Fixed effects regression results
| FE models | RE models copied from Table 4 | |||
|---|---|---|---|---|
| Variables | Model 1 (modified Jones model) Fixed effect model | Model 2 (Kothari et al. (2005) model) | Model 1 (modified Jones model) | Model 2 (Kothari et al. (2005) model) |
| BIN | 0.0149 (0.0164) | 0.01989 (0.0162) | −0.0390** (0.0197) | −0.0456*** (0.0176) |
| BSZ | 0.0041* (0.0022) | 0.0045* (0.0025) | 0.0049*** (0.0013) | 0.0044*** (0.0011) |
| BA | 0.0004 (0.0008) | 0.0005 (0.0007) | 0.0003 (0.0009) | −0.0002 (0.0007) |
| ACA | −0.0027** (0.0013) | −0.0023 (0.0015) | −0.0030*** (0.0010) | −0.0026*** (0.0009) |
| DEV | 0.0014 (0.0035) | −0.0031 (0.0029) | −0.0031 (0.0052) | −0.0019 (0.0045) |
| BA_DEV | 0.0018** (0.0006) | 0.0015*** (0.0004) | 0.0024** (0.0009) | 0.0024*** (0.0007) |
| ACA_DEV | 0.0025*** (0.0006) | 0.0029*** (0.0007) | 0.0018* (0.0009) | 0.0024** (0.0010) |
| FZ | −0.0027 (0.0106) | −0.0189** (0.0092) | −0.0191*** (0.0061) | −0.0179*** (0.0051) |
| FE | 0.0197** (0.0077) | 0.0079* (0.0082) | 0.0201*** (0.0101) | 0.0155* (0.0086) |
| FG | 0.0428*** (0.0065) | 0.0492*** (0.0060) | 0.0842*** (0.0113) | 0.0726*** (0.0105) |
| FP | −0.0761*** (0.0205) | −0.0384** (0.0195) | −0.0947*** (0.0313) | −0.0688*** (0.0249) |
| FF | −0.0289** (0.0141) | −0.0359** (0.0177) | −0.0355*** (0.0108) | −0.0303*** (0.0102) |
| C | 0.0971 (0.0858) | 0.2314*** (0.0733) | 0.2212*** (0.0487) | 0.2055*** (0.0408) |
| No. of observations | 672 | 672 | 672 | 672 |
| R2 | 41.98% | 37.27% | 16.22% | 14.55% |
| FE models | RE models copied from Table 4 | |||
|---|---|---|---|---|
| Variables | Model 1 (modified Jones model) | Model 2 ( | Model 1 (modified Jones model) | Model 2 ( |
| BIN | 0.0149 (0.0164) | 0.01989 (0.0162) | −0.0390 | −0.0456 |
| BSZ | 0.0041 | 0.0045 | 0.0049 | 0.0044 |
| BA | 0.0004 (0.0008) | 0.0005 (0.0007) | 0.0003 (0.0009) | −0.0002 (0.0007) |
| ACA | −0.0027 | −0.0023 (0.0015) | −0.0030 | −0.0026 |
| DEV | 0.0014 (0.0035) | −0.0031 (0.0029) | −0.0031 (0.0052) | −0.0019 (0.0045) |
| BA_DEV | 0.0018 | 0.0015 | 0.0024 | 0.0024 |
| ACA_DEV | 0.0025 | 0.0029 | 0.0018 | 0.0024 |
| FZ | −0.0027 (0.0106) | −0.0189 | −0.0191 | −0.0179 |
| FE | 0.0197 | 0.0079 | 0.0201 | 0.0155 |
| FG | 0.0428 | 0.0492 | 0.0842 | 0.0726 |
| FP | −0.0761 | −0.0384 | −0.0947 | −0.0688 |
| FF | −0.0289 | −0.0359 | −0.0355 | −0.0303 |
| C | 0.0971 (0.0858) | 0.2314 | 0.2212 | 0.2055 |
| No. of observations | 672 | 672 | 672 | 672 |
| 41.98% | 37.27% | 16.22% | 14.55% | |
Notes:
*, ** and ***denote p-values < 0.10, 0.05, and 0.01, respectively. Robust standard errors are shown in parentheses
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