Additional tests using ROA with industry control
| Independent variable | (1) | (2) | (3) | (4) | (5) | (6) | (7) |
|---|---|---|---|---|---|---|---|
| ACSIZE | 0.019 (0.346) | 0.024 (0.237) | |||||
| ACMEET | −0.000 (0.764) | −0.000 (0.891) | |||||
| ACEXPERTISE | 0.050* (0.072) | 0.046* (0.059) | |||||
| NRC | 0.015* (0.080) | 0.016* (0.074) | |||||
| IO | 0.000 (0.409) | −0.003 (0.858) | |||||
| FO | 0.031* (0.084) | 0.022* (0.081) | |||||
| ACSIZE × COV | −0.001 (0.309) | ||||||
| ACMEET × COV | −0.001 (0.387) | ||||||
| ACEXPERTISE × COV | 0.016** (0.039) | ||||||
| NRC × COV | −0.072* (0.065) | ||||||
| IO × COV | 0.004 (0.823) | ||||||
| FO × COV | −0.030* (0.076) | ||||||
| LEV | −0.206*** (0.000) | −0.210*** (0.000) | −0.210*** (0.000) | −0.211*** (0.000) | −0.211*** (0.000) | −0.211*** (0.000) | −0.206*** (0.000) |
| GROWTH | 0.033*** (0.000) | 0.034*** (0.000) | 0.034*** (0.000) | 0.034*** (0.000) | 0.033*** (0.000) | 0.034*** (0.000) | 0.035*** (0.000) |
| COV | −0.022*** (0.007) | −0.011 (0.340) | −0.011 (0.412) | −0.032* (0.094) | −0.020* (0.061) | −0.024 (0.117) | −0.029*** (0.005) |
| Industry | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Prob > chi2 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 |
| Overall r-squared | 0.249 | 0.236 | 0.230 | 0.236 | 0.229 | 0.229 | 0.236 |
| Independent variable | (1) | (2) | (3) | (4) | (5) | (6) | (7) |
|---|---|---|---|---|---|---|---|
| ACSIZE | 0.019 (0.346) | 0.024 (0.237) | |||||
| ACMEET | −0.000 (0.764) | −0.000 (0.891) | |||||
| ACEXPERTISE | 0.050* (0.072) | 0.046* (0.059) | |||||
| NRC | 0.015* (0.080) | 0.016* (0.074) | |||||
| IO | 0.000 (0.409) | −0.003 (0.858) | |||||
| FO | 0.031* (0.084) | 0.022* (0.081) | |||||
| ACSIZE × COV | −0.001 (0.309) | ||||||
| ACMEET × COV | −0.001 (0.387) | ||||||
| ACEXPERTISE × COV | 0.016** (0.039) | ||||||
| NRC × COV | −0.072* (0.065) | ||||||
| IO × COV | 0.004 (0.823) | ||||||
| FO × COV | −0.030* (0.076) | ||||||
| LEV | −0.206*** (0.000) | −0.210*** (0.000) | −0.210*** (0.000) | −0.211*** (0.000) | −0.211*** (0.000) | −0.211*** (0.000) | −0.206*** (0.000) |
| GROWTH | 0.033*** (0.000) | 0.034*** (0.000) | 0.034*** (0.000) | 0.034*** (0.000) | 0.033*** (0.000) | 0.034*** (0.000) | 0.035*** (0.000) |
| COV | −0.022*** (0.007) | −0.011 (0.340) | −0.011 (0.412) | −0.032* (0.094) | −0.020* (0.061) | −0.024 (0.117) | −0.029*** (0.005) |
| Industry | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Prob > chi2 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 |
| Overall | 0.249 | 0.236 | 0.230 | 0.236 | 0.229 | 0.229 | 0.236 |
Note(s): ***p < 0.01, **p < 0.05, *p < 0.1
Source(s): The data was processed by the STATA application, and the table were created by the author