TABLE 5.
Results for multiple regression analysis.
(1) |
(2) |
(3) |
(4) |
|
TobinQ | TobinQ_new | TobinQ | TobinQ | |
MCD | 0.225*** (3.58) | 0.232*** (3.27) | 0.305*** (3.38) | |
MCD_new | 0.257*** (3.97) | |||
Board | −0.013 (−0.58) | −0.0182 (−0.74) | −0.012 (−0.56) | −0.027 (−0.77) |
Share | 0.219 (0.88) | 0.0642 (0.23) | 0.175 (0.70) | 0.354 (0.84) |
Size | −1.805*** (−20.39) | −1.935*** (−19.41) | −1.774*** (−20.03) | −1.816*** (−7.97) |
SOE | −0.289*** (−3.97) | −0.360*** (−4.40) | −0.268*** (−3.68) | −0.300** (−2.53) |
Lev | −1.207*** (−6.56) | −1.328*** (−6.40) | −1.124*** (−6.06) | −1.524*** (−3.17) |
Growth | 0.297*** (3.31) | 0.371*** (3.67) | 0.282*** (3.15) | 0.283** (2.00) |
Duality | −0.194*** (−2.60) | −0.241*** (−2.87) | −0.184** (−2.46) | −0.306** (−2.27) |
Year | Control | Control | Control | Control |
Constant | 18.95*** (24.98) | 20.45*** (23.93) | 18.61*** (24.36) | 20.072***(10.09) |
Observations | 1087 | 1087 | 1087 | 586 |
Adjusted R2 | 0.5749 | 0.5634 | 0.5760 | 0.572 |
*** and ** represent statistical significance at the 1% and 5% level, respectively. The corresponding t-value for the variable is in the bracket.