Pearson correlations
| Model 1: H1 variables | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Variable | Industry sector | Service sector | Both sectors | |||||||||
| ROA | SIZE | MCAP | LA | ROA | SIZE | MCAP | LA | ROA | SIZE | MCAP | LA | |
| ROA p-value | ||||||||||||
| SIZE p-value | 0.3139*** (0.0000) | 0.0133 (0.4685) | 0.1876*** (0.0000) | |||||||||
| MCAP p-value | 0.1774*** (0.0000) | 0.5999*** (0.0000) | −0.0403 (0.3357) | 0.2700*** (0.0000) | 0.0333*** (0.0090) | 0.3333*** (0.0000) | ||||||
| LA p-value | −0.0273** (0.0220) | 0.0629*** (0.0004) | 0.0554*** (0.0017) | −0.0149** (0.0290) | −0.0485*** (0.0085) | −0.0175 (0.9243) | −0.0176*** (0.0000) | −0.0560 (0.1671) | 0.0160 (0.2085) | |||
| Model 2: H2 variables | ||||||||||||
| Variable | Industry sector | Service sector | Both sectors | |||||||||
| Tobin’ | SIZE | NE | OC | Tobin' s Q | SIZE | NE | OC | Tobin’ s Q | SIZE | NE | OC | |
| Tobin's Q p-value | ||||||||||||
| SIZE p-value | −0.3942 (0.4771) | 0.0961 (0.2001) | 0.2879 (0.3057) | |||||||||
| NE p-value | −0.0266*** (0.0000) | −0.5438*** (0.0000) | 0.0646 (0.5849) | −0.4405*** (0.0000) | −0.0329*** (0.0082) | −0.4743*** (0.0000) | ||||||
| OC p-value | 0.0131** (0.0147) | 0.0438** (0.0172) | −0.0246* (0.0637) | −0.0380*** (0.0006) | 0.0240** (0.0427) | −0.0198*** (0.0000) | −0.0255** (0.0504) | 0.0359*** (0.0069) | −0.0134*** (0.0000) | |||
| Model 1: | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Variable | Industry sector | Service sector | Both sectors | |||||||||
| ROA | SIZE | MCAP | LA | ROA | SIZE | MCAP | LA | ROA | SIZE | MCAP | LA | |
| ROA | ||||||||||||
| SIZE | 0.3139 | 0.0133 (0.4685) | 0.1876 | |||||||||
| MCAP | 0.1774 | 0.5999 | −0.0403 (0.3357) | 0.2700 | 0.0333 | 0.3333 | ||||||
| LA | −0.0273 | 0.0629 | 0.0554 | −0.0149 | −0.0485 | −0.0175 (0.9243) | −0.0176 | −0.0560 (0.1671) | 0.0160 (0.2085) | |||
| Model 2: | ||||||||||||
| Variable | Industry sector | Service sector | Both sectors | |||||||||
| Tobin’ | SIZE | NE | OC | Tobin' s Q | SIZE | NE | OC | Tobin’ s Q | SIZE | NE | OC | |
| Tobin's Q | ||||||||||||
| SIZE | −0.3942 (0.4771) | 0.0961 (0.2001) | 0.2879 (0.3057) | |||||||||
| NE | −0.0266 | −0.5438 | 0.0646 (0.5849) | −0.4405 | −0.0329 | −0.4743 | ||||||
| OC | 0.0131 | 0.0438 | −0.0246 | −0.0380 | 0.0240 | −0.0198 | −0.0255 | 0.0359 | −0.0134 | |||
Note: *, ** and *** indicate statistical significance at the 1%, 5% and 10% levels of confidence, respectively