. 2022 Nov 7;13:927617. doi: 10.3389/fpsyg.2022.927617

Table 5.

Estimation results for moderating role of investor sentiment.

	Organizational performance (ROA)
	Random-effect, Model 5	Fixed-effect, Model 6
$R & D_{i, t - 1}$	−0.098^*** (0.005)	−0.161^*** (0.007)
$S R_{i, t - 1}$	0.001^*** (0.000)	−0.150 (0.284)
$S R_{i, t - 1}$ * $R & D_{i, t - 1}$	0.000 (0.000)	0.000^*** (0.000)
$O P I_{i, t - 1}$	0.045^*** (0.004)	0.049^*** (0.005)
$G R W_{i, t - 1}$	0.084^*** (0.004)	0.085^*** (0.004)
$A S T_{i, t - 1}$	−0.190^*** (0.009)	−0.253^*** (0.015)
$N E M_{i, t - 1}$	0.096^*** (0.010)	0.065^*** (0.016)
$A L R_{i, t - 1}$	−0.090^*** (0.012)	0.005 (0.016)
$C F_{i, t - 1}$	−0.035^*** (0.009)	−0.012 (0.011)
$S H E Q_{i, t - 1}$	0.005^*** (0.000)	0.006^*** (0.001)
$D P S_{i, t - 1}$	−0.389^**** (0.036)	−0.525^*** (0.042)
$E P S_{i, t - 1}$	0.662^*** (0.015)	0.670^*** (0.018)
$E N T_{i}$	Categorical variable	_
$Y E A R_{t}$	_	_
Cons	4.855^*** (0.153)	5.404^*** (0.256)
$R^{2}$ : Within	0.685	0.694
$R^{2}$ : Between	0.719	0.773
$R^{2}$ : Overall	0.668	0.739

^***p < 0.01; ^**p < 0.05. According to the Hausman test, $χ^{2}$ (12) = 274.68, p < 0.05. Hence, the fixed-effect model fit the data set better than random-effect model.