Table V Estimation results for H2 by...

Table V

Estimation results for H2 by using PGLM

Variable	Coefficient	SD	t-statistic	p-value
Panel A: estimation results by using modified Basu’s (1997) model
Constant	0.936	0.334	2.802	0.005***
NEG	0.172	0.621	0.276	0.782
ST	−0.299	0.285	−1.050	0.293
MB	0.002	0.001	1.638	0.101
LEV	−1.007	0.108	−9.289	<0.001***
SIZE	0.004	0.017	0.248	0.803
FD	−0.334	0.292	−1.143	0.253
NEG×ST	0.222	0.522	0.427	0.669
NEG×MB	−0.002	0.003	−0.755	0.451
NEG×LEV	0.033	0.204	0.163	0.870
NEG×SIZE	−0.028	0.030	−0.933	0.351
NEG×FD	0.332	0.526	0.631	0.527
RET	0.906	1.057	0.857	0.391
RET×ST	−0.435	1.136	−0.383	0.701
RET×MB	0.005	0.013	0.432	0.665
RET×LEV	0.296	0.169	1.749	0.080
RET×SIZE	−0.052	0.034	−1.523	0.127
RET×NEG	3.017	2.071	1.457	0.145
RET×NEG×ST×FD	−0.321	2.165	−0.148	0.882
RET×NEG×MB	−0.005	0.014	−0.423	0.672
RET×NEG×LEV	−1.398	0.498	−2.807	0.005***
RET×NEG×SIZE	−0.179	0.083	−2.144	0.032**
Panel B: estimation results by using Beaver and Ryan’s (2000) model
Constant	−5.560	0.486	−11.579	<0.001***
ST	−1.122	0.331	−3.382	<0.001***
FD	−1.245	0.356	−3.498	<0.001***
ST×FD	1.113	0.392	2.834	0.0045***
LEV	2.899	0.132	21.899	<0.001***
SIZE	0.320	0.026	12.053	<0.001***

Variable	Coefficient	SD	t-statistic	p-value
Panel A: estimation results by using modified Basu’s (1997) model
Constant	0.936	0.334	2.802	0.005***
NEG	0.172	0.621	0.276	0.782
ST	−0.299	0.285	−1.050	0.293
MB	0.002	0.001	1.638	0.101
LEV	−1.007	0.108	−9.289	<0.001***
SIZE	0.004	0.017	0.248	0.803
FD	−0.334	0.292	−1.143	0.253
NEG×ST	0.222	0.522	0.427	0.669
NEG×MB	−0.002	0.003	−0.755	0.451
NEG×LEV	0.033	0.204	0.163	0.870
NEG×SIZE	−0.028	0.030	−0.933	0.351
NEG×FD	0.332	0.526	0.631	0.527
RET	0.906	1.057	0.857	0.391
RET×ST	−0.435	1.136	−0.383	0.701
RET×MB	0.005	0.013	0.432	0.665
RET×LEV	0.296	0.169	1.749	0.080
RET×SIZE	−0.052	0.034	−1.523	0.127
RET×NEG	3.017	2.071	1.457	0.145
RET×NEG×ST×FD	−0.321	2.165	−0.148	0.882
RET×NEG×MB	−0.005	0.014	−0.423	0.672
RET×NEG×LEV	−1.398	0.498	−2.807	0.005***
RET×NEG×SIZE	−0.179	0.083	−2.144	0.032**
Panel B: estimation results by using Beaver and Ryan’s (2000) model
Constant	−5.560	0.486	−11.579	<0.001***
ST	−1.122	0.331	−3.382	<0.001***
FD	−1.245	0.356	−3.498	<0.001***
ST×FD	1.113	0.392	2.834	0.0045***
LEV	2.899	0.132	21.899	<0.001***
SIZE	0.320	0.026	12.053	<0.001***

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

Sharing Unavailable