Skip to main content
. 2022 Feb 24;13:837209. doi: 10.3389/fpsyg.2022.837209

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.