Tobit results
| Model 1 | Model 1 | Model 2 | Model 2 | Model 3 | Model 4 | |
|---|---|---|---|---|---|---|
| NFF | FF | NFF | FF | FF | FF | |
| INT | −52.37 (6.98)*** | −72.55 (11.19)*** | −44.71 (8.63)*** | −100.79 (14.59)*** | −66.63 (11.17)*** | −96.57 (15.62)*** |
| IBD | 19.19 (3.59)*** | 5.62 (4.59) | 6.30 (8.97) | 10.40 (10.83) | −1.13 (4.57) | 7.53 (12.02) |
| NCD | −2.34 (1.44)* | 1.11 (1.89) | −0.62 (3.55) | 4.03 (4.75) | 0.58 (2.10) | 6.46 (5.00) |
| WBD | 5.51 (5.82) | 30.27 (6.65)*** | −5.07 (12.81) | 79.71(13.78)*** | 26.46 (6.54)*** | 52.98 (14.00)*** |
| BS | 1.52 (0.16)*** | 0.64 (0.23)*** | 1.52 (0.16)*** | 0.50 (0.23)** | 0.50 (0.23)** | 0.56 (0.24)** |
| BT | −0.62 (0.24)*** | −0.66 (0.21)*** | −1.82 (0.91)** | 2.05 (0.95)** | −0.41 (0.21)* | 2.97 (1.13)*** |
| FBD | −43.41 (6.17)*** | 6.08 (17.08) | ||||
| FCEO | 2.04 (1.86) | 0.02 (1.88) | ||||
| FOWN | −0.07 (4.98) | −1.18 (5.02) | ||||
| ID | −3.87 (3.69) | −4.44 (1.64)*** | −4.58 (3.71) | −5.16 (1.64)*** | −3.61 (1.66)** | −3.08 (1.67)* |
| ROE | 0.08 (0.03)** | 0.03 (0.04) | 0.08 (0.03)*** | 0.03 (0.04) | 0.03 (0.04) | 0.02 (0.04) |
| LEV | 0.13 (0.18) | 0.81 (0.31)*** | 0.13 (0.18) | 0.75 (0.31)** | 0.86 (0.30)*** | 0.83 (0.230)*** |
| SIZE | 4.71 (0.40)*** | 7.63 (0.64)*** | 4.71 (0.41)*** | 7.88 (0.64)*** | 7.27 (0.63)*** | 6.94 (0.65)*** |
| AGE | 0.06 (0.01)*** | 0.04 (0.02)** | 0.05 (0.01)*** | 0.04 (0.02)** | 0.04 (0.02)*** | 0.04 (0.02)** |
| Year | yes | yes | yes | yes | yes | yes |
| Industry | yes | yes | yes | yes | yes | yes |
| Country | yes | yes | yes | yes | yes | yes |
| BT*NCD | −0.26 (0.52) | −0.29 (0.51) | −0.80 (0.54) | |||
| BT*IBD | 2.08 (1.36) | −0.95 (1.22) | −1.10 (1.31) | |||
| BT*WBD | 1.69 (2.13) | −5.27 (1.36)*** | −2.30 (1.44) | |||
| BT*FBD | −5.70 (1.90)*** | |||||
| Rho | 0.67 | 0.69 | 0.67 | 0.70 | 0.72 | 0.73 |
| Log Likelihood | −5187 | −2941 | −5185 | −2931 | −2917 | −2904 |
| obs | 1,208 | 689 | 1,208 | 689 | 689 | 689 |
| Model 1 | Model 1 | Model 2 | Model 2 | Model 3 | Model 4 | |
|---|---|---|---|---|---|---|
| NFF | FF | NFF | FF | FF | FF | |
| INT | −52.37 (6.98)*** | −72.55 (11.19)*** | −44.71 (8.63)*** | −100.79 (14.59)*** | −66.63 (11.17)*** | −96.57 (15.62)*** |
| IBD | 19.19 (3.59)*** | 5.62 (4.59) | 6.30 (8.97) | 10.40 (10.83) | −1.13 (4.57) | 7.53 (12.02) |
| NCD | −2.34 (1.44)* | 1.11 (1.89) | −0.62 (3.55) | 4.03 (4.75) | 0.58 (2.10) | 6.46 (5.00) |
| WBD | 5.51 (5.82) | 30.27 (6.65)*** | −5.07 (12.81) | 79.71(13.78)*** | 26.46 (6.54)*** | 52.98 (14.00)*** |
| BS | 1.52 (0.16)*** | 0.64 (0.23)*** | 1.52 (0.16)*** | 0.50 (0.23)** | 0.50 (0.23)** | 0.56 (0.24)** |
| BT | −0.62 (0.24)*** | −0.66 (0.21)*** | −1.82 (0.91)** | 2.05 (0.95)** | −0.41 (0.21)* | 2.97 (1.13)*** |
| FBD | −43.41 (6.17)*** | 6.08 (17.08) | ||||
| FCEO | 2.04 (1.86) | 0.02 (1.88) | ||||
| FOWN | −0.07 (4.98) | −1.18 (5.02) | ||||
| ID | −3.87 (3.69) | −4.44 (1.64)*** | −4.58 (3.71) | −5.16 (1.64)*** | −3.61 (1.66)** | −3.08 (1.67)* |
| ROE | 0.08 (0.03)** | 0.03 (0.04) | 0.08 (0.03)*** | 0.03 (0.04) | 0.03 (0.04) | 0.02 (0.04) |
| LEV | 0.13 (0.18) | 0.81 (0.31)*** | 0.13 (0.18) | 0.75 (0.31)** | 0.86 (0.30)*** | 0.83 (0.230)*** |
| SIZE | 4.71 (0.40)*** | 7.63 (0.64)*** | 4.71 (0.41)*** | 7.88 (0.64)*** | 7.27 (0.63)*** | 6.94 (0.65)*** |
| AGE | 0.06 (0.01)*** | 0.04 (0.02)** | 0.05 (0.01)*** | 0.04 (0.02)** | 0.04 (0.02)*** | 0.04 (0.02)** |
| Year | yes | yes | yes | yes | yes | yes |
| Industry | yes | yes | yes | yes | yes | yes |
| Country | yes | yes | yes | yes | yes | yes |
| BT*NCD | −0.26 (0.52) | −0.29 (0.51) | −0.80 (0.54) | |||
| BT*IBD | 2.08 (1.36) | −0.95 (1.22) | −1.10 (1.31) | |||
| BT*WBD | 1.69 (2.13) | −5.27 (1.36)*** | −2.30 (1.44) | |||
| BT*FBD | −5.70 (1.90)*** | |||||
| Rho | 0.67 | 0.69 | 0.67 | 0.70 | 0.72 | 0.73 |
| Log Likelihood | −5187 | −2941 | −5185 | −2931 | −2917 | −2904 |
| obs | 1,208 | 689 | 1,208 | 689 | 689 | 689 |
Note(s): ***, **, *: 1, 5 and 10% significance levels, respectively
Source(s): Authors own creation
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