Table 10 Additional test (sensitive and...

Table 10

Additional test (sensitive and non-sensitive industry)

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
Panel A. Sensitive Sector
Independent Variable
FOWN	0.156***	6.414							0.159***	6.808
BLOWN			−0.130***	−5.900					−0.448***	−11.928
GOWN					0.346***	13.898			0.961***	13.713
INSOWN							−0.296***	−13.307	0.577***	8.941
Control Variable
SIZE	0.730	0.756	2.040	1.597	0.143	0.155	2.020*	1.867	−3.569*	−2.688
AGE	0.255***	11.759	0.246***	9.889	0.106***	6.510	0.246***	13.005	−0.080**	−4.441
ROA	0.041	0.382	0.285*	2.268	0.162*	2.412	0.181	1.839	0.642***	5.502
LEV	−0.334***	−9.373	−0.337***	−11.034	−0.511***	−9.090	−0.530***	−10.205	−0.266**	−2.980
Fixed Effect	Yes		Yes		Yes		Yes		Yes
R-square	0.570		0.457		0.723		0.578		0.826
F-Stat	34.250		21.751		67.276		35.312		74.610
Prob	0.000		0.000		0.000		0.000		0.000
Obs.	135		135		135		135		135
Panel B. Non-Sensitive Sector
Independent Variable
FOWN	0.161**	2.184							0.141*	1.992
BLOWN			−0.003*	−0.031					−0.537***	−4.250
GOWN					−0.046*	−1.596			0.943***	5.792
INSOWN							0.091***	6.693	0.957***	5.733
Control Variable
SIZE	4.652***	3.876	3.671***	4.533	3.961***	5.606	4.214***	8.605	3.308**	2.559
AGE	0.093	1.519	0.082	1.688	0.083	2.074	0.101*	2.438	0.171***	3.101
ROA	−0.361	−1.463	−0.509***	−4.781	−0.538***	−5.906	−0.563***	−4.730	−0.979***	−4.288
LEV	−0.520***	−4.636	−0.457***	−13.213	−0.482***	−15.059	−0.503***	−13.454	−0.648***	−6.414
Fixed Effect	Yes		Yes		Yes		Yes		Yes
R-square	0.717		0.924		0.920		0.916		0.821
F-Stat	32.366		154.591		147.894		139.117		34.980
Prob	0.000		0.000		0.000		0.000		0.000
Obs.	70		70		70		70		70

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
Panel A. Sensitive Sector
Independent Variable
FOWN	0.156***	6.414							0.159***	6.808
BLOWN			−0.130***	−5.900					−0.448***	−11.928
GOWN					0.346***	13.898			0.961***	13.713
INSOWN							−0.296***	−13.307	0.577***	8.941
Control Variable
SIZE	0.730	0.756	2.040	1.597	0.143	0.155	2.020*	1.867	−3.569*	−2.688
AGE	0.255***	11.759	0.246***	9.889	0.106***	6.510	0.246***	13.005	−0.080**	−4.441
ROA	0.041	0.382	0.285*	2.268	0.162*	2.412	0.181	1.839	0.642***	5.502
LEV	−0.334***	−9.373	−0.337***	−11.034	−0.511***	−9.090	−0.530***	−10.205	−0.266**	−2.980
Fixed Effect	Yes		Yes		Yes		Yes		Yes
R-square	0.570		0.457		0.723		0.578		0.826
F-Stat	34.250		21.751		67.276		35.312		74.610
Prob	0.000		0.000		0.000		0.000		0.000
Obs.	135		135		135		135		135
Panel B. Non-Sensitive Sector
Independent Variable
FOWN	0.161**	2.184							0.141*	1.992
BLOWN			−0.003*	−0.031					−0.537***	−4.250
GOWN					−0.046*	−1.596			0.943***	5.792
INSOWN							0.091***	6.693	0.957***	5.733
Control Variable
SIZE	4.652***	3.876	3.671***	4.533	3.961***	5.606	4.214***	8.605	3.308**	2.559
AGE	0.093	1.519	0.082	1.688	0.083	2.074	0.101*	2.438	0.171***	3.101
ROA	−0.361	−1.463	−0.509***	−4.781	−0.538***	−5.906	−0.563***	−4.730	−0.979***	−4.288
LEV	−0.520***	−4.636	−0.457***	−13.213	−0.482***	−15.059	−0.503***	−13.454	−0.648***	−6.414
Fixed Effect	Yes		Yes		Yes		Yes		Yes
R-square	0.717		0.924		0.920		0.916		0.821
F-Stat	32.366		154.591		147.894		139.117		34.980
Prob	0.000		0.000		0.000		0.000		0.000
Obs.	70		70		70		70		70

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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