TABLE 6.
Results of the robustness check using additional control variables.
| (1) | (2) | |
| PAT | PAT | |
| FB | −0.109* | −0.202*** |
| (−1.81) | (−3.00) | |
| FB*MO | 1.426*** | |
| (3.52) | ||
| MO | 0.566*** | |
| (4.78) | ||
| ROA | 2.941*** | 2.807*** |
| (14.46) | (13.74) | |
| LEV | 0.092 | 0.111 |
| (0.99) | (1.19) | |
| SIZE | 0.182*** | 0.185*** |
| (10.21) | (10.38) | |
| SOE | −0.066* | −0.049 |
| (−1.73) | (−1.28) | |
| FAGE | −0.364*** | −0.341*** |
| (−7.49) | (−6.99) | |
| INSHOLD | −0.176*** | −0.041 |
| (−2.80) | (−0.61) | |
| SALEGRO | −0.150*** | −0.156*** |
| (−3.62) | (−3.81) | |
| Tobin’s Q | 0.017 | 0.019 |
| (1.27) | (1.36) | |
| IDRATIO | 0.272 | 0.219 |
| (0.86) | (0.69) | |
| BSIZE | 0.054*** | 0.055*** |
| (4.53) | (4.61) | |
| GENDER | −0.024 | −0.024 |
| (−0.45) | (−0.46) | |
| CEOAGE | −0.080 | −0.188* |
| (−0.86) | (−2.00) | |
| OVERSEAS | 0.089** | 0.082* |
| (2.09) | (1.94) | |
| IND | yes | yes |
| YEAR | yes | yes |
| Constant | −3.438*** | −3.235*** |
| (−6.14) | (−5.79) | |
| F-value | 76.03*** | 75.25*** |
| Adj. R2 | 0.231 | 0.234 |
| N | 12,248 | 12,248 |
t statistics in parentheses; *p < 0.1, **p < 0.05, and ***p < 0.01; heteroskedasticity robust standard errors are used.