Table 5. Regression by country –...

Table 5.

Regression by country – performance variable asset turnover – AT

Countries	Argentina			Brazil			Chile			Colombia			Mexico			Peru
Variables	H1g	H2g	H3g	H1g	H2g	H3g	H1g	H2g	H3g	H1g	H2g	H3g	H1g	H2g	H3g	H1g	H2g	H3g
RIA	−0.538			−0.071						0.342
ID		0.030***			0.016**			0.036***			0.033			0.014*			0.047***
Tobin			0.106***			0.032			0.035*			0.031			0.029			0.103***
CL	0.050*	0.046*	0.040	−0.005**	−0.005**	−0.005**	−0.016**	−0.017**	−0.017**	0.019	0.013	0.014	−0.001	−0.002	−0.002	−0.001	−0.002	−0.002
OE	−0.004**	−0.003*	−0.003*	−0.0001	−0.0001	−0.0001	−0.001	−0.001	−0.001				0.0008	0.0006	0.0007	0.002	0.001	0.002
IND	−0.014	−0.029	−0.012	−0.006	−0.006	−0.007	0.0007	−0.0034	−0.0008	0.155	0.139	0.136	−0.026	−0.026	−0.022	−0.058	−0.056	−0.071**
SIZ	−0.34***	−0.33***	−0.32***	−0.029	−0.037	−0.039	−0.29***	−0.28***	−0.29***	−0.44***	−0.42**	−0.43**	−0.49***	−0.49***	−0.49***	−0.303**	−0.263**	−0.263**
Notes	386	386	386	3,668	3,668	3,668	1,385	1,385	1,385	207	207	207	769	769	769	829	829	829
Groups	78	78	78	608	608	608	233	233	233	34	34	34	127	127	127	140	140	140
R²	0.1145	0.1193	0.1161	0.0073	0.0104	0.0092	0.0535	0.0702	0.0572	0.1765	0.1812	0.1710	0.1769	0.1851	0.1838	0.0827	0.1211	0.1282
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	H1g	H2g	H3g	H1g	H2g	H3g	H1g	H2g	H3g	H1g	H2g	H3g	H1g	H2g	H3g	H1g	H2g	H3g
RIA	−0.538			−0.071						0.342
ID		0.030***			0.016**			0.036***			0.033			0.014*			0.047***
Tobin			0.106***			0.032			0.035*			0.031			0.029			0.103***
CL	0.050*	0.046*	0.040	−0.005**	−0.005**	−0.005**	−0.016**	−0.017**	−0.017**	0.019	0.013	0.014	−0.001	−0.002	−0.002	−0.001	−0.002	−0.002
OE	−0.004**	−0.003*	−0.003*	−0.0001	−0.0001	−0.0001	−0.001	−0.001	−0.001				0.0008	0.0006	0.0007	0.002	0.001	0.002
IND	−0.014	−0.029	−0.012	−0.006	−0.006	−0.007	0.0007	−0.0034	−0.0008	0.155	0.139	0.136	−0.026	−0.026	−0.022	−0.058	−0.056	−0.071**
SIZ	−0.34***	−0.33***	−0.32***	−0.029	−0.037	−0.039	−0.29***	−0.28***	−0.29***	−0.44***	−0.42**	−0.43**	−0.49***	−0.49***	−0.49***	−0.303**	−0.263**	−0.263**
Notes	386	386	386	3,668	3,668	3,668	1,385	1,385	1,385	207	207	207	769	769	769	829	829	829
Groups	78	78	78	608	608	608	233	233	233	34	34	34	127	127	127	140	140	140
R²	0.1145	0.1193	0.1161	0.0073	0.0104	0.0092	0.0535	0.0702	0.0572	0.1765	0.1812	0.1710	0.1769	0.1851	0.1838	0.0827	0.1211	0.1282
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: AT – asset turnover; 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 in Colombia

Source: Research data

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