Table 3.
Heterogeneous effects of IER and FER on CEB.
| Variable | PEB |
NEB |
||||||
|---|---|---|---|---|---|---|---|---|
| (1) |
(2) |
(3) |
(4) |
(5) |
(6) |
(7) |
(8) |
|
| Total | MIR | CCR | VPR | Total | MIR | CCR | VPR | |
| FER | −0.131*** | −0.002 | −0.006 | −0.065*** | 0.033 | 0.020*** | 0.039 | 0.023** |
| (-3.49) | (-0.30) | (-0.17) | (-4.44) | (0.97) | (4.19) | (1.38) | (2.34) | |
| FER2 | 0.008*** | 0.000 | 0.001 | 0.004*** | −0.002 | −0.001*** | −0.003 | −0.001** |
| (3.83) | (0.30) | (0.52) | (5.18) | (-1.11) | (-3.28) | (-1.48) | (-2.48) | |
| IER | 0.024*** | 0.023*** | 0.019*** | 0.014** | −0.040*** | −0.039*** | −0.038*** | −0.038*** |
| (3.65) | (3.96) | (2.98) | (2.27) | (-8.21) | (-9.38) | (-8.05) | (-8.75) | |
| Size | 0.025*** | 0.030*** | 0.025*** | 0.027*** | 0.011*** | 0.010*** | 0.011*** | 0.011*** |
| (12.46) | (17.07) | (12.43) | (14.68) | (7.50) | (8.00) | (7.44) | (7.95) | |
| Lev | 0.015 | 0.007 | 0.013 | 0.012 | 0.021 | 0.028** | 0.023* | 0.026** |
| (0.94) | (0.51) | (0.82) | (0.76) | (1.56) | (2.40) | (1.67) | (2.05) | |
| Age | 0.002 | 0.000 | 0.002 | 0.001 | −0.005 | −0.007*** | −0.005 | −0.006** |
| (0.38) | (0.08) | (0.48) | (0.16) | (-1.64) | (-2.73) | (-1.64) | (-2.23) | |
| ROA | −0.026 | −0.038 | −0.027 | −0.036 | −0.239*** | −0.213*** | −0.238*** | −0.240*** |
| (-0.60) | (-0.98) | (-0.62) | (-0.88) | (-5.69) | (-6.08) | (-5.69) | (-6.29) | |
| Invrec | −0.067*** | −0.064*** | −0.070*** | −0.068*** | −0.106*** | −0.111*** | −0.106*** | −0.106*** |
| (-4.11) | (-4.52) | (-4.24) | (-4.45) | (-9.42) | (-11.36) | (-9.32) | (-9.99) | |
| Growth | −0.013* | −0.011* | −0.013** | −0.009 | −0.007* | −0.007* | −0.007* | −0.007* |
| (-1.93) | (-1.77) | (-1.97) | (-1.41) | (-1.94) | (-1.90) | (-1.91) | (-1.92) | |
| Top | −0.013 | −0.019 | −0.015 | −0.010 | 0.015 | 0.012 | 0.015 | 0.008 |
| (-0.80) | (-1.32) | (-0.96) | (-0.69) | (1.34) | (1.28) | (1.35) | (0.82) | |
| Pindepen | −0.024 | −0.035 | −0.017 | −0.035 | −0.082*** | −0.074*** | −0.082*** | −0.079*** |
| (-0.57) | (-0.99) | (-0.42) | (-0.92) | (-3.32) | (-3.34) | (-3.31) | (-3.33) | |
| Mgt | 0.034* | 0.038** | 0.033* | 0.029 | 0.050*** | 0.029** | 0.050*** | 0.042*** |
| (1.73) | (2.19) | (1.69) | (1.58) | (3.33) | (2.23) | (3.35) | (2.99) | |
| Ownership | 0.006 | 0.003 | 0.007 | 0.006 | 0.014*** | 0.012*** | 0.015*** | 0.014*** |
| (1.07) | (0.60) | (1.18) | (1.14) | (3.69) | (3.74) | (3.78) | (3.85) | |
| Polinvest | 0.000 | 0.009** | 0.006** | 0.003 | 0.003 | 0.000 | 0.001 | 0.002 |
| (0.12) | (2.55) | (2.04) | (1.02) | (1.03) | (0.00) | (0.44) | (0.92) | |
| Law | 0.007 | 0.006 | 0.009 | 0.005 | −0.012** | −0.011** | −0.013*** | −0.010** |
| (1.03) | (0.99) | (1.51) | (0.76) | (-2.49) | (-2.33) | (-2.65) | (-2.09) | |
| Cons | −0.016 | −0.710*** | −0.584*** | −0.298*** | 0.062 | 0.146*** | 0.052 | 0.103 |
| (-0.09) | (-9.34) | (-4.21) | (-3.14) | (0.39) | (3.02) | (0.42) | (1.51) | |
| IND & YEAR | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| N | 3358 | 4753 | 3362 | 4042 | 3358 | 4753 | 3362 | 4042 |
| Adj_R2 | 0.116 | 0.138 | 0.115 | 0.138 | 0.256 | 0.265 | 0.255 | 0.254 |
Note: ***p < 0.01, **p < 0.05, *p < 0.1.Figures in parentheses are robust standard errors. All U-shaped and inverted U-shaped curves passed the U test [96].