TABLE 5.
Model 3 regression results.
| Variables | Model 3-1 (ROA) | Model 3-2 (EPS) | Model 3-3 (ROE) | Variables | Model 3-4 (ROA) | Model 3-5 (EPS) | Model 3-6 (ROE) |
| WDl | 0.0132*** (0.00425) |
0.00108*** (0.000356) |
0.0220** (0.00879) |
WDa | 0.0231*** (0.00787) |
0.00197*** (0.000643) |
0.0406** (0.0164) |
| WDlsq | −2.67e-05* (1.45e-05) |
−2.56e-06* (1.50e-06) |
−4.79e-05* (2.88e-05) |
WDasq | −6.67e-05** (3.36e-05) |
−6.72e-06** (3.37e-06) |
−0.000128* (6.70e-05) |
| F | 0.0260*** (0.00765) |
0.00152** (0.000595) |
0.0556*** (0.0171) |
F | 0.0239*** (0.00717) |
0.00135** (0.000559) |
0.0511*** (0.0160) |
| F × WDl | −0.000175*** (4.08e-05) |
−5.82e-06 (3.97e-06) |
−0.000323*** (8.47e-05) |
F × WDa | −0.000262*** (6.18e-05) |
−7.24e-06 (5.92e-06) |
−0.000478*** (0.000133) |
| F × WDlsq | 2.74e-07*** (6.09e-08) |
1.07e-08* (6.33e-09) |
4.99e-07*** (1.24e-07) |
F × WDasq | 6.32e-07*** (1.49e-07) |
2.14e-08 (1.53e-08) |
1.15e-06*** (3.13e-07) |
| LNN | 0.206 (0.419) |
0.0429* (0.0259) |
1.019 (0.980) |
LNN | 0.229 (0.422) |
0.0437* (0.0260) |
1.058 (0.979) |
| POT | 0.0227 (0.0154) |
0.00222* (0.00116) |
0.0450 (0.0297) |
POT | 0.0223 (0.0154) |
0.00221* (0.00116) |
0.0439 (0.0299) |
| POM | 0.0378** (0.0189) |
0.00153 (0.00156) |
0.0505 (0.0387) |
POM | 0.0376** (0.0188) |
0.00148 (0.00155) |
0.0500 (0.0385) |
| PUT | 0.0146 (0.0180) |
0.000415 (0.00115) |
0.0203 (0.0331) |
PUT | 0.0145 (0.0180) |
0.000412 (0.00114) |
0.0202 (0.0331) |
| PSS | −0.0300* (0.0172) |
−0.00178 (0.00133) |
−0.0843** (0.0357) |
PSS | −0.0304* (0.0173) |
−0.00179 (0.00132) |
−0.0851** (0.0360) |
| TOP10 | −0.0323*** (0.00907) |
−0.00343*** (0.000803) |
−0.0573*** (0.0172) |
TOP10 | −0.0324*** (0.00908) |
−0.00344*** (0.000801) |
−0.0576*** (0.0172) |
| BOD | 0.126 (0.181) |
0.0110 (0.0164) |
0.427 (0.373) |
BOD | 0.125 (0.180) |
0.0109 (0.0164) |
0.423 (0.373) |
| IDP | 0.0327 (0.0386) |
0.00174 (0.00293) |
0.0840 (0.0765) |
IDP | 0.0312 (0.0388) |
0.00168 (0.00293) |
0.0816 (0.0766) |
| DUAL | 0.340 (0.511) |
0.0374 (0.0342) |
0.842 (1.087) |
DUAL | 0.315 (0.512) |
0.0345 (0.0341) |
0.792 (1.082) |
| Constant | 1.940 (4.044) |
0.0501 (0.295) |
−4.627 (8.591) |
Constant | 1.832 (4.069) |
0.0474 (0.297) |
−4.789 (8.584) |
| 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 | 0.036 | 0.047 | 0.035 | R 2 | 0.035 | 0.048 | 0.035 |
The symbols *, **, and *** denote significance at the 10, 5, and 1% significance levels, respectively.
Robust standard errors are presented in parentheses.