Robustness test for Equation (6): alternate measurement of VAIC
| Models | EVi,t | EVi,t+1 | EVi,t+2 | EVi,t+3 | EVi,t+4 |
|---|---|---|---|---|---|
| VAIC′it | −0.000647 (−0.000789) | 0.00214* (−0.00121) | 0.00273** (−0.00123) | 0.00336** (−0.00138) | 0.00248* (−0.00144) |
| VC′i | −0.0618** (−0.0259) | −0.218*** (−0.0405) | −0.221*** (−0.0437) | −0.270*** (−0.0406) | −0.293*** (−0.0489) |
| VAIC′it × VC′i | 0.0049** (−0.00726) | 0.0408*** (−0.0113) | 0.0394*** (−0.0124) | 0.0487*** (−0.0129) | 0.0564*** (−0.0137) |
| SIZEi,t | 0.878*** (−0.00485) | 0.686*** (−0.00769) | 0.691*** (−0.00811) | 0.688*** (−0.0087) | 0.691*** (−0.00054) |
| DEBTi,t | −0.0130*** (−0.000284) | −0.0055** (−0.00045) | −0.00590*** (−0.00047) | −0.00598** (−0.00051) | −0.00641** (−0.00054) |
| β0 | 3.762*** (−0.102) | 7.700*** (−0.162) | 7.594*** (−0.17) | 7.663*** (−0.183) | 7.646*** (−0.196) |
| αt | Yes | Yes | Yes | Yes | Yes |
| γi | Yes | Yes | Yes | Yes | Yes |
| N | 16,725 | 15,199 | 13,684 | 12,162 | 10,641 |
| Models | |||||
|---|---|---|---|---|---|
| −0.000647 (−0.000789) | 0.00214* (−0.00121) | 0.00273** (−0.00123) | 0.00336** (−0.00138) | 0.00248* (−0.00144) | |
| −0.0618** (−0.0259) | −0.218*** (−0.0405) | −0.221*** (−0.0437) | −0.270*** (−0.0406) | −0.293*** (−0.0489) | |
| 0.0049** (−0.00726) | 0.0408*** (−0.0113) | 0.0394*** (−0.0124) | 0.0487*** (−0.0129) | 0.0564*** (−0.0137) | |
| 0.878*** (−0.00485) | 0.686*** (−0.00769) | 0.691*** (−0.00811) | 0.688*** (−0.0087) | 0.691*** (−0.00054) | |
| −0.0130*** (−0.000284) | −0.0055** (−0.00045) | −0.00590*** (−0.00047) | −0.00598** (−0.00051) | −0.00641** (−0.00054) | |
| 3.762*** (−0.102) | 7.700*** (−0.162) | 7.594*** (−0.17) | 7.663*** (−0.183) | 7.646*** (−0.196) | |
| Yes | Yes | Yes | Yes | Yes | |
| Yes | Yes | Yes | Yes | Yes | |
| 16,725 | 15,199 | 13,684 | 12,162 | 10,641 |
Note(s): * significance at 10%; ** significance at 5%; *** significance at 1%
Source(s): Table created by the authors
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