Table 6 The moderating role of FCRE on... | Emerald Publishing

Table 6

The moderating role of FCRE on the relationship between WCE and DF

	TDF	SHODF	LODF
	Z	Z	Z
L1	52.7^***	53.8^***	51.4^***
CCCY	−6.38^***	13.3^***	−5.97^***
FSZ	−0.29	−11.7^***	−0.44
FAG	−5.45^***	1.74^*	−5.49^***
CHL	−2.51^**	−1.31	−2.82^***
ATAG	7.00^***	3.31^***	6.39^***
OCF	−5.30^***	−3.48^***	−4.78^***
COV	17.9^***	−2.01^**	19.4^***
BSZ	−8.94^***	−0.35	0.00
BIND	5.97^***	−3.17^***	0.00
BGDY	1.32	7.82^***	0.86
DUA	−0.11	0.73	−0.41
IOW	−3.86^***	−6.09^***	−4.18^***
MOW	−1.39	−10.9^***	−1.73^*
EXCG*CCCY	9.56^***	1.35	8.81^***
EXCL*CCCY	−5.42^***	−7.18^***	−5.86^***
Year-effect	Yes	Yes	Yes
Firm-effect	Yes	Yes	Yes
PROB	0.00	0.00	0.00
OBS	649	649	649
Wald χ²	1.74	1.59	2.20

	TDF	SHODF	LODF
	Z	Z	Z
L1	52.7^***	53.8^***	51.4^***
CCCY	−6.38^***	13.3^***	−5.97^***
FSZ	−0.29	−11.7^***	−0.44
FAG	−5.45^***	1.74^*	−5.49^***
CHL	−2.51^**	−1.31	−2.82^***
ATAG	7.00^***	3.31^***	6.39^***
OCF	−5.30^***	−3.48^***	−4.78^***
COV	17.9^***	−2.01^**	19.4^***
BSZ	−8.94^***	−0.35	0.00
BIND	5.97^***	−3.17^***	0.00
BGDY	1.32	7.82^***	0.86
DUA	−0.11	0.73	−0.41
IOW	−3.86^***	−6.09^***	−4.18^***
MOW	−1.39	−10.9^***	−1.73^*
EXCG*CCCY	9.56^***	1.35	8.81^***
EXCL*CCCY	−5.42^***	−7.18^***	−5.86^***
Year-effect	Yes	Yes	Yes
Firm-effect	Yes	Yes	Yes
PROB	0.00	0.00	0.00
OBS	649	649	649
Wald χ²	1.74	1.59	2.20

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

Source(s): Table created by the author