Additional tests using Tobin’s q with industry control
| Independent variable | (1) | (2) | (3) | (4) | (5) | (6) | (7) |
|---|---|---|---|---|---|---|---|
| ACSIZE | −0.035 (0.755) | −0.003 (0.976) | |||||
| ACMEET | −0.009* (0.070) | −0.075** (0.037) | |||||
| ACEXPERTISE | 0.313** (0.018) | 0.386** (0.041) | |||||
| NRC | 0.208* (0.081) | 0.252** (0.036) | |||||
| IO | 0.002 (0.536) | 0.038 (0.706) | |||||
| FO | 0.284* (0.055) | 0.321** (0.036) | |||||
| ACSIZE × COV | 0.009* (0.056) | ||||||
| ACMEET × COV | −0.009** (0.029) | ||||||
| ACEXPERTISE × COV | 0.321** (0.044) | ||||||
| NRC × COV | −0.123* (0.098) | ||||||
| IO × COV | 0.040 (0.690) | ||||||
| FO × COV | −0.086** (0.044) | ||||||
| LEV | −0.731*** (0.000) | −0.709*** (0.000) | −0.708*** (0.000) | −0.686*** (0.000) | −0.704*** (0.000) | −0.697*** (0.000) | −0.713*** (0.000) |
| GROWTH | 0.415*** (0.000) | 0.410*** (0.000) | 0.410*** (0.000) | 0.403*** (0.000) | 0.406*** (0.000) | 0.409*** (0.000) | 0.416*** (0.000) |
| COV | −0.059* (0.09) | −0.004 (0.943) | −0.006 (0.922) | −0.271** (0.016) | −0.001 (0.970) | −0.085 (0.249) | −0.036 (0.451) |
| 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 | 0.101 | 0.083 | 0.084 | 0.085 | 0.108 | 0.085 | 0.092 |
| Independent variable | (1) | (2) | (3) | (4) | (5) | (6) | (7) |
|---|---|---|---|---|---|---|---|
| ACSIZE | −0.035 (0.755) | −0.003 (0.976) | |||||
| ACMEET | −0.009* (0.070) | −0.075** (0.037) | |||||
| ACEXPERTISE | 0.313** (0.018) | 0.386** (0.041) | |||||
| NRC | 0.208* (0.081) | 0.252** (0.036) | |||||
| IO | 0.002 (0.536) | 0.038 (0.706) | |||||
| FO | 0.284* (0.055) | 0.321** (0.036) | |||||
| ACSIZE × COV | 0.009* (0.056) | ||||||
| ACMEET × COV | −0.009** (0.029) | ||||||
| ACEXPERTISE × COV | 0.321** (0.044) | ||||||
| NRC × COV | −0.123* (0.098) | ||||||
| IO × COV | 0.040 (0.690) | ||||||
| FO × COV | −0.086** (0.044) | ||||||
| LEV | −0.731*** (0.000) | −0.709*** (0.000) | −0.708*** (0.000) | −0.686*** (0.000) | −0.704*** (0.000) | −0.697*** (0.000) | −0.713*** (0.000) |
| GROWTH | 0.415*** (0.000) | 0.410*** (0.000) | 0.410*** (0.000) | 0.403*** (0.000) | 0.406*** (0.000) | 0.409*** (0.000) | 0.416*** (0.000) |
| COV | −0.059* (0.09) | −0.004 (0.943) | −0.006 (0.922) | −0.271** (0.016) | −0.001 (0.970) | −0.085 (0.249) | −0.036 (0.451) |
| 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 | 0.101 | 0.083 | 0.084 | 0.085 | 0.108 | 0.085 | 0.092 |
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