Regression results for Equation (5)
| Models | EVi,t | EVi,t+1 | EVi,t+2 | EVi,t+3 | EVi,t+4 |
|---|---|---|---|---|---|
| VCi | −0.0529*** (0.0142) | 0.0246* (0.0134) | 0.0429*** (0.0144) | 0.0495*** (0.0165) | 0.0570*** (0.0190) |
| VAICi,t | −0.0154*** (0.00318) | 0.0138*** (0.00310) | 0.0177*** (0.00345) | 0.0162*** (0.00390) | 0.0188*** (0.00444) |
| SIZEi,t | 0.866*** (0.00478) | 0.751*** (0.00455) | 0.705*** (0.00488) | 0.673*** (0.00560) | 0.630*** (0.00639) |
| DEBTi,t | −0.0123*** (0.000274) | −0.00888*** (0.000259) | −0.00766*** (0.000276) | −0.00754*** (0.000314) | −0.00737*** (0.000357) |
| β0 | 4.020*** (0.0991) | 6.511*** (0.0941) | 7.545*** (0.101) | 8.368*** (0.115) | 9.424*** (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 | |||||
|---|---|---|---|---|---|
| −0.0529*** (0.0142) | 0.0246* (0.0134) | 0.0429*** (0.0144) | 0.0495*** (0.0165) | 0.0570*** (0.0190) | |
| −0.0154*** (0.00318) | 0.0138*** (0.00310) | 0.0177*** (0.00345) | 0.0162*** (0.00390) | 0.0188*** (0.00444) | |
| 0.866*** (0.00478) | 0.751*** (0.00455) | 0.705*** (0.00488) | 0.673*** (0.00560) | 0.630*** (0.00639) | |
| −0.0123*** (0.000274) | −0.00888*** (0.000259) | −0.00766*** (0.000276) | −0.00754*** (0.000314) | −0.00737*** (0.000357) | |
| 4.020*** (0.0991) | 6.511*** (0.0941) | 7.545*** (0.101) | 8.368*** (0.115) | 9.424*** (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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