Table 8 Additional test (moderating...

Table 8

Additional test (moderating community score)

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	0.194**	0.010							0.120*	0.057
BLOWN			−0.229***	−0.003					−0.423**	−0.041
GOWN					0.537***	0.001			1.181***	0.001
INSOWN							0.270**	0.014	1.179***	0.004
CS	0.491***	0.000	0.614***	0.000	0.881***	0.000	0.632***	0.000	1.095***	0.000
Moderating Variables
FOWNXCS	0.002	0.125							0.001	0.172
BLOWNXCS			0.003***	0.001					0.005***	0.006
GOWNXCS					0.006***	0.001			0.014***	0.000
INSOWNXCS							0.003**	0.012	0.014***	0.001
Control Variables
SIZE	3.452***	0.003	3.736***	0.001	3.326***	0.002	4.155***	0.000	2.811**	0.032
AGE	0.068***	0.005	0.070***	0.006	0.099***	0.009	0.073***	0.006	0.081*	0.055
ROA	0.078	0.613	0.102	0.532	0.002	0.983	0.096	0.466	0.002	0.993
LEV	−0.116**	0.011	−0.070**	0.020	−0.142**	0.020	−0.063**	0.029	−0.121**	0.012
Fixed Effect	Yes		Yes		Yes		Yes		Yes
R-squared	0.607		0.821		0.819		0.834		0.632
F-Stat	43.393		128.824		79.459		140.911		25.274
Prob	0.000		0.000		0.000		0.000		0.000
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	0.194**	0.010							0.120*	0.057
BLOWN			−0.229***	−0.003					−0.423**	−0.041
GOWN					0.537***	0.001			1.181***	0.001
INSOWN							0.270**	0.014	1.179***	0.004
CS	0.491***	0.000	0.614***	0.000	0.881***	0.000	0.632***	0.000	1.095***	0.000
Moderating Variables
FOWNXCS	0.002	0.125							0.001	0.172
BLOWNXCS			0.003***	0.001					0.005***	0.006
GOWNXCS					0.006***	0.001			0.014***	0.000
INSOWNXCS							0.003**	0.012	0.014***	0.001
Control Variables
SIZE	3.452***	0.003	3.736***	0.001	3.326***	0.002	4.155***	0.000	2.811**	0.032
AGE	0.068***	0.005	0.070***	0.006	0.099***	0.009	0.073***	0.006	0.081*	0.055
ROA	0.078	0.613	0.102	0.532	0.002	0.983	0.096	0.466	0.002	0.993
LEV	−0.116**	0.011	−0.070**	0.020	−0.142**	0.020	−0.063**	0.029	−0.121**	0.012
Fixed Effect	Yes		Yes		Yes		Yes		Yes
R-squared	0.607		0.821		0.819		0.834		0.632
F-Stat	43.393		128.824		79.459		140.911		25.274
Prob	0.000		0.000		0.000		0.000		0.000
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, CS: Community Score, FZ: Firm Size, AGE: Firm Age, ROA: Return on Assets, LEV: Leverage

Source(s): Created by authors

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