Table 4. Regression by country –...

Table 4.

Regression by country – performance variable operating margin – OM

Countries	Argentina			Brazil			Chile			Colombia			Mexico			Peru
Variables	H1m	H2m	H3m	H1m	H2m	H3m	H1m	H2m	H3m	H1m	H2m	H3m	H1m	H2m	H3m	H1m	H2m	H3m
RIA	−0.283			−0.134***						−0.093
ID		0.006**			0.019***			0.005			0.007			0.0024			0.049***
Tobin			0.026**			0.047***			0.028**			0.007			0.0073			0.113***
CL	0.018	0.020	0.019	0.010**	0.012**	0.011**	0.009	0.008	0.008	0.017	0.017	0.017	0.002	0.002	0.002	0.010*	0.009	0.009
OE	0.0001	0.0003	0.0002	0.003***	0.003***	0.003***	0.001	0.001	0.001				0.0005	0.0005	0.0005	0.001	0.001	0.001
IND	−0.03***	−0.03***	−0.03***	−0.048***	−0.048***	−0.049***	−0.047***	−0.047***	−0.049***	−0.12***	−0.11***	−0.11***	−0.095***	−0.095***	−0.094***	−0.04**	−0.04**	−0.05***
SIZ	0.086*	0.092*	0.098*	0.162***	0.145***	0.141***	0.106	0.108	0.111	0.122**	0.122**	0.120**	0.066	0.066	0.066	0.048	0.088**	0.088**
Notes	386	386	386	3,407	3,407	3,407	1,367	1367	1,367	207	207	207	769	769	769	815	815	815
Groups	78	78	78	567	567	567	228	228	228	34	34	34	127	127	127	137	137	137
R²	0.1180	0.1366	0.1467	0.0969	0.0837	0.0984	0.0239	0.0245	0.0269	0.1905	0.1899	0.1884	0.0927	0.0932	0.0932	0.1198	0.0878	0.1072
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	H1m	H2m	H3m	H1m	H2m	H3m	H1m	H2m	H3m	H1m	H2m	H3m	H1m	H2m	H3m	H1m	H2m	H3m
RIA	−0.283			−0.134***						−0.093
ID		0.006**			0.019***			0.005			0.007			0.0024			0.049***
Tobin			0.026**			0.047***			0.028**			0.007			0.0073			0.113***
CL	0.018	0.020	0.019	0.010**	0.012**	0.011**	0.009	0.008	0.008	0.017	0.017	0.017	0.002	0.002	0.002	0.010*	0.009	0.009
OE	0.0001	0.0003	0.0002	0.003***	0.003***	0.003***	0.001	0.001	0.001				0.0005	0.0005	0.0005	0.001	0.001	0.001
IND	−0.03***	−0.03***	−0.03***	−0.048***	−0.048***	−0.049***	−0.047***	−0.047***	−0.049***	−0.12***	−0.11***	−0.11***	−0.095***	−0.095***	−0.094***	−0.04**	−0.04**	−0.05***
SIZ	0.086*	0.092*	0.098*	0.162***	0.145***	0.141***	0.106	0.108	0.111	0.122**	0.122**	0.120**	0.066	0.066	0.066	0.048	0.088**	0.088**
Notes	386	386	386	3,407	3,407	3,407	1,367	1367	1,367	207	207	207	769	769	769	815	815	815
Groups	78	78	78	567	567	567	228	228	228	34	34	34	127	127	127	137	137	137
R²	0.1180	0.1366	0.1467	0.0969	0.0837	0.0984	0.0239	0.0245	0.0269	0.1905	0.1899	0.1884	0.0927	0.0932	0.0932	0.1198	0.0878	0.1072
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: OM – operating margin; 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.

The 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 the intangibility variables, OE was disregarded in the econometric model for Colombia

Source: Research data

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