Tobin’s q regression results
| Independent variable | (1) | (2) | (3) | (4) | (5) | (6) | (7) |
|---|---|---|---|---|---|---|---|
| ACSIZE | 0.051 (0.650) | 0.020 (0.856) | |||||
| ACMEET | 0.009 (0.262) | 0.004 (0.601) | |||||
| ACEXPERTISE | 0.419* (0.094) | 0.315* (0.098) | |||||
| NRC | 0.248** (0.036) | 0.232** (0.040) | |||||
| IO | 0.003 (0.483) | 0.002 (0.604) | |||||
| FO | 0.335** (0.023) | 0.340** (0.020) | |||||
| LEV | −0.736*** (0.000) | −0.707*** (0.000) | −0.710*** (0.000) | −0.698*** (0.000) | −0.701*** (0.000) | −0.709*** (0.000) | −0.730*** (0.000) |
| GROWTH | 0.416*** (0.000) | 0.411*** (0.000) | 0.411*** (0.000) | 0.411*** (0.000) | 0.411*** (0.000) | 0.411*** (0.000) | 0.414*** (0.000) |
| COV | −0.059** (0.040) | −0.059** (0.059) | −0.058** (0.054) | −0.057** (0.052) | −0.060** (0.053) | −0.060** (0.053) | −0.060** (0.059) |
| Prob > chi2 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 |
| Overall r-squared | 0.060 | 0.024 | 0.021 | 0.025 | 0.052 | 0.024 | 0.037 |
| Independent variable | (1) | (2) | (3) | (4) | (5) | (6) | (7) |
|---|---|---|---|---|---|---|---|
| ACSIZE | 0.051 (0.650) | 0.020 (0.856) | |||||
| ACMEET | 0.009 (0.262) | 0.004 (0.601) | |||||
| ACEXPERTISE | 0.419* (0.094) | 0.315* (0.098) | |||||
| NRC | 0.248** (0.036) | 0.232** (0.040) | |||||
| IO | 0.003 (0.483) | 0.002 (0.604) | |||||
| FO | 0.335** (0.023) | 0.340** (0.020) | |||||
| LEV | −0.736*** (0.000) | −0.707*** (0.000) | −0.710*** (0.000) | −0.698*** (0.000) | −0.701*** (0.000) | −0.709*** (0.000) | −0.730*** (0.000) |
| GROWTH | 0.416*** (0.000) | 0.411*** (0.000) | 0.411*** (0.000) | 0.411*** (0.000) | 0.411*** (0.000) | 0.411*** (0.000) | 0.414*** (0.000) |
| COV | −0.059** (0.040) | −0.059** (0.059) | −0.058** (0.054) | −0.057** (0.052) | −0.060** (0.053) | −0.060** (0.053) | −0.060** (0.059) |
| Prob > chi2 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 |
| Overall | 0.060 | 0.024 | 0.021 | 0.025 | 0.052 | 0.024 | 0.037 |
Note(s): ***p < 0.01, **p < 0.05, *p < 0.1
Source(s): The data was processed by the STATA application, and the tables were created by the author