Results
| Random effects | ||
|---|---|---|
| Variable | Model 1 | Model 2 |
| CSR | 0.008 (0.009) | |
| HHI | 6.753 (10.491) | |
| CSR*HHI | −0.043 (0.097) | |
| RDI | −0.050 (0.046) | |
| ADI | −0.010 (0.017) | |
| Lag (CSR) | 0.021 ** (0.010) | |
| Lag (HHI) | 24.771 ** (10.906) | |
| Lag (HHI*CSR) | −0.207 ** (0.105) | |
| Lag (RDI) | −0.093 ** (0.044) | |
| Lag (ADI) | −0.023 (0.016) | |
| DPS | 0.443 *** (0.095) | 0.382 *** (0.099) |
| ROA | 3.350 ** (1.639) | 7.105 *** (1.877) |
| LEV | 0.012 (0.034) | 0.026 (0.036) |
| Log (DEB) | 0.117 *** (0.045) | 0.082 (0.085) |
| Log (ASE) | −0.628 *** (0.146) | −0.596 *** (0.156) |
| R2 | 0.310 | 0.355 |
| Adj. R2 | 0.257 | 0.300 |
| Num. obs. | 142 | 127 |
| s_idios | 0.313 | 0.306 |
| s_id | 0.802 | 0.728 |
| Random effects | ||
|---|---|---|
| Variable | Model 1 | Model 2 |
| 0.008 (0.009) | ||
| 6.753 (10.491) | ||
| −0.043 (0.097) | ||
| −0.050 (0.046) | ||
| −0.010 (0.017) | ||
| −0.023 (0.016) | ||
| 0.012 (0.034) | 0.026 (0.036) | |
| 0.082 (0.085) | ||
| 0.310 | 0.355 | |
| 0.257 | 0.300 | |
| 142 | 127 | |
| 0.313 | 0.306 | |
| 0.802 | 0.728 | |
Notes: ***p < 0.01; **p < 0.05; *p < 0.1. The dependent variable is Tobin’s Q (market value of assets divided by book value)
Sharing content requires targeting cookies to be enabled. Please update your cookie preferences to use this feature.