Table 7 Robustness analysis The effect...

Table 7

Robustness analysis

	The effect of WCE on EQ	The moderating effect of FCRE on the relationship between WCE on EQ
	Z	Z
L1	30.84^***	32.86^***
CCCY	18.03^***	9.55^***
FSZ	0.97	0.28
FAG	−2.39^**	−2.26^**
CHL	6.25^***	3.98^***
ATAG	8.89^***	7.98^***
OCF	−10.31^***	−8.57^***
COV	3.48^***	4.52^***
BSZ	2.55^**	1.53
BIND	1.73^**	0.76
BGDY	−7.48^***	−5.05^***
DUA	−5.92^***	−5.47^***
IOW	0.35	0.87
MOW	8.74	7.40^***
EXCG*CCCY	–	1.44
EXCL*CCCY	–	7.76^***
Year-effect	Yes	Yes
Firm-effect	Yes	Yes
PROB	0.00	0.00
OBS	649	649
Wald χ²	87639.24	83435.94

	The effect of WCE on EQ	The moderating effect of FCRE on the relationship between WCE on EQ
	Z	Z
L1	30.84^***	32.86^***
CCCY	18.03^***	9.55^***
FSZ	0.97	0.28
FAG	−2.39^**	−2.26^**
CHL	6.25^***	3.98^***
ATAG	8.89^***	7.98^***
OCF	−10.31^***	−8.57^***
COV	3.48^***	4.52^***
BSZ	2.55^**	1.53
BIND	1.73^**	0.76
BGDY	−7.48^***	−5.05^***
DUA	−5.92^***	−5.47^***
IOW	0.35	0.87
MOW	8.74	7.40^***
EXCG*CCCY	–	1.44
EXCL*CCCY	–	7.76^***
Year-effect	Yes	Yes
Firm-effect	Yes	Yes
PROB	0.00	0.00
OBS	649	649
Wald χ²	87639.24	83435.94

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

Source(s): Table created by the author