Table 11 Regression analysis of firm size (total asset, total sales, MVE and number of employees) and non-executive directors
From: Sensitivity of firm size measures to practices of corporate finance: evidence from BRICS
(1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | |
|---|---|---|---|---|---|---|---|---|
Pooled OLS | Pooled OLS | Pooled OLS | Pooled OLS | FE | FE | FE | FE | |
C | 0.30*** | 0.34*** | 0.40*** | 1.59*** | 0.45*** | 0.38*** | 0.49*** | 0.29** |
Log (segments) | − 0.05*** | − 0.05*** | − 0.04*** | − 0.05*** | − 0.07*** | − 0.08*** | − 0.07*** | − 0.08*** |
Performance | − 0.02*** | − 0.01** | − 0.04*** | − 0.15*** | − 0.03*** | 0.00ns | − 0.04*** | − 0.02ns |
Size: Ln(assets) | 0.18*** | 0.16*** | ||||||
Size: Ln(sales) | 0.20*** | 0.11*** | ||||||
Size: Ln(MVE) | 0.16*** | 0.15*** | ||||||
Size: number of employees | 0.03*** | 0.04*** | ||||||
Year fixed effect | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
R2 | 0.07 | 0.08 | 0.07 | 0.06 | 0.07 | 0.08 | 0.08 | 0.09 |
#Observations | 1250 | 1250 | 1250 | 1250 | 1250 | 1250 | 1250 | 1250 |