Table 5. Panel EGLS regression results:... | Emerald Publishing

Table 5.

Panel EGLS regression results: Tobin’s Q and guiding principles

Variable	Unstandardised coefficient	Robust standard error	t-statistic
GP	−0.1319	0.1975	−0.6678
LEV	0.0353***	0.0073	4.8137
ROA	3.5284***	0.5908	5.9719
CAPEXR	−2.1148***	0.4811	−4.3949
LNASSETS	−0.5919***	0.0687	−8.6058
SALESG	0.0346*	0.0187	1.8423
DIV	0.2580**	0.1144	2.2541
INDSENS	0.2005**	0.0779	2.5730
LOSS	−0.0763	0.0676	−1.1279
N	525
D-W statistic	1.5429
R²	0.4620
Adjusted R²	0.4429
F-statistic	24.1462***

Variable	Unstandardised coefficient	Robust standard error	t-statistic
GP	−0.1319	0.1975	−0.6678
LEV	0.0353***	0.0073	4.8137
ROA	3.5284***	0.5908	5.9719
CAPEXR	−2.1148***	0.4811	−4.3949
LNASSETS	−0.5919***	0.0687	−8.6058
SALESG	0.0346*	0.0187	1.8423
DIV	0.2580**	0.1144	2.2541
INDSENS	0.2005**	0.0779	2.5730
LOSS	−0.0763	0.0676	−1.1279
N	525
D-W statistic	1.5429
R²	0.4620
Adjusted R²	0.4429
F-statistic	24.1462***

Note(s):

***, ** and * denote significance at the 1, 5 and 10% levels, respectively

Source(s): Authors’ construction