Table 9.
Regression Models: Effect of OHSMS on Subsequent Financial Performance
| Dependent Variables | ||||||
|---|---|---|---|---|---|---|
| ROA | ROE | EPS | ROA | ROE | EPS | |
| Time Lag | t-1 | t-2 | ||||
| Independent variable | ||||||
| OHSMSt−1 | 0.0194 | 0.0275** | −0.0605 | |||
| OHSMSt−2 | −0.0318 | −0.0193 | −0.0296** | |||
| Control variable | ||||||
| Size | 0.0315 | 0,0194* | 0.2691*** | 0.0194 | 0.0258 | 0.4740*** |
| Constant | 0.1052 | 0.0957 | −0.1335*** | 0.0498 | 0.0057 | −0.2887*** |
| Adjusted R2 | 0.3817 | 0.0012 | 0.5679 | 0.3919 | 0.0003 | 0.5957 |
| F-statistics | 4.1328*** | 1.6739 | 8.0195*** | 4.6072*** | 1.0683 | 8.734*** |
| Durbin–Watson | 1.6475 | 1.9726 | 1.5903 | 1.8140 | 1.3847 | 1.9522 |
| Hausman test | 38.4104*** | 2.8505 | 35.2367*** | 38.3893*** | 2.7424 | 39.9602*** |
| Observations | 1125 | 1125 | 1125 | 1125 | 1125 | 1125 |
Notes: ***p < 0.01; **p < 0.05; *p < 0.10; The 95% CI: t-1 model, ROA as independent variable (0.0017,0.0372), ROE as independent variable (0.0095,0.0456), EPS as independent variable (−0.1508,0.0297); t-2 model, ROA as independent variable (−0.1076,0.0440), ROE as independent variable (−0.0234,-0.0152), EPS as independent variable (−0.0718,0.0125).
Abbreviations: ROA, return on assets; ROI, return on equity; EPS, earnings per share; LNTA, natural logarithm of total assets; CI, confidence interval.