Table 5 Regression result – Indonesia...

Table 5

Regression result – Indonesia and South Korea

Dependent variable: AEM
Independent variables	(1) Market competition and business strategy Coeff. (t-value)	(2) Country and business strategy Coeff. (t-value)	(3) Market competition, country, and business strategy Coeff. (t-value)
C	0.130***	0.168***	0.159***
C	(6.851)	(8.242)	(6.494)
DHHI	−0.010**	−0.038***	−0.035**
DHHI	(−1.764)	(−4.088)	(−2.056)
CL	0.009***	−0.008**	−0.032***
CL	(2.581)	(−1.676)	(−2.597)
Diff	0.034**	0.056**	0.416***
Diff	(2.166)	(2.264)	(7.993)
DHHI $\times$ CL	0.010***	0.014***	0.042***
DHHI $\times$ CL	(2.500)	(3.501)	(3.248)
DHHI $\times$ Diff	−0.028*	−0.028*	−0.443***
DHHI $\times$ Diff	(−1.492)	(−1.448)	(−7.989)
DCOUNTRY	0.049***	0.004	0.005
DCOUNTRY	(15.500)	(0.397)	(0.302)
DCOUNTRY $\times$ DHHI		0.031***	0.031**
DCOUNTRY $\times$ DHHI		(3.339)	(1.690)
DCOUNTRY $\times$ CL		0.019***	0.047***
DCOUNTRY $\times$ CL		(4.780)	(3.661)
DCOUNTRY $\times$ DIFF		−0.028*	−0.429***
DCOUNTRY $\times$ DIFF		(−1.357)	(−7.883)
DCOUNTRY $\times$ CL $\times$ DHHI			−0.033***
DCOUNTRY $\times$ CL $\times$ DHHI			(−2.484)
DCOUNTRY $\times$ Diff $\times$ DHHI			0.476***
DCOUNTRY $\times$ Diff $\times$ DHHI			(8.085)
SHARE	0.052*	0.018	−0.001
SHARE	(1.625)	(0.547)	(−0.020)
SIZE	−0.003***	−0.003***	−0.003***
SIZE	(−5.144)	(−5.145)	(−4.917)
LEV	−0.004	−0.003	−0.003
LEV	(−0.833)	(−0.517)	(−0.622)
GROWTH	0.020***	0.020***	0.021***
GROWTH	(7.994)	(8.055)	(8.275)
Adjusted R²	0.084	0.089	0.101
F-statistic	54.372	44.770	44.628
DW	1.405	1.416	1.452
Fixed Effect	Yes	Yes	Yes
N	5,854	5,854	5,854

Dependent variable: AEM
Independent variables	(1) Market competition and business strategy Coeff. (t-value)	(2) Country and business strategy Coeff. (t-value)	(3) Market competition, country, and business strategy Coeff. (t-value)
C	0.130***	0.168***	0.159***
C	(6.851)	(8.242)	(6.494)
DHHI	−0.010**	−0.038***	−0.035**
DHHI	(−1.764)	(−4.088)	(−2.056)
CL	0.009***	−0.008**	−0.032***
CL	(2.581)	(−1.676)	(−2.597)
Diff	0.034**	0.056**	0.416***
Diff	(2.166)	(2.264)	(7.993)
DHHI $\times$ CL	0.010***	0.014***	0.042***
DHHI $\times$ CL	(2.500)	(3.501)	(3.248)
DHHI $\times$ Diff	−0.028*	−0.028*	−0.443***
DHHI $\times$ Diff	(−1.492)	(−1.448)	(−7.989)
DCOUNTRY	0.049***	0.004	0.005
DCOUNTRY	(15.500)	(0.397)	(0.302)
DCOUNTRY $\times$ DHHI		0.031***	0.031**
DCOUNTRY $\times$ DHHI		(3.339)	(1.690)
DCOUNTRY $\times$ CL		0.019***	0.047***
DCOUNTRY $\times$ CL		(4.780)	(3.661)
DCOUNTRY $\times$ DIFF		−0.028*	−0.429***
DCOUNTRY $\times$ DIFF		(−1.357)	(−7.883)
DCOUNTRY $\times$ CL $\times$ DHHI			−0.033***
DCOUNTRY $\times$ CL $\times$ DHHI			(−2.484)
DCOUNTRY $\times$ Diff $\times$ DHHI			0.476***
DCOUNTRY $\times$ Diff $\times$ DHHI			(8.085)
SHARE	0.052*	0.018	−0.001
SHARE	(1.625)	(0.547)	(−0.020)
SIZE	−0.003***	−0.003***	−0.003***
SIZE	(−5.144)	(−5.145)	(−4.917)
LEV	−0.004	−0.003	−0.003
LEV	(−0.833)	(−0.517)	(−0.622)
GROWTH	0.020***	0.020***	0.021***
GROWTH	(7.994)	(8.055)	(8.275)
Adjusted R²	0.084	0.089	0.101
F-statistic	54.372	44.770	44.628
DW	1.405	1.416	1.452
Fixed Effect	Yes	Yes	Yes
N	5,854	5,854	5,854

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

DCOUNTRY = 1 for IDX data and 0 for KRX data

Source(s): Table created by authors

Sharing Unavailable