Sasabuchi-Lind-Mehlum (SLM) test for U-shaped model
| Tobin's Q | ROA | ROE | |
|---|---|---|---|
| Extreme point (turning point)95% Fieller interval | 1.1861 (−6.9813, 6.8600) | 2.4922 (−6.9813, 6.8600) | 1.1611 (−6.9813, 6.8600) |
| Slope at FCDmin | −0.1561*** (−5.2701) | −0.0156** (−2.3017) | −0.0157*** (−3.7604) |
| Slope at FCDmax | 0.1085*** (4.0115) | 0.0072** (1.7284) | 0.0109*** (3.0675) |
| Hypothesis test | H0: Inverted U-shaped H1: U-shaped | H0: Inverted U-shaped H1: U-shaped | H0: Inverted U-shaped H1: U-shaped |
| SLM test for inverted U-shaped | |||
| t-value | 4.01** | 1.73** | 3.07*** |
| p-value | 0.0000 | 0.0424 | 0.0011 |
| Tobin's | ROA | ROE | |
|---|---|---|---|
| Extreme point (turning point)95% Fieller interval | 1.1861 (−6.9813, 6.8600) | 2.4922 (−6.9813, 6.8600) | 1.1611 (−6.9813, 6.8600) |
| Slope at FCDmin | −0.1561*** (−5.2701) | −0.0156** (−2.3017) | −0.0157*** (−3.7604) |
| Slope at FCDmax | 0.1085*** (4.0115) | 0.0072** (1.7284) | 0.0109*** (3.0675) |
| Hypothesis test | H0: Inverted | H0: Inverted | H0: Inverted |
| SLM test for inverted | |||
| 4.01** | 1.73** | 3.07*** | |
| 0.0000 | 0.0424 | 0.0011 |
Note(s): ** and *** denote significant level at 5% and 1%; t-statistic in parentheses
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