Regression results
| DV = ROA | DV = ROE | DV= sales growth | DV = Ln (Sales) | DV = Ln(EVA) | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| M-1 | M-2 | M-1 | M-2 | M-1 | M-2 | M-1 | M-2 | M-1 | M-2 | |
| Ln (Investment_IT) | 0.004*** [2.95] (0.00) | 0.003*** [3.18] (0.00) | 0.009*** [5.95] (0.00) | 0.001*** [6.33] (0.00) | 0.01 [5.27] (0.00) | 0.009*** [4.83] (0.00) | 0.35*** [29.26] (0.00) | 0.31*** [16.82] (0.00) | 0.37*** [31.26] (0.00) | 0.35*** [8.50] (0.00) |
| Ln(AGE) | – | −0.01*** [8.55] (0.00) | – | −0.05*** [4.01] (0.00) | – | −0.01*** [3.29] (0.00) | – | −0.17** [−1.99] (0.04) | – | 0.11 [0.86] (0.39) |
| Ln (Investment_IT) Ln(AGE) | – | 0.00001*** [9.11] (0.00) | – | 0.00002*** [11.01] (0.00) | 0.0004*** [6.33] (0.00) | – | 0.00033*** [7.99] (0.00) | 0.0007*** [8.37] (0.00) | ||
| Ln (OPEX) | – | −0.007*** [−4.21] (0.00) | – | 0.005 [0.75] (0.45) | – | −0.004** [−2.22] (0.03) | – | 0.02 [0.57] (0.57) | – | −0.28*** [20.48] (0.00) |
| FOWN | – | 0.14** [2.12] (0.04) | – | 0.26*** [2.99] (0.00) | – | 0.16*** [2.91] (0.00) | – | −0.84 [−1.15] (0.25) | – | 0.91 [1.44] (0.15) |
| GAFF | – | −0.02*** [−7.74] (0.00) | – | −0.13*** [−2.31] (0.02) | – | 0.005 [1.23] (0.22) | – | −0.62*** [−4.07] (0.00) | – | −0.18*** [−3.17] (0.00) |
| Time effect | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Firm effect | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Industry effect | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Firm year obs. | 150 | 150 | 150 | 150 | 150 | 150 | 150 | 150 | 150 | 150 |
| DV = ROA | DV = ROE | DV= sales growth | DV = Ln (Sales) | DV = Ln(EVA) | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| M-1 | M-2 | M-1 | M-2 | M-1 | M-2 | M-1 | M-2 | M-1 | M-2 | |
| 0.004*** [2.95] | 0.003*** [3.18] | 0.009*** [5.95] | 0.001*** [6.33] | 0.01 [5.27] (0.00) | 0.009*** [4.83] | 0.35*** [29.26] (0.00) | 0.31*** [16.82] | 0.37*** [31.26] (0.00) | 0.35*** [8.50] | |
| – | −0.01*** [8.55] | – | −0.05*** [4.01] | – | −0.01*** [3.29] | – | −0.17** [−1.99] | – | 0.11 | |
| – | 0.00001*** [9.11] | – | 0.00002*** [11.01] | 0.0004*** [6.33] | – | 0.00033*** [7.99] | 0.0007*** [8.37] | |||
| – | −0.007*** [−4.21] | – | 0.005 | – | −0.004** [−2.22] (0.03) | – | 0.02 | – | −0.28*** [20.48] | |
| – | 0.14** | – | 0.26*** [2.99] | – | 0.16*** [2.91] | – | −0.84 [−1.15] | – | 0.91 | |
| – | −0.02*** [−7.74] | – | −0.13*** [−2.31] | – | 0.005 | – | −0.62*** [−4.07] | – | −0.18*** [−3.17] (0.00) | |
| Time effect | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Firm effect | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Industry effect | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Firm year obs. | 150 | 150 | 150 | 150 | 150 | 150 | 150 | 150 | 150 | 150 |
Note(s): ***, ** and * denote significance at 1%, 5% and 10% levels, respectively. DV stands for the dependent variable. The value in the square bracket [..] represents the t-value, and the value in the round bracket (..) represents the probability value. Ln (Opex), FOWN and GAFF are control variables
Source(s): Authors’ own creation
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