Table 5 Panel FE Estimates: Firm size,...

Table 5

Panel FE Estimates: Firm size, growth and profitability (All and Country-wise)

	All	China	Hong-Kong	Indonesia	India	Israel	Japan	South-Korea	Malaysia	Pakistan	Philippines	Singapore	Thailand
ROA_it−1	0.278***	0.283***	0.337***	0.108*	0.337***	0.362***	0.272***	0.142***	0.325***	0.469***	0.384***	0.238***	0.294***
	(0.007)	(0.014)	(0.047)	(0.043)	(0.016)	(0.061)	(0.012)	(0.017)	(0.028)	(0.039)	(0.088)	(0.034)	(0.058)
S_it	−0.730***	−1.163***	−0.441	−0.018	−1.240***	−3.123***	−0.128	−0.332	−0.497	−0.461	−0.315	−0.243	−1.990**
	(0.062)	(0.124)	(0.389)	(0.208)	(0.194)	(0.788)	(0.113)	(0.237)	(0.269)	(0.611)	(0.558)	(0.342)	(0.635)
ΔS_it	0.019***	0.002	0.023*	0.032*	0.014***	0.016	0.054***	0.040***	0.033***	0.001	0.045*	0.031***	0.009
	(0.001)	(0.001)	(0.012)	(0.014)	(0.002)	(0.009)	(0.003)	(0.003)	(0.005)	(0.007)	(0.022)	(0.006)	(0.009)
LEV_it	−1.724***	−1.645***	−3.286***	−3.386***	−1.641***	−0.921**	−1.419***	−2.327***	−2.179***	−2.228***	−2.653***	−2.870***	−2.282***
	(0.046)	(0.109)	(0.676)	(0.526)	(0.098)	(0.291)	(0.069)	(0.125)	(0.306)	(0.311)	(0.689)	(0.425)	(0.465)
COMP_it	0.703***	0.044	2.424*	2.514	0.287	0.339	0.553	0.802	1.186*	1.252***	0.634	1.600	0.738
	(0.186)	(0.377)	(1.142)	(2.161)	(0.502)	(1.038)	(0.302)	(0.543)	(0.566)	(1.085)	(1.487)	(0.877)	(1.137)
TANG_it	−0.030***	−0.031***	−0.006	−0.120***	−0.023***	−0.007	−0.029***	−0.027***	−0.027***	−0.032*	−0.046	−0.027*	−0.005
	(0.002)	(0.004)	(0.017)	(0.023)	(0.005)	(0.023)	(0.003)	(0.006)	(0.006)	(0.016)	(0.025)	(0.011)	(0.013)
ΔGDP_it	0.114***	0.122**	0.125	0.129	0.179**	0.176*	0.048***	0.065	0.034	0.009	0.439	0.051	0.035
	(0.010)	(0.044)	(0.088)	(0.178)	(0.064)	(0.078)	(0.012)	(0.034)	(0.041)	(0.191)	(0.297)	(0.033)	(0.118)
MCR_it	0.003**	0.022***	0.056*	0.138	0.011	0.060*	0.008***	0.014**	0.008**	0.085	0.039	0.015**	0.025
	(0.001)	(0.003)	(0.026)	(0.103)	(0.004)	(0.025)	(0.002)	(0.005)	(0.003)	(0.064)	(0.042)	(0.005)	(0.024)
CONS	10.943***	14.045***	−15.463	17.086***	15.611***	16.752***	4.784***	1.523	6.644***	7.410	10.051*	1.916	19.919***
	(0.618)	(1.298)	(8.240)	(4.573)	(1.666)	(4.655)	(1.255)	(2.779)	(1.623)	(3.849)	(5.013)	(1.954)	(5.005)
Obs.	97966	20850	966	690	13162	626	39925	10258	5329	1378	498	2963	1321
Adj.R²	0.218	0.233	0.268	0.322	0.271	0.261	0.265	0.200	0.248	0.372	0.367	0.245	0.256
F	336.641	155.171	11.646	56.025	114.080	28.069	166.011	37.311	29.190	30.994	17.603	25.671	10.946
p	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
rho	0.569	0.440	0.660	0.623	0.511	0.777	0.482	0.535	0.493	0.419	0.584	0.512	0.596
df_m	27	17	22	24	17	22	25	25	25	24	24	25	25

	All	China	Hong-Kong	Indonesia	India	Israel	Japan	South-Korea	Malaysia	Pakistan	Philippines	Singapore	Thailand
ROA_it−1	0.278***	0.283***	0.337***	0.108*	0.337***	0.362***	0.272***	0.142***	0.325***	0.469***	0.384***	0.238***	0.294***
	(0.007)	(0.014)	(0.047)	(0.043)	(0.016)	(0.061)	(0.012)	(0.017)	(0.028)	(0.039)	(0.088)	(0.034)	(0.058)
S_it	−0.730***	−1.163***	−0.441	−0.018	−1.240***	−3.123***	−0.128	−0.332	−0.497	−0.461	−0.315	−0.243	−1.990**
	(0.062)	(0.124)	(0.389)	(0.208)	(0.194)	(0.788)	(0.113)	(0.237)	(0.269)	(0.611)	(0.558)	(0.342)	(0.635)
ΔS_it	0.019***	0.002	0.023*	0.032*	0.014***	0.016	0.054***	0.040***	0.033***	0.001	0.045*	0.031***	0.009
	(0.001)	(0.001)	(0.012)	(0.014)	(0.002)	(0.009)	(0.003)	(0.003)	(0.005)	(0.007)	(0.022)	(0.006)	(0.009)
LEV_it	−1.724***	−1.645***	−3.286***	−3.386***	−1.641***	−0.921**	−1.419***	−2.327***	−2.179***	−2.228***	−2.653***	−2.870***	−2.282***
	(0.046)	(0.109)	(0.676)	(0.526)	(0.098)	(0.291)	(0.069)	(0.125)	(0.306)	(0.311)	(0.689)	(0.425)	(0.465)
COMP_it	0.703***	0.044	2.424*	2.514	0.287	0.339	0.553	0.802	1.186*	1.252***	0.634	1.600	0.738
	(0.186)	(0.377)	(1.142)	(2.161)	(0.502)	(1.038)	(0.302)	(0.543)	(0.566)	(1.085)	(1.487)	(0.877)	(1.137)
TANG_it	−0.030***	−0.031***	−0.006	−0.120***	−0.023***	−0.007	−0.029***	−0.027***	−0.027***	−0.032*	−0.046	−0.027*	−0.005
	(0.002)	(0.004)	(0.017)	(0.023)	(0.005)	(0.023)	(0.003)	(0.006)	(0.006)	(0.016)	(0.025)	(0.011)	(0.013)
ΔGDP_it	0.114***	0.122**	0.125	0.129	0.179**	0.176*	0.048***	0.065	0.034	0.009	0.439	0.051	0.035
	(0.010)	(0.044)	(0.088)	(0.178)	(0.064)	(0.078)	(0.012)	(0.034)	(0.041)	(0.191)	(0.297)	(0.033)	(0.118)
MCR_it	0.003**	0.022***	0.056*	0.138	0.011	0.060*	0.008***	0.014**	0.008**	0.085	0.039	0.015**	0.025
	(0.001)	(0.003)	(0.026)	(0.103)	(0.004)	(0.025)	(0.002)	(0.005)	(0.003)	(0.064)	(0.042)	(0.005)	(0.024)
CONS	10.943***	14.045***	−15.463	17.086***	15.611***	16.752***	4.784***	1.523	6.644***	7.410	10.051*	1.916	19.919***
	(0.618)	(1.298)	(8.240)	(4.573)	(1.666)	(4.655)	(1.255)	(2.779)	(1.623)	(3.849)	(5.013)	(1.954)	(5.005)
Obs.	97966	20850	966	690	13162	626	39925	10258	5329	1378	498	2963	1321
Adj.R²	0.218	0.233	0.268	0.322	0.271	0.261	0.265	0.200	0.248	0.372	0.367	0.245	0.256
F	336.641	155.171	11.646	56.025	114.080	28.069	166.011	37.311	29.190	30.994	17.603	25.671	10.946
p	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
rho	0.569	0.440	0.660	0.623	0.511	0.777	0.482	0.535	0.493	0.419	0.584	0.512	0.596
df_m	27	17	22	24	17	22	25	25	25	24	24	25	25

Note(s): 1. The dependent variable is return on assets (ROA_it). ROE was also used as dependent variable. Largely, the regression estimates of ROE were found to be consistent with the results of ROA. Therefore, to conserve space the results are not reported. 2. Total assets are used as size measure (S_it). 3. The panel firm size, growth and profitability regression model was also estimated using net sales as alternate size variable. The regression estimates were found to be consistent with the results of total assets. Therefore, to conserve space the results are not reported. 4. Heteroscedasticity-consistent robust standard errors are reported in parentheses. 5. Hausman specification test was conducted for appropriate model selection. For all the cases, the Hausman test p-values were small enough to point to a fixed effects model. 6. Year dummies are included in all the regression models. 7. ***, ** and * denotes significance at 0.001, 0.01 and 0.05 percentage respectively

Source(s): Authors' estimations based on COMPUSTAT Global Database and World Bank Database

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