Table 8 Results of the simultaneous... | Emerald Publishing

Table 8

Results of the simultaneous equation model

Variables	3 SLS		3 SLS iterative method
Variables	DPO	DA	DPO	DA
Intercept	1.013	−0.074^***	0.882	−0.074^***
Intercept	1.36	−6.81	1.11	−6.97
DA	18.626^**		18.540^**
DA	2.54		2.36
DPO		0.016^**		0.016^**
DPO		2.05		2.08
SIZE	0.015	−0.000	0.024	−0.000
SIZE	0.50	−0.55	0.443	−0.61
DEBT	−0.255	0.015^***	−0.278	0.015^***
DEBT	−0.98	2.68	−0.99	2.74
ROE	0.616^***		0.551^***
ROE	4.03		3.71
RSQ	0.012^***	−0.000^*	0.012^***	−0.000^*
RSQ	9.41	−1.71	9.41	−1.72
GROW	−0.800^***	0.027^***	−0.800^***	0.027^***
GROW	−3.43	4.60	−3.43	4.71
LIQ	0.122^**		0.130^**
LIQ	2.23		2.34
CFO	−1.789^**	0.097^***	−1.908^**	0.096^***
CFO	−2.06	5.17	−2.06	5.28
BM		0.000		0.000
BM		1.57		1.31
ROA		−0.000		−0.000
ROA		−1.55		−1.47
ACEXP	−0.001^*	0.000^*	−0.002^**	0.000^*
ACEXP	−1.88	1.61	−1.96	1.64
ACIND	−0.001	0.000^**	−0.001	0.000^**
ACIND	−1.30	2.20	−1.47	2.32
NUMB	−0.001	0.000	−0.000	0.000
NUMB	−0.09	0.99	−0.03	1.10
AUD		0.000		0.001
AUD		0.66		0.87
CUMUL		0.001^**		0.001^**
CUMUL		2.05		2.30
TACA		0.000^*		0.000^**
TACA		1.76		2.18
CONC		0.000		0.000
CONC		0.68		0.75
R²	0.236	0.063	0.193	0.068
χ²	170.93^***	132.19^***	221.57^***	161.57^***

Variables	3 SLS		3 SLS iterative method
Variables	DPO	DA	DPO	DA
Intercept	1.013	−0.074^***	0.882	−0.074^***
Intercept	1.36	−6.81	1.11	−6.97
DA	18.626^**		18.540^**
DA	2.54		2.36
DPO		0.016^**		0.016^**
DPO		2.05		2.08
SIZE	0.015	−0.000	0.024	−0.000
SIZE	0.50	−0.55	0.443	−0.61
DEBT	−0.255	0.015^***	−0.278	0.015^***
DEBT	−0.98	2.68	−0.99	2.74
ROE	0.616^***		0.551^***
ROE	4.03		3.71
RSQ	0.012^***	−0.000^*	0.012^***	−0.000^*
RSQ	9.41	−1.71	9.41	−1.72
GROW	−0.800^***	0.027^***	−0.800^***	0.027^***
GROW	−3.43	4.60	−3.43	4.71
LIQ	0.122^**		0.130^**
LIQ	2.23		2.34
CFO	−1.789^**	0.097^***	−1.908^**	0.096^***
CFO	−2.06	5.17	−2.06	5.28
BM		0.000		0.000
BM		1.57		1.31
ROA		−0.000		−0.000
ROA		−1.55		−1.47
ACEXP	−0.001^*	0.000^*	−0.002^**	0.000^*
ACEXP	−1.88	1.61	−1.96	1.64
ACIND	−0.001	0.000^**	−0.001	0.000^**
ACIND	−1.30	2.20	−1.47	2.32
NUMB	−0.001	0.000	−0.000	0.000
NUMB	−0.09	0.99	−0.03	1.10
AUD		0.000		0.001
AUD		0.66		0.87
CUMUL		0.001^**		0.001^**
CUMUL		2.05		2.30
TACA		0.000^*		0.000^**
TACA		1.76		2.18
CONC		0.000		0.000
CONC		0.68		0.75
R²	0.236	0.063	0.193	0.068
χ²	170.93^***	132.19^***	221.57^***	161.57^***

Note(s): *Significance at 10% level; **significance at 5% level and ***significance at 1% level

Source(s): Own elaboration