Robustness test using ROE
| Independent variable | (1) | (2) | (3) | (4) | (5) | (6) | (7) |
|---|---|---|---|---|---|---|---|
| ACSIZE | 0.076 (0.725) | 0.058 (0.435) | |||||
| ACMEET | 0.067 (0.640) | 0.003 (0.851) | |||||
| ACEXPERTISE | 0.125* (0.085) | 0.002* (0.096) | |||||
| NRC | 0.030* (0.083) | 0.075* (0.072) | |||||
| IO | 0.002 (0.865) | −0.032 (0.912) | |||||
| FO | 0.226* (0.098) | 0.288** (0.026) | |||||
| ACSIZE × COV | 0.025 (0.150) | ||||||
| ACMEET × COV | −0.008* (0.057) | ||||||
| ACEXPERTISE × COV | 0.309* (0.061) | ||||||
| NRC × COV | −0.189* (0.097) | ||||||
| IO × COV | 0.035 (0.905) | ||||||
| FO × COV | −0.100* (0.081) | ||||||
| LEV | −0.338* (0.086) | −0.350* (0.076) | −0.353* (0.086) | −0.353* (0.071) | −0.363* (0.071) | −0.366* (0.074) | −0.339* (0.097) |
| GROWTH | 0.107* (0.069) | 0.090* (0.051) | 0.091* (0.053) | 0.097* (0.055) | 0.098* (0.055) | 0.090* (0.053) | 0.102* (0.086) |
| COV | −0.013* (0.082) | −0.062* (0.058) | −0.072* (0.054) | −0.193* (0.052) | −0.103* (0.059) | −0.103* (0.067) | −0.041* (0.081) |
| Prob > chi2 | 0.004 | 0.025 | 0.035 | 0.053 | 0.053 | 0.060 | 0.021 |
| Overall r-squared | 0.128 | 0.092 | 0.094 | 0.095 | 0.094 | 0.084 | 0.081 |
| Independent variable | (1) | (2) | (3) | (4) | (5) | (6) | (7) |
|---|---|---|---|---|---|---|---|
| ACSIZE | 0.076 (0.725) | 0.058 (0.435) | |||||
| ACMEET | 0.067 (0.640) | 0.003 (0.851) | |||||
| ACEXPERTISE | 0.125* (0.085) | 0.002* (0.096) | |||||
| NRC | 0.030* (0.083) | 0.075* (0.072) | |||||
| IO | 0.002 (0.865) | −0.032 (0.912) | |||||
| FO | 0.226* (0.098) | 0.288** (0.026) | |||||
| ACSIZE × COV | 0.025 (0.150) | ||||||
| ACMEET × COV | −0.008* (0.057) | ||||||
| ACEXPERTISE × COV | 0.309* (0.061) | ||||||
| NRC × COV | −0.189* (0.097) | ||||||
| IO × COV | 0.035 (0.905) | ||||||
| FO × COV | −0.100* (0.081) | ||||||
| LEV | −0.338* (0.086) | −0.350* (0.076) | −0.353* (0.086) | −0.353* (0.071) | −0.363* (0.071) | −0.366* (0.074) | −0.339* (0.097) |
| GROWTH | 0.107* (0.069) | 0.090* (0.051) | 0.091* (0.053) | 0.097* (0.055) | 0.098* (0.055) | 0.090* (0.053) | 0.102* (0.086) |
| COV | −0.013* (0.082) | −0.062* (0.058) | −0.072* (0.054) | −0.193* (0.052) | −0.103* (0.059) | −0.103* (0.067) | −0.041* (0.081) |
| Prob > chi2 | 0.004 | 0.025 | 0.035 | 0.053 | 0.053 | 0.060 | 0.021 |
| Overall | 0.128 | 0.092 | 0.094 | 0.095 | 0.094 | 0.084 | 0.081 |
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