Table V. Impact of overconfidence of... | Emerald Publishing

Table V.

Impact of overconfidence of investors on the market performance of US companies

H2 results
Panel Model (2) : ${Tobin’s Q}_{i, t} = {α_{0} + β_{1} {SIZE}_{i, t} + β_{2} {NE}_{i, t} + β_{3} {OC}_{i, t} + ε}_{i, t}$
Variables	Industry sector (N = 3,708)	Service sector (N = 3,069)	Both sectors (N = 6,777)
$I n t e r c e p t$ p-value	1.0614*** (0.0061)	0.1062*** (0.0018)	0.8258*** (0.0000)
$S I Z E$ p-value	−0.4397** (0.0140)	0.0952*** (0.0004)	0.0904*** (0.0000)
$N E$ p-value	−0.00019*** (0.0020)	−0.00007** (0.0483)	−0.00088** (0.0218)
$O C$ p-value	0.0067*** (0.0008)	−0.0032*** (0.0028)	−0.0021*** (0.0000)
R² (%) (Adjusted R² )	51.30 (50.54)	93.04 (92.85)	69.61 (68.74)
F-value p-value	26.544*** (0.0000)	47.157*** (0.0000)	79.931*** (0.0000)
χ2 p-value	48.275** (0.0113)	66.873*** (0.0000)	98.650** (0.0000)

H2 results
Panel Model (2) : ${Tobin’s Q}_{i, t} = {α_{0} + β_{1} {SIZE}_{i, t} + β_{2} {NE}_{i, t} + β_{3} {OC}_{i, t} + ε}_{i, t}$
Variables	Industry sector (N = 3,708)	Service sector (N = 3,069)	Both sectors (N = 6,777)
$I n t e r c e p t$ p-value	1.0614*** (0.0061)	0.1062*** (0.0018)	0.8258*** (0.0000)
$S I Z E$ p-value	−0.4397** (0.0140)	0.0952*** (0.0004)	0.0904*** (0.0000)
$N E$ p-value	−0.00019*** (0.0020)	−0.00007** (0.0483)	−0.00088** (0.0218)
$O C$ p-value	0.0067*** (0.0008)	−0.0032*** (0.0028)	−0.0021*** (0.0000)
R² (%) (Adjusted R² )	51.30 (50.54)	93.04 (92.85)	69.61 (68.74)
F-value p-value	26.544*** (0.0000)	47.157*** (0.0000)	79.931*** (0.0000)
χ2 p-value	48.275** (0.0113)	66.873*** (0.0000)	98.650** (0.0000)

Note: *, ** and *** indicate statistical significance at the 1%, 5% and 10% levels of confidence, respectively