Table 6 France and Germany:... | Emerald Publishing

Table 6

France and Germany: cross-sectors regression

	Constant	MTR	Bankruptcy costs	Profitability	Size	Growth	Volatility	Tangibles	Intangibles
France
Discretionary	0.872***	0.139	−0.003	0.001	0.008	−0.023*	−0.583***	0.016	0.046
Energy	1.967***	1.003***	−0.988***	−0.697***	−0.041***	0.959***	−1.869***	0.83***	0.697***
Materials	−5.662***	1.166***	−5.773***	−2.646***	−0.499***	−3.999***	−0.33***	15.626***	34.637***
Industrials	0.176	−0.138	−3.277***	−0.004***	−0.022	−0.131***	0.249**	0.535***	0.241
Staples	−0.104	−0.051	−1.676***	0	0.005	−0.033	−0.258	0.218	0.197
Health	0.083	−0.076	−1.741***	0.007	−0.046**	0.105**	0.185	0.734***	0.246
Real estates	−1.181*	2.975**	−11.759**	−0.001	0.011	−0.119	1.009*	0.145	−0.125
Information tech	−0.283	0.395	0.015	0.002*	−0.007	−0.028	0.272*	0.483	0.311
Utilities	0.671***	1.042**	1.439	0.011	−0.034**	−0.161***	0.245**	0.223	0.172
Diversified	0.002	0.464	9.948	−0.176	−0.006	−0.069	−0.235	−0.075	−0.058
Miscellaneous	−0.269	1.158**	−0.136	−0.003	−0.014	0.064	0.003	−0.074	0.175
R-squared		0.5335
Adjusted R-squared		0.4308
Standard Error of regression		0.1764
Germany
Discretionary	0.847***	0.494**	−0.018***	0.033*	0.006	−0.02	−0.561***	0	0.158
Energy	−0.177	1.368***	−1.154***	−0.759***	−0.018*	0.317***	−1.193***	0.06	−0.539***
Materials	7.341***	1.084***	−3.712***	2.205***	−0.497***	6.561***	−1.842***	0.737***	0.829***
Industrials	−0.042	1.478**	−2.07	−0.033*	−0.027	−0.026	0.011	0.178	0.495
Staples	0.077	−0.496*	−2.077**	−0.056	0.027	−0.068**	−0.414	0.436*	0.267
Healthcare	0.082	−0.048	0.4	−0.126	−0.028	−0.123	0.201	0.748**	0.464
Real estates	−0.679	1.786*	−0.534***	0.002	0.028	−0.1***	0.356	0.036	0.405
Information tech	−0.3	0.214	0.021	−0.033*	0.006	0.018	0.009	0.422**	0.221
Utilities	−1.142	1.372*	1.882	0.141**	0.024	−0.544*	0.652	1.224**	0.938*
Diversified	−0.109	−0.475***	−1.33***	0.774***	0.205***	1.085***	−1.514***	3.091***	−0.685***
Miscellaneous	0.052	0.439	−0.387*	−0.483*	−0.033	0.112	−0.113	0.496	−0.203
R-squared		0.5572
Adjusted R-squared		0.4584
Standard Error of regression		0.199

	Constant	MTR	Bankruptcy costs	Profitability	Size	Growth	Volatility	Tangibles	Intangibles
France
Discretionary	0.872***	0.139	−0.003	0.001	0.008	−0.023*	−0.583***	0.016	0.046
Energy	1.967***	1.003***	−0.988***	−0.697***	−0.041***	0.959***	−1.869***	0.83***	0.697***
Materials	−5.662***	1.166***	−5.773***	−2.646***	−0.499***	−3.999***	−0.33***	15.626***	34.637***
Industrials	0.176	−0.138	−3.277***	−0.004***	−0.022	−0.131***	0.249**	0.535***	0.241
Staples	−0.104	−0.051	−1.676***	0	0.005	−0.033	−0.258	0.218	0.197
Health	0.083	−0.076	−1.741***	0.007	−0.046**	0.105**	0.185	0.734***	0.246
Real estates	−1.181*	2.975**	−11.759**	−0.001	0.011	−0.119	1.009*	0.145	−0.125
Information tech	−0.283	0.395	0.015	0.002*	−0.007	−0.028	0.272*	0.483	0.311
Utilities	0.671***	1.042**	1.439	0.011	−0.034**	−0.161***	0.245**	0.223	0.172
Diversified	0.002	0.464	9.948	−0.176	−0.006	−0.069	−0.235	−0.075	−0.058
Miscellaneous	−0.269	1.158**	−0.136	−0.003	−0.014	0.064	0.003	−0.074	0.175
R-squared		0.5335
Adjusted R-squared		0.4308
Standard Error of regression		0.1764
Germany
Discretionary	0.847***	0.494**	−0.018***	0.033*	0.006	−0.02	−0.561***	0	0.158
Energy	−0.177	1.368***	−1.154***	−0.759***	−0.018*	0.317***	−1.193***	0.06	−0.539***
Materials	7.341***	1.084***	−3.712***	2.205***	−0.497***	6.561***	−1.842***	0.737***	0.829***
Industrials	−0.042	1.478**	−2.07	−0.033*	−0.027	−0.026	0.011	0.178	0.495
Staples	0.077	−0.496*	−2.077**	−0.056	0.027	−0.068**	−0.414	0.436*	0.267
Healthcare	0.082	−0.048	0.4	−0.126	−0.028	−0.123	0.201	0.748**	0.464
Real estates	−0.679	1.786*	−0.534***	0.002	0.028	−0.1***	0.356	0.036	0.405
Information tech	−0.3	0.214	0.021	−0.033*	0.006	0.018	0.009	0.422**	0.221
Utilities	−1.142	1.372*	1.882	0.141**	0.024	−0.544*	0.652	1.224**	0.938*
Diversified	−0.109	−0.475***	−1.33***	0.774***	0.205***	1.085***	−1.514***	3.091***	−0.685***
Miscellaneous	0.052	0.439	−0.387*	−0.483*	−0.033	0.112	−0.113	0.496	−0.203
R-squared		0.5572
Adjusted R-squared		0.4584
Standard Error of regression		0.199

Source(s): Author's own work

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