Table 14 Sensitivity of firm size measures in fixed/random effect 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 | + | − | − | − | < 10 | < 1 | < 5 | < 1 | 0.07 | 0.07 | 0.07 | 0.20 |
Financial leverage (debt to equity) | + | + | + | + | < 1 | < 1 | < 1 | > 10 | 0.04 | 0.05 | 0.02 | 0.12 |
CAPEX | − | − | − | + | < 5 | > 10 | > 10 | > 10 | 0.09 | 0.09 | 0.09 | 0.09 |
Business segment | + | + | + | + | > 10 | < 10 | < 10 | < 1 | 0.03 | 0.03 | 0.02 | 0.06 |
ROA | + | − | + | + | < 1 | < 1 | < 1 | < 1 | 0.08 | 0.07 | 0.09 | 0.09 |
ROE | + | + | + | + | < 1 | > 10 | < 1 | < 1 | 0.08 | 0.08 | 0.09 | 0.09 |
Independent directors | + | + | + | − | < 1 | < 5 | < 1 | > 10 | 0.14 | 0.14 | 0.08 | 0.09 |
Non-executive director | + | + | + | + | < 1 | < 1 | < 1 | < 1 | 0.07 | 0.08 | 0.08 | 0.09 |