Table 5 The effect of WCE on TDF, SHODF... | Emerald Publishing

Table 5

The effect of WCE on TDF, SHODF and LODF

	TDF	SHODF	LODF
	Z	Z	Z
L1	78.2^***	71.4^***	86.2^***
CCCY	−3.33^***	14.5^***	−3.31^***
FSZ	−6.45^***	−14.2^***	−5.40^***
FAG	−6.13^***	1.00	−5.89^***
CHL	−1.93^*	−0.76	−0.78
ATAG	5.62^***	3.90^***	9.69^***
OCF	−4.06^***	−4.15^***	−7.14^***
COV	17.2^***	−2.86^***	16.4^***
BSZ	20.5^***	−0.56	−20.2^***
BIND	4.32^***	−3.58^***	4.39^***
BGDY	1.70^*	7.98^***	1.88^*
DUA	1.01	0.97	1.16
IOW	−8.36^***	−7.54^***	−5.76^***
MOW	−1.06	−13.34^***	−1.35
Year-effect	Yes	Yes	Yes
Firm-effect	Yes	Yes	Yes
PROB	0.00	0.00	0.00
OBS	649	649	649
Wald χ²	6.69	3.51	3.03

	TDF	SHODF	LODF
	Z	Z	Z
L1	78.2^***	71.4^***	86.2^***
CCCY	−3.33^***	14.5^***	−3.31^***
FSZ	−6.45^***	−14.2^***	−5.40^***
FAG	−6.13^***	1.00	−5.89^***
CHL	−1.93^*	−0.76	−0.78
ATAG	5.62^***	3.90^***	9.69^***
OCF	−4.06^***	−4.15^***	−7.14^***
COV	17.2^***	−2.86^***	16.4^***
BSZ	20.5^***	−0.56	−20.2^***
BIND	4.32^***	−3.58^***	4.39^***
BGDY	1.70^*	7.98^***	1.88^*
DUA	1.01	0.97	1.16
IOW	−8.36^***	−7.54^***	−5.76^***
MOW	−1.06	−13.34^***	−1.35
Year-effect	Yes	Yes	Yes
Firm-effect	Yes	Yes	Yes
PROB	0.00	0.00	0.00
OBS	649	649	649
Wald χ²	6.69	3.51	3.03

Note(s): ^*** significant at 1%, ^** significant at 5%; ^* significant at 10%

Source(s): Table created by the author