Table 7. Regression statistics for the... | Emerald Publishing

Table 7.

Regression statistics for the significant industries

Independent variable	Coefficient
	All firms	Firms with a positive EVA	Capital-intensive firms	Labor-intensive firms	Construction and materials	Food and beverages	Manufacturing	Retail	Technology
	MVA	MVA	Qratio	MVA	MVA	MTB	Qratio	MVA	ROEKE
EVA	−0.099	−0.094**	−0.086***	−0.060**	0.350**	0.060	0.010	−0.079	−2.700**
ROCE	−0.157***	−0.078***	0.010	0.015**	0.018*	0.006	0.000	−0.092***	−0.008
SPREAD	0.004	−0.001	0.001**	0.004	−0.006*	−0.001	0.000	−0.024***	−0.017*
ROA	0.134***	0.194***	0.029*	0.034**	0.013*	−0.023	−0.004	0.245***	0.205***
Regression statistics
Adj. R²	0.582	0.844	0.753	0.840	0.680	0.796	0.577	0.964	0.894
p-value	0.000	–	0.000	0.000	0.000	0.000	0.000	0.000	0.000
DW	1.295	1.474	1.680	1.613	1.568	2.197	2.040	1.132	1.673

Independent variable	Coefficient
	All firms	Firms with a positive EVA	Capital-intensive firms	Labor-intensive firms	Construction and materials	Food and beverages	Manufacturing	Retail	Technology
	MVA	MVA	Qratio	MVA	MVA	MTB	Qratio	MVA	ROEKE
EVA	−0.099	−0.094**	−0.086***	−0.060**	0.350**	0.060	0.010	−0.079	−2.700**
ROCE	−0.157***	−0.078***	0.010	0.015**	0.018*	0.006	0.000	−0.092***	−0.008
SPREAD	0.004	−0.001	0.001**	0.004	−0.006*	−0.001	0.000	−0.024***	−0.017*
ROA	0.134***	0.194***	0.029*	0.034**	0.013*	−0.023	−0.004	0.245***	0.205***
Regression statistics
Adj. R²	0.582	0.844	0.753	0.840	0.680	0.796	0.577	0.964	0.894
p-value	0.000	–	0.000	0.000	0.000	0.000	0.000	0.000	0.000
DW	1.295	1.474	1.680	1.613	1.568	2.197	2.040	1.132	1.673

Notes:

*, ** and ***Significant, respectively, at the 10, 5 and 1% levels

Source: Own calculations