From: Sensitivity of firm size measures to practices of corporate finance: evidence from BRICS
Chi-square | d.f | p value | Decision | |
---|---|---|---|---|
Financial leverage (assets to equity) | ||||
Size: Ln (total asset) | 3.15 | 2.00 | 0.21 | Random Effect |
Size: Ln (total sales) | 30.62 | 2.00 | 0.00 | Fixed effect |
Size: Ln (MVE) | 7.12 | 2.00 | 0.03 | Fixed effect |
Size: number of employees | 9.71 | 2.00 | 0.01 | Fixed effect |
Financial leverage (debt to equity) | ||||
Size: Ln (total asset) | 14.61 | 3.00 | 0.00 | Fixed effect |
Size: Ln (total sales) | 7.48 | 3.00 | 0.06 | Fixed effect |
Size: Ln (MVE) | 21.36 | 3.00 | 0.00 | Fixed effect |
Size: number of employees | 1.94 | 3.00 | 0.58 | Random effect |
CAPEX | ||||
Size: Ln (total asset) | 9.90 | 2.00 | 0.01 | Fixed effect |
Size: Ln (total sales) | 15.71 | 2.00 | 0.00 | Fixed effect |
Size: Ln (MVE) | 15.89 | 2.00 | 0.00 | Fixed effect |
Size: number of employees | 19.30 | 2.00 | 0.00 | Fixed effect |
Business segment | ||||
Size: Ln (total asset) | 2.24 | 3.00 | 0.52 | Random effect |
Size: Ln (total sales) | 2.19 | 3.00 | 0.53 | Random effect |
Size: Ln (MVE) | 5.83 | 3.00 | 0.12 | Random effect |
Size: number of employees | 6.64 | 3.00 | 0.08 | Random effect |
ROA | ||||
Size: Ln (total asset) | 313.37 | 3.00 | 0.00 | Fixed effect |
Size: Ln (total sales) | 217.43 | 3.00 | 0.00 | Fixed effect |
Size: Ln (MVE) | 409.33 | 3.00 | 0.00 | Fixed effect |
Size: number of employees | 13.40 | 3.00 | 0.00 | Fixed effect |
ROE | ||||
Size: Ln (total asset) | 460.89 | 3.00 | 0.00 | Fixed effect |
Size: Ln (total sales) | 415.57 | 3.00 | 0.00 | Fixed effect |
Size: Ln (MVE) | 458.01 | 3.00 | 0.00 | Fixed effect |
Size: number of employees | 45.95 | 3.00 | 0.00 | Fixed effect |
Independent directors | ||||
Size: Ln (total asset) | 4.05 | 3.00 | 0.26 | Random effect |
Size: Ln (Total Sales) | 2.14 | 3.00 | 0.54 | Random effect |
Size: Ln (MVE) | 8.15 | 3.00 | 0.04 | Random effect |
Size: number of employees | 36.58 | 3.00 | 0.00 | Fixed effect |
Non-executive directors | ||||
Size: Ln (total asset) | 53.01 | 3.00 | 0.00 | Fixed effect |
Size: Ln (total sales) | 15.67 | 3.00 | 0.00 | Fixed effect |
Size: Ln (MVE) | 54.97 | 3.00 | 0.00 | Fixed effect |
Size: number of employees | 106.51 | 3.00 | 0.00 | Fixed effect |