Table 5 Test for the number of regimes... | Emerald Publishing

Table 5

Test for the number of regimes

Transition variables		CSR (ESGS) → Performance				Performance → CSR (ESGS)
Hypotheses	Tests	ROA		Tobin’s Q ratio		ROA		Tobin’s Q ratio
Hypotheses	Tests	Statistics	p-value	Statistics	p-value	Statistics	p-value	Statistics	p-value
(1)H₀: r = 0;H₁: r = 0	LRT	103.764	0.000***	151.299	0.000***	303.701	0.000***	492.336	0.000***
	F	9.942	0.000***	14.596	0.000***	27.413	0.000***	50.335	0.000***
(2)H₀: r = 1;H₁: r = 2	LRT	134.446	0.000***	205.614	0.000***	395.421	0.000***	523.692	0.000***
	F	7.220	0.000***	11.154	0.000***	24.587	0.000***	30.002	0.000***

Transition variables		CSR (ESGS) → Performance				Performance → CSR (ESGS)
Hypotheses	Tests	ROA		Tobin’s Q ratio		ROA		Tobin’s Q ratio
Hypotheses	Tests	Statistics	p-value	Statistics	p-value	Statistics	p-value	Statistics	p-value
(1)H₀: r = 0;H₁: r = 0	LRT	103.764	0.000***	151.299	0.000***	303.701	0.000***	492.336	0.000***
	F	9.942	0.000***	14.596	0.000***	27.413	0.000***	50.335	0.000***
(2)H₀: r = 1;H₁: r = 2	LRT	134.446	0.000***	205.614	0.000***	395.421	0.000***	523.692	0.000***
	F	7.220	0.000***	11.154	0.000***	24.587	0.000***	30.002	0.000***

Note(s): ***indicates level of significance at 1%

Source(s): Table inserted by authors