Table 6. Results for profitability (ROE)... | Emerald Publishing

Table 6.

Results for profitability (ROE) of Brazilian electricity generating companies, 2002–2021

Variable	Model 1	Model 2	Model 3	Model 4	Model 5
Foreign		0.026** (0.012)	0.012** (0.006)
Reg1			−0.095*** (0.035)	−0.050*** (0.016)	−0.044** (0.016)
Foreign × Reg1			0.033 (0.046)
Ranking				−0.0004** (0.0002)
PDI					−0.055** (0.021)
Exper				0.001 (0.001)	0.001 (0.001)
EBITDAMg	−0.005 (0.053)	−0.008 (0.056)	−0.009 (0.056)	−0.051 (0.038)	−0.043 (0.039)
Inv/Eq	0.287*** (0.064)	0.288*** (0.063)	0.289*** (0.062)	−0.046 (0.057)	−0.047 (0.057)
Capex/Deprec	−0.00008 (0.00006)	−0.00008 (0.00007)	−0.00008 (0.00007)	0.0001 (0.00005)	0.00009 (0.00005)
CurrLiq	0.006 (0.013)	0.007 (0.014)	0.010 (0.015)	−0.019 (0.016)	−0.021 (0.016)
NWC	−0.171 (0.200)	−0.163 (0.212)	−0.195 (0.216)	0.044 (0.161)	0.054 (0.160)
NetMg	0.006 (0.019)	0.006 (0.019)	0.004 (0.020)	0.331*** (0.055)	0.318*** (0.056)
LogRev	0.007 (0.015)	0.007 (0.014)	0.012 (0.016)	0.018 (0.008)	0.015 (0.008)
Debt	−0.05** (0.020)	−0.050** (0.020)	−0.052* (0.023)	0.024 (0.014)	0.026 (0.014)
VarIEEX	0.000003*** (0.000001)	0.000003*** (0.000001)	0.000004*** (0.000001)	0.000001 (0.000001)	0.000001 (0.00001)
Pandemic	0.074*** (0.025)	0.073*** (0.025)	0.108*** (0.026)	0.030 (0.024)	0.031 (0.024)
ROALL_t−1	0.029 (0.070)	0.027 (0.068)	0.027 (0.068)	0.335*** (0.054)	0.335*** (0.054)
Constant	0.021 (0.215)	0.011 (0.206)	−0.008 (0.218)	−0.175 (0.127)	−0.116 (0.132)

Variable	Model 1	Model 2	Model 3	Model 4	Model 5
Foreign		0.026** (0.012)	0.012** (0.006)
Reg1			−0.095*** (0.035)	−0.050*** (0.016)	−0.044** (0.016)
Foreign × Reg1			0.033 (0.046)
Ranking				−0.0004** (0.0002)
PDI					−0.055** (0.021)
Exper				0.001 (0.001)	0.001 (0.001)
EBITDAMg	−0.005 (0.053)	−0.008 (0.056)	−0.009 (0.056)	−0.051 (0.038)	−0.043 (0.039)
Inv/Eq	0.287*** (0.064)	0.288*** (0.063)	0.289*** (0.062)	−0.046 (0.057)	−0.047 (0.057)
Capex/Deprec	−0.00008 (0.00006)	−0.00008 (0.00007)	−0.00008 (0.00007)	0.0001 (0.00005)	0.00009 (0.00005)
CurrLiq	0.006 (0.013)	0.007 (0.014)	0.010 (0.015)	−0.019 (0.016)	−0.021 (0.016)
NWC	−0.171 (0.200)	−0.163 (0.212)	−0.195 (0.216)	0.044 (0.161)	0.054 (0.160)
NetMg	0.006 (0.019)	0.006 (0.019)	0.004 (0.020)	0.331*** (0.055)	0.318*** (0.056)
LogRev	0.007 (0.015)	0.007 (0.014)	0.012 (0.016)	0.018 (0.008)	0.015 (0.008)
Debt	−0.05** (0.020)	−0.050** (0.020)	−0.052* (0.023)	0.024 (0.014)	0.026 (0.014)
VarIEEX	0.000003*** (0.000001)	0.000003*** (0.000001)	0.000004*** (0.000001)	0.000001 (0.000001)	0.000001 (0.00001)
Pandemic	0.074*** (0.025)	0.073*** (0.025)	0.108*** (0.026)	0.030 (0.024)	0.031 (0.024)
ROALL_t−1	0.029 (0.070)	0.027 (0.068)	0.027 (0.068)	0.335*** (0.054)	0.335*** (0.054)
Constant	0.021 (0.215)	0.011 (0.206)	−0.008 (0.218)	−0.175 (0.127)	−0.116 (0.132)

Notes:

Robust standard error in ().

*significant at 10%;

**significant at 5%;

***significant at 1%

Source: Table by authors