Regression results for Equation (6)
| Models | EVi,t | EVi,t+1 | EVi,t+2 | EVi,t+3 | EVi,t+4 |
|---|---|---|---|---|---|
| VAICi,t × VCi | 0.0122 (0.0132) | 0.0756*** (0.0136) | 0.0781*** (0.0162) | 0.0893*** (0.0191) | 0.0935*** (0.0216) |
| VCi | −0.0779*** (0.0306) | −0.133*** (0.0313) | −0.123*** (0.0372) | −0.141*** (0.0439) | −0.143*** (0.0501) |
| VAICi,t | −0.0161*** (0.00327) | 0.00991*** (0.00317) | 0.0142** (0.00353) | 0.0125*** (0.00398) | 0.0149*** (0.00453) |
| SIZEi,t | 0.866*** (0.00478) | 0.751*** (0.00455) | 0.705** (0.00488) | 0.673*** (0.00559) | 0.631*** (0.00639) |
| DEBTi,t | −0.0123*** (0.000274) | −0.00886*** (0.000258) | −0.00766*** (0.000275) | −0.00753*** (0.000314) | −0.00737*** (0.000357) |
| β0 | 4.020*** (0.0991) | 6.508*** (0.0940) | 7.542*** (0.101) | 8.364*** (0.115) | 9.416*** (0.131) |
| αt | Yes | Yes | Yes | Yes | Yes |
| γi | Yes | Yes | Yes | Yes | Yes |
| N | 17,393 | 15,808 | 14,223 | 12,638 | 11,053 |
| Models | |||||
|---|---|---|---|---|---|
| 0.0122 (0.0132) | 0.0756*** (0.0136) | 0.0781*** (0.0162) | 0.0893*** (0.0191) | 0.0935*** (0.0216) | |
| −0.0779*** (0.0306) | −0.133*** (0.0313) | −0.123*** (0.0372) | −0.141*** (0.0439) | −0.143*** (0.0501) | |
| −0.0161*** (0.00327) | 0.00991*** (0.00317) | 0.0142** (0.00353) | 0.0125*** (0.00398) | 0.0149*** (0.00453) | |
| 0.866*** (0.00478) | 0.751*** (0.00455) | 0.705** (0.00488) | 0.673*** (0.00559) | 0.631*** (0.00639) | |
| −0.0123*** (0.000274) | −0.00886*** (0.000258) | −0.00766*** (0.000275) | −0.00753*** (0.000314) | −0.00737*** (0.000357) | |
| 4.020*** (0.0991) | 6.508*** (0.0940) | 7.542*** (0.101) | 8.364*** (0.115) | 9.416*** (0.131) | |
| Yes | Yes | Yes | Yes | Yes | |
| Yes | Yes | Yes | Yes | Yes | |
| 17,393 | 15,808 | 14,223 | 12,638 | 11,053 |
Note(s): * significance at 10%; ** significance at 5%; *** significance at 1%
Source(s): Table created by the authors
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