Table 4 Regression result – South Korea... | Emerald Publishing

Table 4

Regression result – South Korea

	Dependent variable: AEM
Independent variables	(1) Full sample Coeff (t-value)	(2) Profit firms Coeff (t-value)	(3) Loss firms Coeff (t-value)
C	−0.768***	−0.733***	0.093
C	(−5.016)	(−3.711)	(0.369)
DHHI	−0.016*	−0.024*	0.004
DHHI	(−1.386)	(−1.501)	(0.136)
CL	0.017**	0.008	0.030
CL	(1.663)	(0.653)	(1.029)
Diff	−0.135***	−0.257***	−0.229***
Diff	(−2.795)	(−3.658)	(−2.335)
DHHI $\times$ CL	0.002	0.003	0.009
DHHI $\times$ CL	(0.219)	(0.268)	(0.337)
DHHI $\times$ Diff	0.117***	0.156***	0.248***
DHHI $\times$ Diff	(2.477)	(2.355)	(2.561)
SHARE	−0.357***	−0.398***	0.038
SHARE	(−6.440)	(−6.517)	(0.248)
SIZE	0.029***	0.029***	−0.004
SIZE	(5.289)	(4.052)	(−0.464)
LEV	0.023*	0.024	0.051**
LEV	(1.390)	(1.000)	(2.089)
GROWTH	0.004*	0.000	0.012***
GROWTH	(1.314)	(0.063)	(2.341)
Adjusted R²	0.267	0.330	0.206
F-statistic	2.506	2.680	1.549
DW	2.195	2.307	3.796
Fixed Effect	Yes	Yes	Yes
N	3,256	2,501	755

	Dependent variable: AEM
Independent variables	(1) Full sample Coeff (t-value)	(2) Profit firms Coeff (t-value)	(3) Loss firms Coeff (t-value)
C	−0.768***	−0.733***	0.093
C	(−5.016)	(−3.711)	(0.369)
DHHI	−0.016*	−0.024*	0.004
DHHI	(−1.386)	(−1.501)	(0.136)
CL	0.017**	0.008	0.030
CL	(1.663)	(0.653)	(1.029)
Diff	−0.135***	−0.257***	−0.229***
Diff	(−2.795)	(−3.658)	(−2.335)
DHHI $\times$ CL	0.002	0.003	0.009
DHHI $\times$ CL	(0.219)	(0.268)	(0.337)
DHHI $\times$ Diff	0.117***	0.156***	0.248***
DHHI $\times$ Diff	(2.477)	(2.355)	(2.561)
SHARE	−0.357***	−0.398***	0.038
SHARE	(−6.440)	(−6.517)	(0.248)
SIZE	0.029***	0.029***	−0.004
SIZE	(5.289)	(4.052)	(−0.464)
LEV	0.023*	0.024	0.051**
LEV	(1.390)	(1.000)	(2.089)
GROWTH	0.004*	0.000	0.012***
GROWTH	(1.314)	(0.063)	(2.341)
Adjusted R²	0.267	0.330	0.206
F-statistic	2.506	2.680	1.549
DW	2.195	2.307	3.796
Fixed Effect	Yes	Yes	Yes
N	3,256	2,501	755

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

Source(s): Table created by authors