Table 7 Robustness check: FGLS results
Variables | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (10) | (10) |
|---|---|---|---|---|---|---|---|---|---|---|
AEM | REM | |||||||||
Modified Jones | Kothari model | Kasznik model | Raman and Shahrur model | ABCFO | ABPROD | ABDIX | RM1 | RM2 | RM3 | |
BRDDIV | 0.0184 | − 0.038 | − 0.055** | − 0.025 | 0.057** | 0.011 | − 0.0146*** | − 0.088* | − 0.051* | − 0.096** |
(0.037) | (0.035) | (0.025) | (0.028) | (0.026) | (0.033) | (0.005) | (0.045) | (0.029) | (0.047) | |
ROA | − 0.115 | − 0.136 | − 0.228** | − 0.117 | 0.266** | − 0.523*** | 0.009 | − 0.769*** | − 0.303** | − 0.720*** |
(0.167) | (0.143) | (0.110) | (0.118) | (0.126) | (0.147) | (0.026) | (0.193) | (0.134) | (0.205) | |
ROE | 0.129 | 0.088 | 0.124** | 0.074 | 0.089 | 0.109 | 0.005 | − 0.040 | − 0.084 | − 0.022 |
(0.089) | (0.076) | (0.057) | (0.064) | (0.068) | (0.086) | (0.015) | (0.112) | (0.071) | (0.118) | |
LIQ | 0.0003 | 0.003 | − 0.005* | − 0.0004 | − 0.001 | 0.007* | 0.0004 | 0.007 | 0.004 | 0.009 |
(0.004) | (0.004) | (0.003) | (0.003) | (0.003) | (0.004) | (0.0008) | (0.006) | (0.004) | (0.006) | |
LEV | − 0.017 | − 0.009 | − 0.054* | − 0.019 | − 0.031 | − 0.057 | 0.0213** | − 0.026 | 0.0341 | − 0.042 |
(0.051) | (0.043) | (0.032) | (0.0323) | (0.035) | (0.052) | (0.009) | (0.062) | (0.041) | (0.062) | |
GEAR | 0.011 | 0.004 | 0.019** | 0.004 | − 0.002 | 0.0069 | − 0.008*** | − 0.003 | 0.0049 | 0.0102 |
(0.015) | (0.013) | (0.009) | (0.010) | (0.011 | (0.017) | (0.003) | (0.020) | (0.013) | (0.020) | |
FIRMSIZER | 0.008 | 0.045** | − 0.007 | 0.044*** | − 0.001 | 0.005 | 0.001 | 0.004 | 0.0004 | 0.004 |
(0.019) | (0.018) | (0.013) | (0.014) | (0.013) | (0.017) | (0.003) | (0.022) | (0.014) | (0.023) | |
ASSTAN | 0.043 | 0.016 | 0.027 | − 0.034 | − 0.069** | 0.0001 | − 0.0096 | 0.0507 | 0.111*** | 0.119* |
(0.041) | (0.037) | (0.028) | (0.031) | (0.028) | (0.037) | (0.008) | (0.055) | (0.032) | (0.062) | |
OC | 0.009 | − 0.019 | − 0.014 | − 0.018 | − 0.062*** | 0.066*** | 0.0131*** | 0.107*** | 0.037** | 0.087*** |
(0.025) | (0.023) | (0.016) | (0.019) | (0.019) | (0.020) | (0.005) | (0.032) | (0.019) | (0.032) | |
EMFLEX | − 0.022 | 0.024 | − 0.018 | − 0.0002 | 0.012 | 0.044 | − 0.005 | 0.062 | − 0.004 | 0.040 |
(0.034) | (0.033) | (0.023) | (0.028) | (0.022) | (0.034) | (0.008) | (0.047) | (0.025) | (0.047) | |
Constant | − 0.104 | − 0.151 | 0.125 | − 0.114 | 0.317*** | 0.818*** | − 0.080*** | − 0.089 | − 0.204* | 0.687*** |
(0.145) | (0.132) | (0.099) | (0.107) | (0.107) | (0.148) | (0.026) | (0.230) | (0.111) | (0.208) | |
Observations | 1014 | 1014 | 1014 | 1014 | 1014 | 1014 | 1014 | 1014 | 1014 | 1014 |
Number of firms | 78 | 78 | 78 | 78 | 78 | 78 | 78 | 78 | 78 | 78 |
Heteroscedasticity test (p value) | 0.003 | 0.138 | 0.040 | 0.4094 | 0.000 | 0.000 | 0.000 | 0.000 | 0.005 | 0.030 |
Autocorrelation test (p value) | 0.000 | 0.117 | 0.003 | 0.1586 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 |
Wald test (p value) | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 |
Time fixed effects | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Firms fixed effects | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |