. 2011 Sep 23;31(2):338–349. doi: 10.1016/j.ijhm.2011.05.005

Table 6.

Panel regression test results of IMS and IMS² on SR and Tobin's Q.

	Coefficient	t-statistics	p-value
Panel A: SR (pooled OLS)
Constant	9.7837	1.2382	0.2165
IMS	−0.5370	−1.0066	0.3149
IMS²	0.0057	0.7020	0.4832
F-statistic = 1.4856 Prob. (F-statistic) = 0.2279			Adjusted R² = 0.0029 DW = 2.1545
Panel B: SR (pooled OLS)
Constant	66.2081	1.8679	0.0627
IMS	−1.2604	−1.8688	0.0624
IMS²	0.0157	1.5788	0.1152
SIZE	−3.0351	−1.6095	0.1084
ΔSALES	0.0950	1.1355	0.2570
F-statistic = 1.4856 Prob. (F-statistic) = 0.1328			Adjusted R² = 0.0194 DW = 2.1699
Panel C: Tobin's Q (Random effects)
Constant	0.3608	6.2831	0.0000^**
IMS	0.0054	2.0976	0.0367^*
IMS²	−0.0001	−2.8007	0.0195^*
F-statistic = 3.1610 Prob. (F-statistic) = 0.0437^*			Adjusted R² = 0.0828 DW = 1.7174
Panel D: Tobin's Q (Random effects)
Constant	−0.4504	−3.5344	0.1675
IMS	0.0062	2.4122	0.0164^**
IMS²	−0.0001	−2.0040	0.0459^*
SIZE	0.0557	2.5485	0.0113^**
ΔSALES	0.0000	0.0762	0.9393
F-statistic = 3.3017 Prob. (F-statistic) = 0.0114^**			Adjusted R² = 0.1371 DW = 1.7171

Note: DW is the Durbin–Watson (1950) statistic, $D W = \sum_{t = 2}^{N} {({\hat{e}}_{t} - {\hat{e}}_{t - 1})}^{2} / \sum_{t = 1}^{N} {\hat{e}}_{t}^{2}$ and ${\hat{e}}_{t}$ are the least squares residuals from the regression equation under consideration. Based on the Durbin–Watson bounds test, there is no residual autocorrelation if DW is greater than the upper critical value bound, which approximately equals 1.78 at the 5% significance level.

Represent the significance level of 5%.

^**

Represent the significance level of 1%.