Table 5 Robustness test Variable Model 1...

Table 5

Robustness test

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 L.1	0.109**	3.32							0.198***	6.461
BLOWN L.1			−0.061*	−2.688					−0.269***	−8.205
GOWN L.1					0.149***	9.39			0.471***	9.908
INSOWN L.1							−0.101***	−15.753	0.246***	9.105
Control Variable
SIZE	3.299***	9.036	3.656***	9.183	2.070**	5.114	3.146**	3.844	3.290***	8.171
AGE	0.192***	6.568	0.179***	7.349	0.141**	5.012	0.135**	4.007	0.086*	2.658
ROA	−0.151	−1.798	−0.051	−0.49	0.099	0.85	0.015	0.06	0.142	2.223
LEV	−0.476***	−81.63	−0.389***	−16.129	−0.401***	−11.191	−0.328***	−10.438	−0.497***	−12.215
Fixed Effect	Yes		Yes		Yes		Yes		Yes
R-square	0.769		0.816		0.831		0.803		0.840
F-Stat	105.366		139.924		155.104		12.494		102.037
Prob	0.000		0.000		0.000		0.000		0.000
Obs.	164		164		164		164		164

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 L.1	0.109**	3.32							0.198***	6.461
BLOWN L.1			−0.061*	−2.688					−0.269***	−8.205
GOWN L.1					0.149***	9.39			0.471***	9.908
INSOWN L.1							−0.101***	−15.753	0.246***	9.105
Control Variable
SIZE	3.299***	9.036	3.656***	9.183	2.070**	5.114	3.146**	3.844	3.290***	8.171
AGE	0.192***	6.568	0.179***	7.349	0.141**	5.012	0.135**	4.007	0.086*	2.658
ROA	−0.151	−1.798	−0.051	−0.49	0.099	0.85	0.015	0.06	0.142	2.223
LEV	−0.476***	−81.63	−0.389***	−16.129	−0.401***	−11.191	−0.328***	−10.438	−0.497***	−12.215
Fixed Effect	Yes		Yes		Yes		Yes		Yes
R-square	0.769		0.816		0.831		0.803		0.840
F-Stat	105.366		139.924		155.104		12.494		102.037
Prob	0.000		0.000		0.000		0.000		0.000
Obs.	164		164		164		164		164

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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