Estimation results
| Variables | ROA | ROE | ROS |
|---|---|---|---|
| Intercept | –6.734* (–1.880) | –22.180** (–2.410) | –16.176 (–1.560) |
| Compi,t | 11.378*** (2.800) | 25.044** (2.220) | 22.646*** (3.450) |
| –3.247*** (–2.660) | –6.647** (–2.130) | –6.107*** (–3.440) | |
| Fagei,t | –0.005 (−0.320) | –0.027 (–0.880) | –0.033 (–1.000) |
| Sizei,t | 0.175 (1.400) | 0.732* (1.710) | 1.024 (1.430) |
| Labori,t | 0.000 (–0.630) | 0.000 (1.350) | 0.000 (–0.760) |
| Fassi,t | –1.088** (–2.330) | –6.425** (–2.420) | –4.303** (–2.350) |
| Levi,t | –0.247** (–2.530) | –0.033 (–0.030) | –0.435*** (–2.620) |
| Growthi,t | 0.029*** (3.290) | 0.074*** (2.890) | 0.018** (2.520) |
| Perft−1 | 0.458*** (4.440) | 0.703*** (6.750) | 0.262** (2.090) |
| Tradei,t | –2.262*** (–3.220) | –4.443** (–2.560) | –7.148*** (–4.080) |
| Manui,t | –2.213*** (–2.700) | –5.047** (–2.230) | –8.151*** (–4.840) |
| GDPi,t−1 | 0.408** (2.280) | 0.763** (2.200) | 0.383** (2.110) |
| Number of observations | 1,408 | 1,408 | 1,408 |
| Number of groups | 352 | 352 | 352 |
| Wald test | 1,042.010 | 1,297.350 | 329.930 |
| Wald test p-value | 0.000 | 0.000 | 0.000 |
| AR(1) p-value | 0.000 | 0.000 | 0.000 |
| AR(2) p-value | 0.288 | 0.363 | 0.309 |
| Hansen-J test p-value | 0.540 | 0.550 | 0.490 |
| Variables | ROA | ROE | ROS |
|---|---|---|---|
| –6.734 | –22.180 | –16.176 (–1.560) | |
| 11.378 | 25.044 | 22.646 | |
| –3.247 | –6.647 | –6.107 | |
| –0.005 (−0.320) | –0.027 (–0.880) | –0.033 (–1.000) | |
| 0.175 (1.400) | 0.732 | 1.024 (1.430) | |
| 0.000 (–0.630) | 0.000 (1.350) | 0.000 (–0.760) | |
| –1.088 | –6.425 | –4.303 | |
| –0.247 | –0.033 (–0.030) | –0.435 | |
| 0.029 | 0.074 | 0.018 | |
| 0.458 | 0.703 | 0.262 | |
| –2.262 | –4.443 | –7.148 | |
| –2.213 | –5.047 | –8.151 | |
| 0.408 | 0.763 | 0.383 | |
| Number of observations | 1,408 | 1,408 | 1,408 |
| Number of groups | 352 | 352 | 352 |
| Wald test | 1,042.010 | 1,297.350 | 329.930 |
| Wald test | 0.000 | 0.000 | 0.000 |
| AR(1) | 0.000 | 0.000 | 0.000 |
| AR(2) | 0.288 | 0.363 | 0.309 |
| Hansen-J test | 0.540 | 0.550 | 0.490 |
Notes:
(***), (**) and (*) denote significant at 1, 5 and 10%, respectively.
Dependent variable: Firm performance
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