TABLE 4.
Model 1 regression results.
| Variables | Model 1-1 (ROA) |
Model 1-2 (EPS) |
Model 1-3 (ROE) |
Variables | Model 1-4 (ROA) |
Model 1-5 (EPS) |
Model 1-6 (ROE) |
| WDl | 0.0137*** (0.00512) |
0.00119*** (0.000419) |
0.0233** (0.0107) |
WDa | 0.0233** (0.00914) |
0.00220*** (0.000723) |
0.0420** (0.0194) |
| WDlsq | −1.67e-05** (7.72e-06) |
−1.17e-06 (7.60e-07) |
−2.64e-05* (1.51e-05) |
WDasq | −4.38e-05** (2.13e-05) |
−3.79e-06* (1.96e-06) |
−7.68e-05* (4.28e-05) |
| LNN | 0.302 (0.435) |
0.0475* (0.0265) |
1.209 (1.007) |
LNN | 0.299 (0.434) |
0.0470* (0.0265) |
1.199 (1.003) |
| POT | 0.0200 (0.0155) |
0.00209* (0.00116) |
0.0396 (0.0298) |
POT | 0.0204 (0.0154) |
0.00210* (0.00115) |
0.0400 (0.0296) |
| POM | 0.0370** (0.0184) |
0.00165 (0.00154) |
0.0504 (0.0377) |
POM | 0.0366** (0.0182) |
0.00161 (0.00153) |
0.0495 (0.0374) |
| PUT | 0.0180 (0.0182) |
0.000576 (0.00113) |
0.0270 (0.0334) |
PUT | 0.0178 (0.0182) |
0.000544 (0.00112) |
0.0266 (0.0333) |
| PSS | −0.0310* (0.0176) |
−0.00181 (0.00132) |
−0.0862** (0.0365) |
PSS | −0.0309* (0.0176) |
−0.00182 (0.00132) |
−0.0863** (0.0366) |
| TOP10 | −0.0339*** (0.00912) |
−0.00351*** (0.000801) |
−0.0605*** (0.0174) |
TOP10 | −0.0338*** (0.00912) |
−0.00351*** (0.000801) |
−0.0604*** (0.0174) |
| BOD | 0.121 (0.179) |
0.0110 (0.0162) |
0.416 (0.368) |
BOD | 0.117 (0.178) |
0.0108 (0.0161) |
0.410 (0.368) |
| IDP | 0.0353 (0.0388) |
0.00192 (0.00293) |
0.0895 (0.0768) |
IDP | 0.0340 (0.0390) |
0.00180 (0.00293) |
0.0871 (0.0769) |
| DUAL | 0.342 (0.520) |
0.0371 (0.0348) |
0.835 (1.106) |
DUAL | 0.314 (0.519) |
0.0334 (0.0345) |
0.774 (1.100) |
| Constant | −0.262 (4.160) |
−0.0975 (0.298) |
−8.763 (8.837) |
Constant | −0.158 (4.167) |
−0.0899 (0.298) |
−8.578 (8.836) |
| Individual fixed effects | Yes | Yes | Yes | Individual fixed effects | Yes | Yes | Yes |
| Time fixed effects | Yes | Yes | Yes | Time fixed effects | Yes | Yes | Yes |
| Observation | 3,093 | 3,093 | 3,093 | Observation | 3,093 | 3,093 | 3,093 |
| R 2 | 0.024 | 0.041 | 0.023 | R 2 | 0.025 | 0.042 | 0.024 |
The symbols *, **, and *** denote significance at the 10, 5, and 1% significance levels, respectively.
Robust standard errors are presented in parentheses.