TABLE 5.
Variables | Model 5 (ROI) | Model 6 (ROE) | Model 7 (ROI) | Model 8 (ROE) |
CEO duality | −1.58*** (0.469) |
−2.11*** (0.754) |
0.155** (0.082) |
1.027*** (0.420) |
Small firm | −1.32*** (0.539) |
−2.24** (1.26) |
||
Large firm | 0.503* (0.354) |
−1.72*** (0.653) |
||
Small firm*CEO duality | −2.81*** (0.801) |
−2.99*** (0.908) |
||
Large firm*CEO duality | 0.178* (0.115) |
2.35*** (0.923) |
||
Leverage | −14.16*** (2.30) |
−15.87*** (2.85) |
−2.54*** (0.514) |
−2.97*** (0.681) |
Growth | 0.154** (0.083) |
0.205*** (0.073) |
0.085*** (0.035) |
0.096** (0.044) |
Firm size | −6.31*** (1.91) |
−5.37 (5.20) |
−1.74 (1.15) |
9.55*** (2.42) |
Assets tangibility | 1.785*** (0.437) |
3.17** (1.62) |
0.754*** (0.328) |
−1.61*** (0.639) |
Constant | −15.5*** (4.34) |
−28.7** (15.72) |
−7.28*** (3.42) |
17.54*** (6.69) |
Wald test | 27.75*** | 28.73*** | 28.44*** | 29.99*** |
AR (1) | −3.17 | −3.31 | −2.56 | −2.90 |
AR (2) | −1.60 | −0.81 | −1.36 | 0.29 |
Sargan Test | 43.66 | 41.15 | 1,773.48 | 587.41 |
Observation | 2,502 | 2,502 | 2,502 | 2,502 |
Level of significance in this study is indicated with “*” [***p < 0.01, **p < 0.05, and *p < 0.1].