TABLE 7.
Robust test Model 3 with replacement of moderating variable.
| Variables | Model 3-7 (ROA) | Model 3-8 (EPS) | Model 3-9 (ROE) | Variables | Model 3-10 (ROA) | Model 3-11 (EPS) | Model 3-12 (ROE) |
| WDl | 0.0119*** (0.00387) |
0.00111*** (0.000317) |
0.0203** (0.00817) |
WDa | 0.0204*** (0.00704) |
0.00207*** (0.000565) |
0.0368** (0.0151) |
| WDlsq | −1.51e-05* (7.80e-06) |
−1.36e-06* (8.10e-07) |
−2.30e-05 (1.51e-05) |
WDasq | −4.28e-05** (2.06e-05) |
−4.88e-06** (2.06e-06) |
−7.45e-05* (4.14e-05) |
| BG | 0.0659 (0.525) |
−0.0498 (0.0446) |
−0.173 (1.084) |
BG | 0.0587 (0.531) |
−0.0559 (0.0451) |
−0.216 (1.100) |
| BG × WDl | −0.0157*** (0.00601) |
−0.000772 (0.000529) |
−0.0178 (0.0125) |
BG × WDa | −0.0248** (0.0111) |
−0.00144 (0.000965) |
−0.0289 (0.0233) |
| BG × WDlsq | 1.94e-05 (1.33e-05) |
1.53e-06 (1.36e-06) |
1.71e-05 (2.64e-05) |
BG × WDasq | 5.38e-05 (3.52e-05) |
5.87e-06 (3.79e-06) |
5.72e-05 (7.23e-05) |
| LNN | 0.322 (0.436) |
0.0504* (0.0266) |
1.250 (1.020) |
LNN | 0.319 (0.436) |
0.0492* (0.0267) |
1.240 (1.016) |
| POT | 0.0198 (0.0151) |
0.00203* (0.00115) |
0.0389 (0.0296) |
POT | 0.0198 (0.0151) |
0.00203* (0.00114) |
0.0389 (0.0293) |
| POM | 0.0359** (0.0180) |
0.00163 (0.00152) |
0.0489 (0.0371) |
POM | 0.0352* (0.0179) |
0.00158 (0.00150) |
0.0478 (0.0369) |
| PUT | 0.0188 (0.0179) |
0.000753 (0.00112) |
0.0288 (0.0327) |
PUT | 0.0189 (0.0179) |
0.000749 (0.00111) |
0.0286 (0.0327) |
| PSS | −0.0321* (0.0175) |
−0.00177 (0.00132) |
−0.0872** (0.0363) |
PSS | −0.0316* (0.0175) |
−0.00175 (0.00132) |
−0.0867** (0.0363) |
| TOP10 | −0.0335*** (0.00911) |
−0.00348*** (0.000801) |
−0.0599*** (0.0173) |
TOP10 | −0.0332*** (0.00914) |
−0.00346*** (0.000800) |
−0.0595*** (0.0173) |
| BOD | 0.131 (0.178) |
0.0118 (0.0162) |
0.429 (0.368) |
BOD | 0.132 (0.177) |
0.0119 (0.0161) |
0.430 (0.367) |
| IDP | 0.0341 (0.0383) |
0.00188 (0.00293) |
0.0878 (0.0764) |
IDP | 0.0321 (0.0384) |
0.00172 (0.00292) |
0.0846 (0.0764) |
| DUAL | 0.319 (0.513) |
0.0345 (0.0346) |
0.808 (1.101) |
DUAL | 0.295 (0.512) |
0.0296 (0.0344) |
0.749 (1.094) |
| Constant | 0.517 (4.162) |
−0.0460 (0.301) |
−7.526 (8.909) |
Constant | 0.608 (4.166) |
−0.0257 (0.300) |
−7.280 (8.875) |
| 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 | 0.029 | 0.043 | 0.024 | R 2 | 0.028 | 0.044 | 0.024 |
The symbols *, **, and *** denote significance at the 10, 5, and 1% significance levels, respectively.
Robust standard errors are presented in parentheses.