Table 4.
Generalized Linear Regression (GLR).
| Dependent variable | REG | ROA | ROE | ATO |
|---|---|---|---|---|
| C | 0.007002 | −0.021072 | −0.057966 | 0.104588 |
| COVID-19 | −0.399433*** | −0.003005*** | −0.007744*** | −0.052164*** |
| CC | 0.004927*** | 0.003433*** | 0.002093*** | 0.001077*** |
| CSR | 0.002372*** | 0.003412*** | 0.002109*** | 0.015577*** |
| Liquidity | −0.00156 | 0.002067* | 0.001078* | −0.000905 |
| CCC | 0.000001* | 0.00000101 | 0.000001 | 0.000025* |
| Capital structure | −0.004837 | −0.002184* | −0.003275* | −0.004159*** |
| State ownership | 0.000585* | 0.00000035 | 0.0000002 | 0.000257 |
| Size | 0.001328 | 0.002298* | 0.006062* | 0.001277 |
| F-statistics | 86.32963*** | 22.31128*** | 44.03888*** | 91.45425*** |
***
significance level is at 0.01;
*
is 0.1 significance level (Cross-section weights and white cross-section variance method).