Table 4 MRA regression result Variable...

Table 4

MRA regression result

Variable	Expected sign	Coefficient	Std. Err	T-statistic	Prob.
EP	+	2.889	1.515	1.910	0.029
EP*IC	–	−0.400	0.234	−1.710	0.044
IC	–	−0.017	0.011	−1.630	0.051
EP*SIZE	+	0.013	0.022	0.640	0.262
SIZE	+	0.003	0.001	3.090	0.001
EP*ROA	+	1.217	0.399	3.050	0.001
ROA	+	0.138	0.024	5.710	0.000
LEV	+	0.011	0.007	1.560	0.060
GROWTH	+	0.006	0.004	1.580	0.057
BETA	–	−0.002	0.003	−0.690	0.245
EP*BIG4	–	−0.089	0.096	−0.920	0.178
BIG4	+	0.002	0.004	0.480	0.315
EP*BOARD	–	0.145	0.171	−0.850	0.198
BOARD	+	0.001	0.007	0.030	0.486
EP*INDEP	–	0.331	0.596	−0.560	0.290
INDEP	+	0.032	0.022	1.450	0.074
FIRMAGE	+	−0.004	0.004	−1.000	0.159
CONS		0.038	0.069	0.055	0.292
F-statistics		12.30			0.000
Adjusted R-squared		0.048

Variable	Expected sign	Coefficient	Std. Err	T-statistic	Prob.
EP	+	2.889	1.515	1.910	0.029
EP*IC	–	−0.400	0.234	−1.710	0.044
IC	–	−0.017	0.011	−1.630	0.051
EP*SIZE	+	0.013	0.022	0.640	0.262
SIZE	+	0.003	0.001	3.090	0.001
EP*ROA	+	1.217	0.399	3.050	0.001
ROA	+	0.138	0.024	5.710	0.000
LEV	+	0.011	0.007	1.560	0.060
GROWTH	+	0.006	0.004	1.580	0.057
BETA	–	−0.002	0.003	−0.690	0.245
EP*BIG4	–	−0.089	0.096	−0.920	0.178
BIG4	+	0.002	0.004	0.480	0.315
EP*BOARD	–	0.145	0.171	−0.850	0.198
BOARD	+	0.001	0.007	0.030	0.486
EP*INDEP	–	0.331	0.596	−0.560	0.290
INDEP	+	0.032	0.022	1.450	0.074
FIRMAGE	+	−0.004	0.004	−1.000	0.159
CONS		0.038	0.069	0.055	0.292
F-statistics		12.30			0.000
Adjusted R-squared		0.048

Source(s): Authors' own work

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