Table 3 Summary of fixed effect... | Emerald Publishing

Table 3

Summary of fixed effect regression models on total dataset

	Dependent variable
	TDB	LTDB	TDM	LTDM
PROFIT	−0.35568^a	−0.09094	−0.28421^a	−0.09044^b
PROFIT	(0.000)	(0.188)	(0.003)	(0.049)
lnASSET	0.000217	0.00988^c	0.00081	0.01169^a
lnASSET	(0.968)	(0.052)	(0.955)	(0.001)
M/B	0.01227^b	0.00312	−0.01704^b	−0.02067^a
M/B	(0.020)	(0.533)	(0.012)	(0.000)
lnAGE	−0.005508	0.002158	−0.00779	−0.00881
lnAGE	(0.652)	(0.852)	(0.774)	(0.254)
TANG	0.05212^c	0.05591^c	0.149779^b	0.14143^a
TANG	(0.087)	(0.053)	(0.017)	(0.000)
NDTS	0.40198^a	0.17523	0.085263	−0.01719
NDTS	(0.005)	(0.194)	(0.610)	(0.848)
RND	−0.2235	−0.17068	−0.36936^c	−0.20481
RND	(0.495)	(0.583)	(0.082)	(0.323)
CPX	−0.03856	−0.14978	−0.126148	−0.18589^a
CPX	(0.696)	(0.110)	(0.118)	(0.003)
_CONSTANT	0.22325^a	0.00892	0.177588	0.001268
_CONSTANT	(0.001)	(0.892)	(0.418)	(0.977)
Robust std. error	Yes	Yes	Yes	Yes
Model F and p > F	3.64	1.89	12.80	23.29
Model F and p > F	(0.0004)	(0.0580)	(0.0000)	(0.0000)
Overall R-squared	0.1088	0.1583	0.3193	0.2886
Within R-squared	0.0307	0.0162	0.2692	0.1687
Between R-squared	0.2121	0.2125	0.4584	0.3983

	Dependent variable
	TDB	LTDB	TDM	LTDM
PROFIT	−0.35568^a	−0.09094	−0.28421^a	−0.09044^b
PROFIT	(0.000)	(0.188)	(0.003)	(0.049)
lnASSET	0.000217	0.00988^c	0.00081	0.01169^a
lnASSET	(0.968)	(0.052)	(0.955)	(0.001)
M/B	0.01227^b	0.00312	−0.01704^b	−0.02067^a
M/B	(0.020)	(0.533)	(0.012)	(0.000)
lnAGE	−0.005508	0.002158	−0.00779	−0.00881
lnAGE	(0.652)	(0.852)	(0.774)	(0.254)
TANG	0.05212^c	0.05591^c	0.149779^b	0.14143^a
TANG	(0.087)	(0.053)	(0.017)	(0.000)
NDTS	0.40198^a	0.17523	0.085263	−0.01719
NDTS	(0.005)	(0.194)	(0.610)	(0.848)
RND	−0.2235	−0.17068	−0.36936^c	−0.20481
RND	(0.495)	(0.583)	(0.082)	(0.323)
CPX	−0.03856	−0.14978	−0.126148	−0.18589^a
CPX	(0.696)	(0.110)	(0.118)	(0.003)
_CONSTANT	0.22325^a	0.00892	0.177588	0.001268
_CONSTANT	(0.001)	(0.892)	(0.418)	(0.977)
Robust std. error	Yes	Yes	Yes	Yes
Model F and p > F	3.64	1.89	12.80	23.29
Model F and p > F	(0.0004)	(0.0580)	(0.0000)	(0.0000)
Overall R-squared	0.1088	0.1583	0.3193	0.2886
Within R-squared	0.0307	0.0162	0.2692	0.1687
Between R-squared	0.2121	0.2125	0.4584	0.3983

Note(s): ^a = significance at 1% level; ^b = significance at 5%; ^c = significance at 10%

Source(s): Authors’ own work