Table 13 Sensitivity of firm size measures in pooled OLS regression
From: Sensitivity of firm size measures to practices of corporate finance: evidence from BRICS
Sign | Significance | R2 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total assets | Total sales | MVE | Number of employees | Total assets (%) | Total sales (%) | MVE (%) | Number of employees (%) | Total assets | Total sales | MVE | Number of employees | |
Financial leverage | − | − | − | − | < 1 | < 1 | < 1 | < 1 | 0.03 | 0.17 | 0.05 | 0.02 |
Financial leverage (debt to equity) | + | + | + | + | < 1 | < 1 | < 1 | < 1 | 0.04 | 0.04 | 0.03 | 0.09 |
CAPEX | − | − | − | + | < 1 | < 1 | < 1 | < 1 | 0.18 | 0.19 | 0.17 | 0.14 |
Business segment | + | + | + | + | < 5 | < 5 | > 10 | > 10 | 0.06 | 0.06 | 0.05 | 0.05 |
ROA | − | − | − | + | < 1 | < 1 | < 1 | < 1 | 0.08 | 0.08 | 0.07 | 0.03 |
ROE | − | − | − | + | < 1 | < 1 | < 1 | < 1 | 0.08 | 0.08 | 0.07 | 0.03 |
Independent directors | + | + | + | + | < 5 | > 10 | < 1 | < 1 | 0.15 | 0.15 | 0.16 | 0.29 |
Non-executive director | + | + | + | + | < 1 | < 1 | < 1 | < 1 | 0.07 | 0.08 | 0.07 | 0.06 |
Dividend policy | + | + | + | + | > 10 | > 10 | < 1 | < 1 | 0.001 | 0.001 | 0.02 | 0.019 |
Pay level | + | + | + | + | < 1 | < 1 | < 1 | < 1 | 0.18 | 0.16 | 0.20 | 0.02 |