Table 3 Regression analysis of firm size (total asset, total sales, MVE and number of employees) and financial leverage
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 | RE | FE | FE | FE | |
C | − 3.50*** | − 3.78*** | − 3.17*** | 0.08*** | − 3.76*** | − 3.79*** | − 3.49*** | 0.21*** |
ROA | − 0.05*** | − 0.18*** | − 0.11*** | 0.004*** | 0.01ns | 0.01ns | 0.01ns | − 0.001ns |
Size: Ln(assets) | − 0.03*** | 0.05* | ||||||
Size: Ln(sales) | − 0.21*** | − 0.07*** | ||||||
Size: Ln(MVE) | − 0.37*** | − 0.19** | ||||||
Size: number of employees | − 0.003*** | − 0.01*** | ||||||
Year fixed effect | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
R2 | 0.03 | 0.17 | 0.05 | 0.02 | 0.07 | 0.07 | 0.07 | 0.20 |
#Observations | 1250 | 1250 | 1250 | 1250 | 1250 | 1250 | 1250 | 1250 |