Table 9 Logistic regression results Beta...

Table 9

Logistic regression results

	Beta	Odds ratio	St.Err	t-value	p-value
Panel A: CAR(−1,1)
Asym_i	−0.015	0.985	0.008	−1.91	0.056*
Cons_i	−0.037	0.964	0.277	−0.13	0.894
Size_i	0.042	1.043	0.034	1.22	0.222
Lev_i	2.276	9.733	0.413	5.51	0.000***
PPE_i	−0.717	0.488	0.274	−2.61	0.009***
INTG_i	−1.708	0.181	0.542	−3.15	0.002***
Prof_i	3.136	23.021	1.032	3.04	0.002***
Grow_i	0.146	1.158	0.039	3.75	0.000***
Constant	−1.648	0.192	0.956	−1.72	0.085*
Pseudo R²	0.066
Panel B: CAR(0,1)
Asym_i	−0.013	0.987	0.007	−1.77	0.077*
Cons_i	−0.040	0.672	0.404	−0.98	0.325
Size_i	0.016	1.016	0.058	0.27	0.785
Lev_i	0.978	2.660	0.297	3.30	0.001***
PPE_i	−0.448	0.639	0.207	−2.17	0.030**
INTG_i	−0.306	0.737	0.601	−0.51	0.611
Prof_i	1.900	6.683	0.903	2.10	0.035**
Grow_i	−0.014	0.986	0.021	−0.64	0.521
Constant	−0.690	0.502	1.389	−0.50	0.619
Pseudo R²	0.031
Panel C: CAR(−3,1)
Asym_i	−0.016	0.984	0.008	−2.04	0.041**
Cons_i	0.364	1.440	0.205	1.78	0.076*
Size_i	−0.082	0.921	0.062	−1.31	0.190
Lev_i	1.189	3.285	0.512	2.32	0.02**
PPE_i	−0.344	0.709	0.239	−1.44	0.15
INTG_i	0.419	1.520	0.837	0.50	0.617
Prof_i	2.622	13.761	1.311	2.00	0.046**
Grow_i	−0.061	0.941	0.032	−1.90	0.057
Constant	0.799	2.224	1.350	0.59	0.554
Pseudo R²	0.072

	Beta	Odds ratio	St.Err	t-value	p-value
Panel A: CAR(−1,1)
Asym_i	−0.015	0.985	0.008	−1.91	0.056*
Cons_i	−0.037	0.964	0.277	−0.13	0.894
Size_i	0.042	1.043	0.034	1.22	0.222
Lev_i	2.276	9.733	0.413	5.51	0.000***
PPE_i	−0.717	0.488	0.274	−2.61	0.009***
INTG_i	−1.708	0.181	0.542	−3.15	0.002***
Prof_i	3.136	23.021	1.032	3.04	0.002***
Grow_i	0.146	1.158	0.039	3.75	0.000***
Constant	−1.648	0.192	0.956	−1.72	0.085*
Pseudo R²	0.066
Panel B: CAR(0,1)
Asym_i	−0.013	0.987	0.007	−1.77	0.077*
Cons_i	−0.040	0.672	0.404	−0.98	0.325
Size_i	0.016	1.016	0.058	0.27	0.785
Lev_i	0.978	2.660	0.297	3.30	0.001***
PPE_i	−0.448	0.639	0.207	−2.17	0.030**
INTG_i	−0.306	0.737	0.601	−0.51	0.611
Prof_i	1.900	6.683	0.903	2.10	0.035**
Grow_i	−0.014	0.986	0.021	−0.64	0.521
Constant	−0.690	0.502	1.389	−0.50	0.619
Pseudo R²	0.031
Panel C: CAR(−3,1)
Asym_i	−0.016	0.984	0.008	−2.04	0.041**
Cons_i	0.364	1.440	0.205	1.78	0.076*
Size_i	−0.082	0.921	0.062	−1.31	0.190
Lev_i	1.189	3.285	0.512	2.32	0.02**
PPE_i	−0.344	0.709	0.239	−1.44	0.15
INTG_i	0.419	1.520	0.837	0.50	0.617
Prof_i	2.622	13.761	1.311	2.00	0.046**
Grow_i	−0.061	0.941	0.032	−1.90	0.057
Constant	0.799	2.224	1.350	0.59	0.554
Pseudo R²	0.072

Note(s): This table presents the results of logistic regression analysis for different event windows. ***, **, and * denote 1%, 5%, and 10% significance levels, respectively. Variable definitions are provided in Table 4

Source(s): Authors’ own work

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