Table 7 Regression analysis of firm size (total asset, total sales, MVE and number of employees) and diversification

C

0.92***

0.72***

1.10***

0.82***

0.55**

0.55***

0.13^ns

1.01**

Leverage

− 0.13**

− 0.12**

− 0.10*

− 0.11**

− 0.04^ns

− 0.04^ns

− 0.02^ns

− 0.02^ns

Performance

− 0.01^ns

0.00^ns

− 0.03*

− 0.01^ns

0.01^ns

0.01^ns

0.02^ns

0.08**

Size: Ln(assets)

0.073**

0.023^ns

Size: Ln(sales)

0.058**

0.055*

Size: Ln(MVE)

− 0.03^ns

0.0309*

Size: number of employees

0.0057^ns

0.123***

Year fixed effect

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

R²

0.06

0.06

0.05

0.05

0.03

0.03

0.02

0.06

#Observations

1250

1250

1250

1250

1250

1250

1250

1250