Additional tests using ROE with industry control
| Independent variable | (1) | (2) | (3) | (4) | (5) | (6) | (7) |
|---|---|---|---|---|---|---|---|
| ACSIZE | 0.055 (0.802) | 0.112 (0.598) | |||||
| ACMEET | −0.006 (0.658) | −0.004 (0.831) | |||||
| ACEXPERTISE | 0.149** (0.042) | 0.027* (0.050) | |||||
| NRC | 0.013** (0.028) | 0.085* (0.075) | |||||
| IO | 0.003 (0.797) | −0.036 (0.903) | |||||
| FO | 0.259* (0.052) | 0.331* (0.069) | |||||
| ACSIZE × COV | −0.013 (0.484) | ||||||
| ACMEET × COV | −0.008 (0.768) | ||||||
| ACEXPERTISE × COV | 0.309** (0.012) | ||||||
| NRC × COV | −0.193* (0.090) | ||||||
| IO × COV | 0.039 (0.894) | ||||||
| FO × COV | −0.106* (0.082) | ||||||
| LEV | −0.353* (0.094) | −0.374* (0.071) | −0.370* (0.074) | −0.386* (0.062) | −0.378* (0.068) | −0.383 (0.064) | −0.355* (0.088) |
| GROWTH | 0.093** (0.032) | 0.079* (0.093) | 0.008* (0.088) | 0.086* (0.061) | 0.086* (0.060) | 0.079* (0.059) | 0.091* (0.053) |
| COV | −0.012* (0.093) | −0.103* (0.058) | −0.069 (0.765) | −0.193 (0.653) | −0.104 (0.587) | −0.013 (0.955) | −0.042 (0.815) |
| Industry | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Prob > chi2 | 0.022 | 0.026 | 0.046 | 0.036 | 0.047 | 0.080 | 0.073 |
| Overall r-squared | 0.015 | 0.011 | 0.011 | 0.011 | 0.011 | 0.010 | 0.014 |
| Independent variable | (1) | (2) | (3) | (4) | (5) | (6) | (7) |
|---|---|---|---|---|---|---|---|
| ACSIZE | 0.055 (0.802) | 0.112 (0.598) | |||||
| ACMEET | −0.006 (0.658) | −0.004 (0.831) | |||||
| ACEXPERTISE | 0.149** (0.042) | 0.027* (0.050) | |||||
| NRC | 0.013** (0.028) | 0.085* (0.075) | |||||
| IO | 0.003 (0.797) | −0.036 (0.903) | |||||
| FO | 0.259* (0.052) | 0.331* (0.069) | |||||
| ACSIZE × COV | −0.013 (0.484) | ||||||
| ACMEET × COV | −0.008 (0.768) | ||||||
| ACEXPERTISE × COV | 0.309** (0.012) | ||||||
| NRC × COV | −0.193* (0.090) | ||||||
| IO × COV | 0.039 (0.894) | ||||||
| FO × COV | −0.106* (0.082) | ||||||
| LEV | −0.353* (0.094) | −0.374* (0.071) | −0.370* (0.074) | −0.386* (0.062) | −0.378* (0.068) | −0.383 (0.064) | −0.355* (0.088) |
| GROWTH | 0.093** (0.032) | 0.079* (0.093) | 0.008* (0.088) | 0.086* (0.061) | 0.086* (0.060) | 0.079* (0.059) | 0.091* (0.053) |
| COV | −0.012* (0.093) | −0.103* (0.058) | −0.069 (0.765) | −0.193 (0.653) | −0.104 (0.587) | −0.013 (0.955) | −0.042 (0.815) |
| Industry | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Prob > chi2 | 0.022 | 0.026 | 0.046 | 0.036 | 0.047 | 0.080 | 0.073 |
| Overall | 0.015 | 0.011 | 0.011 | 0.011 | 0.011 | 0.010 | 0.014 |
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