Table 3 Regression result – IDX... | Emerald Publishing

Table 3

Regression result – IDX

	Dependent variable: AEM
Independent variables	(1) Full sample Coeff (t-value)	(2) Profit firms Coeff (t-value)	(3) Loss firms Coeff (t-value)
C	−0.239	−0.513**	−0.152
C	(−1.136)	(−1.849)	(−0.474)
DHHI	−0.039***	−0.074***	−0.035**
DHHI	(−3.322)	(−3.590)	(−1.873)
CL	0.022***	0.011	−0.017
CL	(2.477)	(0.972)	(−0.732)
Diff	0.015	−0.030	0.023
Diff	(0.504)	(−0.388)	(0.615)
DHHI $\times$ CL	0.017***	0.027***	0.024*
DHHI $\times$ CL	(2.467)	(3.026)	(1.466)
DHHI $\times$ Diff	0.049*	0.162**	−0.022
DHHI $\times$ Diff	(1.460)	(2.230)	(−0.491)
SHARE	0.022	−0.014	0.429
SHARE	(0.087)	(−0.047)	(0.458)
SIZE	0.011*	0.021**	0.010
SIZE	(1.484)	(2.110)	(0.845)
LEV	0.029*	0.086**	−0.017
LEV	(1.382)	(2.273)	(−0.607)
GROWTH	0.009**	0.032***	−0.005
GROWTH	(1.905)	(4.232)	(−1.033)
Adjusted R²	0.262	0.264	0.328
F-statistic	2.353	2.100	2.066
DW	2.520	2.720	3.717
Fixed Effect	Yes	Yes	Yes
N	2,598	1,890	708

	Dependent variable: AEM
Independent variables	(1) Full sample Coeff (t-value)	(2) Profit firms Coeff (t-value)	(3) Loss firms Coeff (t-value)
C	−0.239	−0.513**	−0.152
C	(−1.136)	(−1.849)	(−0.474)
DHHI	−0.039***	−0.074***	−0.035**
DHHI	(−3.322)	(−3.590)	(−1.873)
CL	0.022***	0.011	−0.017
CL	(2.477)	(0.972)	(−0.732)
Diff	0.015	−0.030	0.023
Diff	(0.504)	(−0.388)	(0.615)
DHHI $\times$ CL	0.017***	0.027***	0.024*
DHHI $\times$ CL	(2.467)	(3.026)	(1.466)
DHHI $\times$ Diff	0.049*	0.162**	−0.022
DHHI $\times$ Diff	(1.460)	(2.230)	(−0.491)
SHARE	0.022	−0.014	0.429
SHARE	(0.087)	(−0.047)	(0.458)
SIZE	0.011*	0.021**	0.010
SIZE	(1.484)	(2.110)	(0.845)
LEV	0.029*	0.086**	−0.017
LEV	(1.382)	(2.273)	(−0.607)
GROWTH	0.009**	0.032***	−0.005
GROWTH	(1.905)	(4.232)	(−1.033)
Adjusted R²	0.262	0.264	0.328
F-statistic	2.353	2.100	2.066
DW	2.520	2.720	3.717
Fixed Effect	Yes	Yes	Yes
N	2,598	1,890	708

Note(s): *, **, *** indicates significance at the level of 10, 5 and 1%, respectively. One-tailed test

Source(s): Table created by authors