Table VI Estimation results for H3 by...

Table VI

Estimation results for H3 by using PGLM

Variable	Coefficient	SD	t-statistic	p-value
Panel A: estimation results by using modified Basu’s (1997) model
Constant	0.169	0.070	2.387	0.017**
NEG	−0.126	0.123	−1.031	0.303
MB	0.004	0.001	2.710	0.006***
RET	−0.002	0.079	−0.025	0.980
ACINST	0.046	0.096	0.481	0.630
INACINST	−0.400	0.174	−2.299	0.021**
NEG×MB	−0.001	0.003	−0.376	0.707
RET×MB	−0.002	0.008	−0.205	0.837
RET×NEG	0.119	0.342	0.349	0.726
RET×NEG×MB	0.005	0.010	0.554	0.579
ACINST×NEG	0.172	0.161	1.066	0.286
ACINST×RET	−0.081	0.138	−0.592	0.553
ACINST×RET×NEG	0.860	0.482	1.774	0.076
INACINST×NEG	0.126	0.308	0.408	0.683
INACINST×RET	0.482	0.296	1.629	0.103
INACINST×RET×NEG	−1.578	0.973	−1.621	0.104
Panel B: estimation results by using Beaver and Ryan’s (2000) model
Constant	−6.682	0.393	−16.982	<0.001***
ACINST	−0.152	0.176	−0.865	0.387
INACINST	−0.243	0.248	−0.976	0.329
LEV	2.955	0.134	21.929	<0.001***
SIZE	0.317	0.028	11.418	<0.001***

Variable	Coefficient	SD	t-statistic	p-value
Panel A: estimation results by using modified Basu’s (1997) model
Constant	0.169	0.070	2.387	0.017**
NEG	−0.126	0.123	−1.031	0.303
MB	0.004	0.001	2.710	0.006***
RET	−0.002	0.079	−0.025	0.980
ACINST	0.046	0.096	0.481	0.630
INACINST	−0.400	0.174	−2.299	0.021**
NEG×MB	−0.001	0.003	−0.376	0.707
RET×MB	−0.002	0.008	−0.205	0.837
RET×NEG	0.119	0.342	0.349	0.726
RET×NEG×MB	0.005	0.010	0.554	0.579
ACINST×NEG	0.172	0.161	1.066	0.286
ACINST×RET	−0.081	0.138	−0.592	0.553
ACINST×RET×NEG	0.860	0.482	1.774	0.076
INACINST×NEG	0.126	0.308	0.408	0.683
INACINST×RET	0.482	0.296	1.629	0.103
INACINST×RET×NEG	−1.578	0.973	−1.621	0.104
Panel B: estimation results by using Beaver and Ryan’s (2000) model
Constant	−6.682	0.393	−16.982	<0.001***
ACINST	−0.152	0.176	−0.865	0.387
INACINST	−0.243	0.248	−0.976	0.329
LEV	2.955	0.134	21.929	<0.001***
SIZE	0.317	0.028	11.418	<0.001***

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

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