TABLE 8.
Reverse causality test
| Variable | Exploitative1 | Exploratory1 |
|---|---|---|
| HG | −2.823∗∗ | 4.744∗∗ |
| (-2.01) | (2.29) | |
| HL | −1.075 | 1.011 |
| (-1.13) | (0.72) | |
| SIZE | 0.294∗∗∗ | −0.086 |
| (3.30) | (-0.55) | |
| LEV | 0.364 | −0.772 |
| (1.17) | (-1.52) | |
| SOE | −0.249∗ | 0.265 |
| (-1.80) | (1.03) | |
| FIXED | −0.522 | −1.319∗∗ |
| (-1.33) | (-1.99) | |
| TMTPay1 | 0.032 | 0.021 |
| (0.38) | (0.15) | |
| MFEE | 7.709∗∗∗ | 5.696∗∗∗ |
| (9.44) | (4.30) | |
| TOP3 | −0.015∗∗∗ | 0.013∗ |
| (-3.69) | (1.76) | |
| WW | 1.514 | −5.245∗∗∗ |
| (1.33) | (-3.09) | |
| FirmAge | −0.537∗∗ | 0.876 |
| (-2.02) | (1.46) | |
| Year | Yes | Yes |
| Industry | Yes | Yes |
| Constant | −3.521∗∗ | −5.301∗ |
| (-2.19) | (-1.65) | |
| R2 | 0.0339 | 0.0568 |
| Wald χ2 | 195.42 | 106.42 |