Table 4 Multivariate analysis Variable...

Table 4

Multivariate analysis

Variable	Model 1		Model 2		Model 3		Model 4		Full model
Variable	Coeff	t-value	Coeff	t-value	Coeff	t-value	Coeff	t-value	Coeff	t-value
Independent Variable
FOWN	0.122***	4.903							0.206***	7.217
BLOWN			−0.040**	−2.886					−0.230***	−10.017
GOWN					0.154***	10.518			0.439***	13.079
INSOWN							−0.035**	−2.502	0.210***	5.632
Control Variable
SIZE	3.461***	13.331	3.717***	10.049	2.034***	4.842	3.429***	9.031	3.013***	5.166
AGE	0.203***	9.36	0.187***	9.333	0.151***	7.712	0.181***	8.258	0.103***	4.253
ROA	−0.168*	−3.205	−0.083	−0.948	0.075	0.723	0.005	0.053	0.099	1.345
LEV	−0.491***	−24.454	−0.383***	−14.28	−0.383***	−14.969	−0.381***	−13.123	−0.479***	−9.702
Fixed Effect	Yes		Yes		Yes		Yes		Yes
R-square	0.751		0.806		0.851		0.837		0.858
F-Stat	120.241		165.757		226.56		204.099		148.282
Prob	0.0000		0.0000		0.0000		0.0000		0.0000
Obs.	205		205		205		205		205

Variable	Model 1		Model 2		Model 3		Model 4		Full model
Variable	Coeff	t-value	Coeff	t-value	Coeff	t-value	Coeff	t-value	Coeff	t-value
Independent Variable
FOWN	0.122***	4.903							0.206***	7.217
BLOWN			−0.040**	−2.886					−0.230***	−10.017
GOWN					0.154***	10.518			0.439***	13.079
INSOWN							−0.035**	−2.502	0.210***	5.632
Control Variable
SIZE	3.461***	13.331	3.717***	10.049	2.034***	4.842	3.429***	9.031	3.013***	5.166
AGE	0.203***	9.36	0.187***	9.333	0.151***	7.712	0.181***	8.258	0.103***	4.253
ROA	−0.168*	−3.205	−0.083	−0.948	0.075	0.723	0.005	0.053	0.099	1.345
LEV	−0.491***	−24.454	−0.383***	−14.28	−0.383***	−14.969	−0.381***	−13.123	−0.479***	−9.702
Fixed Effect	Yes		Yes		Yes		Yes		Yes
R-square	0.751		0.806		0.851		0.837		0.858
F-Stat	120.241		165.757		226.56		204.099		148.282
Prob	0.0000		0.0000		0.0000		0.0000		0.0000
Obs.	205		205		205		205		205

Note(s): Significance levels: *p ≤ 0.1, **p ≤ 0.05, ***p ≤ 0.01

Variable Definition: FOWN: Foreign Ownership, BLOWN: Blockholder Ownership, GOWN: Government Ownership, INSOWN: Institutional Ownership, FZ: Firm Size, AGE: Firm Age, ROA: Return on Assets, LEV: Leverage

Source(s): Created by authors

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