Table 8 The effect of WCE’s components... | Emerald Publishing

Table 8

The effect of WCE’s components on TDF, SHODF and LODF

	TDF	SHODF	LODF
	Z	Z	Z
L1	55.2^***	50.9^***	40.7^***
ICP	7.08^***	20.1^***	7.68^***
RCP	−3.78^***	−3.20^***	−5.18^***
PCP	−4.30^***	−1.51	−2.96^***
FSZ	−3.20^***	−10.4^***	−2.43^**
FAG	−2.50^**	−1.10	−2.14^**
CHL	−1.75^*	−2.30^**	−1.64
ATAG	5.29^***	3.10^***	5.20^***
OCF	−3.65^***	−3.61^***	−3.62^***
COV	9.32^***	−0.27	11.0^***
BSZ	−9.80^***	−0.85	−9.43^***
BIND	2.47^**	−3.67^***	3.62^***
BGDY	1.27	10.31^***	0.10
DUA	0.44	0.07	−0.26
IOW	−3.72^***	−2.68^***	−3.67
MOW	−1.00	−13.9^***	−3.86
Year-effect	Yes	Yes	Yes
Firm-effect	Yes	Yes	Yes
PROB	0.00	0.00	0.00
OBS	649	649	649
Wald χ²	2.31	3.07	2.72

	TDF	SHODF	LODF
	Z	Z	Z
L1	55.2^***	50.9^***	40.7^***
ICP	7.08^***	20.1^***	7.68^***
RCP	−3.78^***	−3.20^***	−5.18^***
PCP	−4.30^***	−1.51	−2.96^***
FSZ	−3.20^***	−10.4^***	−2.43^**
FAG	−2.50^**	−1.10	−2.14^**
CHL	−1.75^*	−2.30^**	−1.64
ATAG	5.29^***	3.10^***	5.20^***
OCF	−3.65^***	−3.61^***	−3.62^***
COV	9.32^***	−0.27	11.0^***
BSZ	−9.80^***	−0.85	−9.43^***
BIND	2.47^**	−3.67^***	3.62^***
BGDY	1.27	10.31^***	0.10
DUA	0.44	0.07	−0.26
IOW	−3.72^***	−2.68^***	−3.67
MOW	−1.00	−13.9^***	−3.86
Year-effect	Yes	Yes	Yes
Firm-effect	Yes	Yes	Yes
PROB	0.00	0.00	0.00
OBS	649	649	649
Wald χ²	2.31	3.07	2.72

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

Source(s): Table created by the author