TABLE 3.
Market competition and firm performance: a moderating effect of firm size.
| Dependent variables | Model 4 |
Model 5 |
||
| ROE | ROA | ROE | ROA | |
| HHI | –0.0676** (0.39) | –0.2204*** (0.088) | 0.1507*** (0.0527) | 0.0405*** (0.0147) |
| Size | –0.0392* (0.149) | 0.1258** (0.63) | 0.4073*** (0.081) | 0.0546** (0.0250) |
| S*HHI | 0.2097*** (0.0625) | –0.0476 (0.064) | ||
| L*HHI | –0.17092*** (0.062) | 0.0231* (0.0219) | ||
| R&D | –0.1375*** (0.0420) | 66.71*** (9.69) | 0.1323*** (0.056) | –12.49*** (1.334) |
| Current ratio | 0.1525** (0.0843) | 0.1878*** (0.0501) | –0.0240 (0.077) | 0.0688*** (0.020) |
| Growth | –0.5488* (0.361) | 1.065** (0.508) | –4.237*** (1.55) | –0.1451 (0.160) |
| Constant | 0.7587 (1.43) | –1.642*** (0.667) | –2.55*** (0.678) | –0.4658** (0.243) |
| Wald test | 84.60*** | 19.31*** | 85*** | 19.4*** |
| AR (1) | –3.92 | –1.10 | –4.39 | –1.47 |
| AR (2) | –1.65 | –0.95 | –1.64 | 1.00 |
| Sargan test | 203.08 | 85.10 | 17.84 | 587.68 |
| Observation | 2,502 | 2,502 | 2,502 | 2,502 |
***p < 0.01, **p < 0.05, *p < 0.1 shows significance levels.