Table IV Estimation results for H1 by...

Table IV

Estimation results for H1 by using PGLM

Variable	Coefficient	SD	t-statistic	p-value
Panel A: estimation results by using modified Basu’s (1997) model
Constant	0.551	0.267	2.061	0.039**
NEG	0.394	0.477	0.825	0.409
ST	0.096	0.151	0.640	0.522
MB	0.002	0.001	1.604	0.108
LEV	−0.963	0.107	−8.977	<0.001***
SIZE	0.011	0.016	0.720	0.471
NEG×ST	−0.083	0.257	0.321	0.748
NEG×MB	−0.003	0.003	−0.756	0.450
NEG×LEV	0.077	0.193	0.403	0.687
NEG×SIZE	−0.029	0.028	−1.056	0.291
RET	0.587	0.556	1.056	0.290
RET×ST	−0.212	0.346	−0.612	0.540
RET×MB	0.009	0.010	0.846	0.397
RET×LEV	0.283	0.168	1.690	0.047**
RET×SIZE	−0.048	0.033	−1.443	0.148
RET×NEG	3.336	1.451	2.298	0.021**
RET×NEG×ST	−0.173	0.898	−0.192	0.847
RET×NEG×MB	−0.010	0.012	−0.861	0.389
RET×NEG×LEV	−1.120	0.470	−2.381	0.017**
RET×NEG×SIZE	−0.158	0.079	−1.986	0.047**
Panel B: estimation results by using Beaver and Ryan’s (2000) model
Constant	−6.392	0.430	−14.862	<0.001***
ST	−0.358	0.185	−1.932	0.053*
LEV	2.933	0.134	21.773	<0.001***
SIZE	0.311	0.027	11.398	<0.001***

Variable	Coefficient	SD	t-statistic	p-value
Panel A: estimation results by using modified Basu’s (1997) model
Constant	0.551	0.267	2.061	0.039**
NEG	0.394	0.477	0.825	0.409
ST	0.096	0.151	0.640	0.522
MB	0.002	0.001	1.604	0.108
LEV	−0.963	0.107	−8.977	<0.001***
SIZE	0.011	0.016	0.720	0.471
NEG×ST	−0.083	0.257	0.321	0.748
NEG×MB	−0.003	0.003	−0.756	0.450
NEG×LEV	0.077	0.193	0.403	0.687
NEG×SIZE	−0.029	0.028	−1.056	0.291
RET	0.587	0.556	1.056	0.290
RET×ST	−0.212	0.346	−0.612	0.540
RET×MB	0.009	0.010	0.846	0.397
RET×LEV	0.283	0.168	1.690	0.047**
RET×SIZE	−0.048	0.033	−1.443	0.148
RET×NEG	3.336	1.451	2.298	0.021**
RET×NEG×ST	−0.173	0.898	−0.192	0.847
RET×NEG×MB	−0.010	0.012	−0.861	0.389
RET×NEG×LEV	−1.120	0.470	−2.381	0.017**
RET×NEG×SIZE	−0.158	0.079	−1.986	0.047**
Panel B: estimation results by using Beaver and Ryan’s (2000) model
Constant	−6.392	0.430	−14.862	<0.001***
ST	−0.358	0.185	−1.932	0.053*
LEV	2.933	0.134	21.773	<0.001***
SIZE	0.311	0.027	11.398	<0.001***

Notes: *,**,***Statistical significance at 10, 5 and 1 percent, respectively

Sharing Unavailable