Table VI. Regression analysis results:... | Emerald Publishing

Table VI.

Regression analysis results: Model 3 (A and B) for financial performance and HCE

Variables	ROA		ROE
Variables	Coefficient	t-statistic	Coefficient	t-statistic
Constant	−0.073	−4.082	−0.094	−3.204
HCE	0.574	6.458***	0.462	4.999***
SIZE	−0.017	−0.185	0.044	0.469
LEVERAGE	0.137	1.539	0.219	2.367**
Adjusted R²	0.362		0.310
F Value	18.195***		14.606***

Variables	ROA		ROE
Variables	Coefficient	t-statistic	Coefficient	t-statistic
Constant	−0.073	−4.082	−0.094	−3.204
HCE	0.574	6.458***	0.462	4.999***
SIZE	−0.017	−0.185	0.044	0.469
LEVERAGE	0.137	1.539	0.219	2.367**
Adjusted R²	0.362		0.310
F Value	18.195***		14.606***

Notes:

*** significant at 0.01 level; ** significant at 0.05