Impact of loss aversion of investors on the economic performance of US companies
| H1 results | |||
|---|---|---|---|
| Panel Model (1): | |||
| Variables | Industry sector (N = 3,708) | Service sector (N = 3,069) | Both sectors (N = 6,777) |
| Intercept p-value | 0.0467*** (0.0003) | 0.0315*** (0.0000) | 0.0472*** (0.0000) |
| SIZE p-value | −0.0155*** (0.0000) | 0.0641*** (0.0000) | −0.0313*** (0.0000) |
| MCAP p-value | 0.00017* (0.0773) | −0.00035** (0.0184) | 0.00075*** (0.0000) |
| LA p-value | −0.00115*** (0.0012) | −0.00014*** (0.0005) | −0.00028*** (0.0024) |
| R2 (%) (Adjusted R2 ) | 95.23 (95.11) | 54.10 (52.91) | 88.96 (88.68) |
| F-value p-value | 45.448*** (0.0000) | 31.125*** (0.0000) | 75.180*** (0.0000) |
| χ2 p-value | 82.930*** (0.0000) | 35.932*** (0.0089) | 111.58*** (0.0000) |
| Panel Model (1): | |||
|---|---|---|---|
| Variables | Industry sector ( | Service sector ( | Both sectors ( |
| Intercept | 0.0467 | 0.0315*** (0.0000) | 0.0472 |
| SIZE | −0.0155 | 0.0641 | −0.0313 |
| MCAP | 0.00017 | −0.00035 | 0.00075 |
| LA | −0.00115 | −0.00014 | −0.00028 |
| R2 (%) (Adjusted | 95.23 (95.11) | 54.10 (52.91) | 88.96 (88.68) |
| 45.448 | 31.125 | 75.180 | |
| 82.930 | 35.932 | 111.58 | |
Note: *, ** and *** indicate statistical significance at the 1%, 5% and 10% levels of confidence, respectively.