Table 3. Regression by country –...

Table 3.

Regression by country – performance variable return on assets – ROA

Countries	Argentina			Brazil			Chile			Colombia			Mexico			Peru
Variables	H1a	H2a	H3a	H1a	H2a	H3a	H1a	H2a	H3a	H1a	H2a	H3a	H1a	H2a	H3a	H1a	H2a	H3a
RIA	−0.471			−3.456**						−0.906
DI		0.712***			1.379***			0.757***			0.662			0.486**			2.442***
Tobin			2.513***			3.884***			1.755***			0.970			1.259***			5.728***
CL	3.301***	3.078***	2.696***	0.045	0.047	0.015	0.066	0.0797	0.059	1.06**	1.05**	1.04**	0.052	0.030	−0.007	0.340*	0.342**	0.341**
OE	−0.023	0.001	0.004	0.087***	0.086***	0.086***	−0.0007	0.005	0.001				0.067	0.062	0.064	−0.014	−0.037	−0.011
IND	−2.31***	−2.70***	−2.32***	−1.94***	−1.99***	−2.09***	−2.19***	−2.08***	−2.25***	−2.78***	−2.54**	−2.54**	−3.40***	−3.41***	−3.27***	−2.83**	−2.70**	−3.54***
SIZ	0.591	0.598	0.619	5.535***	5.065***	4.766***	1.388***	1.159***	1.087***	1.96**	1.59**	1.66**	−1.131	−1.134	−1.007	−3.28*	−1.680	−1.539
Notes	386	386	386	3,668	3,668	3,668	1,403	1,403	1,403	202	202	202	769	769	769	817	817	817
Groups	78	78	78	608	608	608	234	234	234	34	34	34	127	127	127	140	140	140
R²	0.3155	0.3543	0.3786	0.088	0.1081	0.1188	0.1232	0.1783	0.1788	0.1184	0.1155	0.1116	0.1542	0.1674	0.1720	0.052	0.1456	0.1819
VIF	<10	<10	<10	<10	<10	<10	<10	<10	<10	<10	<10	<10	<10	<10	<10	<10	<10	<10
Breush-Pagan	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
Hausman	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
Fixed effect	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes

Countries	Argentina			Brazil			Chile			Colombia			Mexico			Peru
Variables	H1a	H2a	H3a	H1a	H2a	H3a	H1a	H2a	H3a	H1a	H2a	H3a	H1a	H2a	H3a	H1a	H2a	H3a
RIA	−0.471			−3.456**						−0.906
DI		0.712***			1.379***			0.757***			0.662			0.486**			2.442***
Tobin			2.513***			3.884***			1.755***			0.970			1.259***			5.728***
CL	3.301***	3.078***	2.696***	0.045	0.047	0.015	0.066	0.0797	0.059	1.06**	1.05**	1.04**	0.052	0.030	−0.007	0.340*	0.342**	0.341**
OE	−0.023	0.001	0.004	0.087***	0.086***	0.086***	−0.0007	0.005	0.001				0.067	0.062	0.064	−0.014	−0.037	−0.011
IND	−2.31***	−2.70***	−2.32***	−1.94***	−1.99***	−2.09***	−2.19***	−2.08***	−2.25***	−2.78***	−2.54**	−2.54**	−3.40***	−3.41***	−3.27***	−2.83**	−2.70**	−3.54***
SIZ	0.591	0.598	0.619	5.535***	5.065***	4.766***	1.388***	1.159***	1.087***	1.96**	1.59**	1.66**	−1.131	−1.134	−1.007	−3.28*	−1.680	−1.539
Notes	386	386	386	3,668	3,668	3,668	1,403	1,403	1,403	202	202	202	769	769	769	817	817	817
Groups	78	78	78	608	608	608	234	234	234	34	34	34	127	127	127	140	140	140
R²	0.3155	0.3543	0.3786	0.088	0.1081	0.1188	0.1232	0.1783	0.1788	0.1184	0.1155	0.1116	0.1542	0.1674	0.1720	0.052	0.1456	0.1819
VIF	<10	<10	<10	<10	<10	<10	<10	<10	<10	<10	<10	<10	<10	<10	<10	<10	<10	<10
Breush-Pagan	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
Hausman	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
Fixed effect	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes

Notes:

Significance levels: 1% (***), 5% (**), 10% (*).

Variables: ROA – return on assets; RIA – representativeness of the intangible asset; DI – degree of intangibility; Tobin – Tobin’s Q; CL – current liquidity; OE – operational efficiency index; IND – indebtedness; SIZ – size.

The VIF test did not find multicollinearity among the variables of the econometric models.

Breusch-Pagan and Hausman tests were applied, indicating the use of the panel data model with fixed effects.

Chile, Mexico and Peru did not present a coefficient in the regressions for RIA because data for those countries was not available in the Economatica® database.

Due to the collinearity with intangibility variables, OE was disregarded in the econometric model for Colombia

Source: Research data

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