Table 5.
Baseline regression results.
| Variables | (1) |
(2) |
(3) |
|---|---|---|---|
| Mixed sample model:SC | Random effects model:SC | Fixed effects model:SC | |
| Origin | 0.052*** | 0.044*** | 0.049*** |
| (3.75) | (3.48) | (3.00) | |
| Size | −0.021*** | −0.019*** | −0.028*** |
| (-3.95) | (-3.38) | (-3.27) | |
| Roa | −3.905*** | −3.310*** | −3.881*** |
| (-8.77) | (-7.62) | (-6.07) | |
| lev | 0.273*** | 0.254*** | 0.315*** |
| (9.00) | (8.37) | (5.94) | |
| Instihold | 0.016*** | 0.009 | 0.011* |
| (2.84) | (1.56) | (1.89) | |
| Soe | −0.008 | 0.016 | −0.014 |
| (-0.59) | (1.10) | (-0.76) | |
| Top1 | −0.103* | −0.129** | −0.146** |
| (-1.85) | (-2.23) | (-2.31) | |
| Top25 | 0.008 | 0.003 | 0.004 |
| (0.59) | (0.20) | (0.26) | |
| Boardsize | 0.027 | 0.005 | 0.020 |
| (0.76) | (0.14) | (0.46) | |
| Independ | 0.389*** | 0.289** | 0.412*** |
| (3.08) | (2.28) | (2.86) | |
| Constant | 0.782*** | 0.843*** | 0.961*** |
| (5.81) | (5.94) | (5.00) | |
| Industry | Yes | Yes | Yes |
| Year | Yes | Yes | Yes |
| N | 4128 | 4128 | 4128 |
| Adj_R2 | 0.075 | 0.044 | 0.119 |
| LM | 862.730 | ||
| Hausman | 26.100 |
Notes: T-values are in parentheses. ***, **, and * indicate significant at the 1%, 5%, and 10% levels, respectively. Industry and Year fixed effects are included. Standard errors were cluster-adjusted by firm-level.