.641**
(0.225)		−0.484***
(0.092)
Slack2017CR           −0.226
(0.486)
D/E           −3.839***
(0.349)
PE/I           −0.550***
(0.083)

Note(s): Standard errors in parentheses; +p < 0.10, *p < 0.05, **p < 0.01, ***p < 0.001

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