Variables | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
---|---|---|---|---|---|---|---|---|---|---|
NOWOMBRD | 0.35 | − 0.10 | − 0.39 | 0.72 | 0.60 | 0.73 | 0.74 | |||
(0.3720) | (0.6916) | (0.6887) | (0.3659)** | (0.3748) | (0.3795)* | (0.3696)** | ||||
(0.4036) | (0.7323) | (0.7482) | (0.3802)* | (0.3676)* | (0.3828)* | (0.3709)** | ||||
PERWOMBRD | 0.01 | − 0.02 | − 0.04 | |||||||
(0.0350) | (0.0661) | (0.0662) | ||||||||
(0.0374) | (0.0690) | (0.0729) | ||||||||
PERFEMEXE | ||||||||||
SIZEBRD | − 0.53 | 0.09 | − 0.12 | − 0.48 | − 0.68 | |||||
(0.2288)** | (0.5300) | (0.5058) | (0.2567)* | (0.2593)** | ||||||
(0.2596)** | (0.4986) | (0.4466) | (0.2430)* | (0.2516)*** | ||||||
INDEPDIR | − 0.50 | − 0.28 | − 0.34 | 0.68 | 0.68 | |||||
(0.2471)** | (0.2287) | (0.2029)* | (0.4098) | (0.4180) | ||||||
(0.2887)* | (0.2421) | (0.2436) | (0.4187) | (0.4035)* | ||||||
AGEYNGDIR | − 0.20 | − 0.34 | − 0.38 | − 0.24 | − 0.20 | − 0.21 | − 0.10 | − 0.21 | ||
(0.0591)*** | (0.1374)** | (0.1430)*** | (0.0624)*** | (0.0658)*** | (0.0655)*** | (0.0585)* | (0.0594)*** | |||
(0.0642)*** | (0.1398)** | (0.1406)*** | (0.0632)*** | (0.0692)*** | (0.0682)*** | (0.0734) | (0.0628)*** | |||
AGEOLDDIR | − 0.05 | − 0.05 | − 0.04 | − 0.09 | − 0.22 | − 0.23 | ||||
(0.0690) | (0.0719) | (0.0715) | (0.0693) | (0.1569) | (0.1582) | |||||
(0.0542) | (0.0592) | (0.0575) | (0.0567)* | (0.1421) | (0.1463) | |||||
BRDDUR | − 2.13 | − 2.55 | − 2.78 | − 1.70 | − 1.65 | − 1.62 | − 1.44 | − 2.15 | − 2.86 | − 3.00 |
(0.3833)*** | (1.671194) | (1.6653)* | (0.4071)*** | (0.4334)*** | (0.4244)*** | (0.4204)*** | (0.3958)*** | (1.9153) | (1.9247) | |
(0.3467)*** | (1.17031)** | (1.1785)** | (0.4027)*** | (0.4668)*** | (0.4277)*** | (0.4225)*** | (0.3847)*** | (1.6066)* | (1.6163)* | |
BRDMEET | 0.07 | − 0.72 | − 0.78 | − 0.04 | − 0.08 | − 0.09 | − 0.06 | 0.08 | − 0.46 | − 0.47 |
(0.1134) | (0.3090)** | (0.3037)** | (0.1184) | (0.1231) | (0.1219) | (0.1214) | (0.1146) | (0.2621)* | (0.2652)* | |
(0.1045) | (0.3186)** | (0.3192)** | (0.1167) | (0.1240) | (0.1234) | (0.1211) | (0.1063) | (0.2530)* | (0.2485)* | |
EXECOMP | 0.003 | − 0.0003 | 0.007 | 0.009 | 0.009 | 0.001 | ||||
(0.0056) | (0.0057) | (0.0054) | (0.0053)* | (0.0053)* | (0.0056) | |||||
(0.0087) | (0.0066) | (0.0085) | (0.0075) | (0.0082) | (0.0091) | |||||
BRDCOMP | 0.003 | − 0.0008 | 0.02 | − 0.15 | − 0.04 | − 0.10 | 0.24 | 0.23 | ||
(0.3532) | (0.3533) | (0.2159) | (0.2156) | (0.2233) | (0.2128) | (0.3399) | (0.3425) | |||
(0.2666) | (0.2664) | (0.1598) | (0.1712) | (0.1691) | (0.1768) | (0.2739) | (0.2774) | |||
CFFO | 0.0001 | 0.0001 | 0.0001 | 0.0001 | 0.00009 | |||||
(0.0000)** | (0.0000)** | (0.0000)*** | (0.0000)*** | (0.0000)* | ||||||
(0.0000)*** | (0.0000)** | (0.0000)*** | (0.0000)*** | (0.0000)** | ||||||
CFFF | − 0.0001 | − 0.00005 | − 0.00004 | − 0.00006 | ||||||
(0.0000)** | (0.0000) | (0.0000) | (0.0000) | |||||||
(0.0000)** | (0.0000)* | (0.0000)* | (0.0000)** | |||||||
FCF | ||||||||||
TDE | − 0.03 | − 0.03 | ||||||||
(0.0068)*** | (0.0066)*** | |||||||||
(0.0090)*** | (0.0089)*** | |||||||||
TDC | − 0.15 | − 0.17 | − 0.14 | − 0.16 | ||||||
(0.0288)*** | (0.0290)*** | (0.0299)*** | (0.0309)*** | |||||||
(0.0327)*** | (0.0350)*** | (0.0363)*** | (0.0389)*** | |||||||
TDTA | − 0.11 | − 0.12 | − 0.11 | − 0.10 | ||||||
(0.0212)*** | (0.0220)*** | (0.0220)*** | (0.0218)*** | |||||||
(0.0198)*** | (0.0212)*** | (0.0204)*** | (0.0210)*** | |||||||
CR | 0.54 | 0.43 | ||||||||
(0.4177) | (0.4107) | |||||||||
(0.5838) | (0.5620) | |||||||||
CURR | − 0.95 | − 0.87 | − 1.41 | − 1.71 | ||||||
(0.9639) | (0.9729) | (0.8153)* | (0.7705)** | |||||||
(0.9830) | (1.0250) | (0.7850)* | (0.7718)** | |||||||
QR | 0.16 | − 0.61 | − 0.35 | − 0.94 | ||||||
(0.4960) | (0.4830) | (0.5014) | (0.3756)** | |||||||
(0.7770) | (0.7556) | (0.7590) | (0.5069)* | |||||||
DPS | 2.58 | 2.62 | ||||||||
(0.3952)*** | (0.3956)*** | |||||||||
(0.6104)*** | (0.6090)*** | |||||||||
DY | 1.84 | 1.91 | 1.63 | 1.70 | ||||||
(0.3300)*** | (0.3325)*** | (0.3233)*** | (0.3242)*** | |||||||
(0.4698)*** | (0.4457)*** | (0.4719)*** | (0.4631)*** | |||||||
DPR | 0.002 | 0.002 | 0.001 | 0.002 | ||||||
(0.0007)*** | (0.0007)*** | (0.0007)** | (0.0007)** | |||||||
(0.0007)*** | (0.0007)*** | (0.0007)*** | (0.0008)** | |||||||
EMP | 0.00001 | 0.00002 | 0.00001 | 0.00001 | 0.00001 | |||||
(0.0000)** | (0.0000)** | (0.0000)*** | (0.0000)*** | (0.0000)*** | ||||||
(0.0000)** | (0.0000)*** | (0.0000)*** | (0.0000)*** | (0.0000)*** | ||||||
TA | ||||||||||
OM | 0.36 | 0.30 | 0.32 | 0.38 | 0.39 | 0.38 | 0.37 | 0.36 | 0.36 | 0.38 |
(0.0362)*** | (0.0723)*** | (0.0738)*** | (0.0327)*** | (0.0339)*** | (0.0341)*** | (0.0338)*** | (0.0371)*** | (0.0774)*** | (0.0803)*** | |
(0.0355)*** | (0.0664)*** | (0.0678)*** | (0.0319)*** | (0.0307)*** | (0.0321)*** | (0.0309)*** | (0.0346)*** | (0.0676)*** | (0.0696)*** | |
ETR | − 0.02 | − 0.09 | − 0.09 | − 0.11 | − 0.11 | − 0.11 | − 0.10 | − 0.02 | − 0.08 | − 0.08 |
(0.011)** | (0.0255)*** | (0.0259)*** | (0.0213)*** | (0.0225)*** | (0.0221)*** | (0.0225)*** | (0.0110)** | (0.0254)*** | (0.0258)*** | |
(0.0161)* | (0.0339)*** | (0.0315)*** | (0.0179)*** | (0.0198)*** | (0.0189)*** | (0.0211)*** | (0.0162)* | (0.0334)** | (0.0330)** | |
R&D | − 0.0005 | − 0.0005 | − 0.0003 | − 0.0006 | − 0.0001 | − 0.0001 | 0.00008 | − 0.0006 | − 0.0003 | − 0.0001 |
(0.0001)*** | (0.0002)* | (0.0002) | (0.0002)*** | (0.0001) | (0.0001) | (0.0001) | (0.0001)*** | (0.0002) | (0.0002) | |
(0.0002)*** | (0.0002)* | (0.0002) | (0.0002)*** | (0.0001) | (0.0001) | (0.0001) | (0.0002)*** | (0.0002) | (0.0001) | |
_cons | 19.75 | 33.77 | 38.73 | 27.86 | 27.81 | 29.11 | 23.45 | 18.17 | 27.09 | 28.89 |
(3.6139)*** | (9.6238)*** | (9.6454)*** | (5.3350)*** | (5.5547)*** | (5.5682)*** | (5.3992)*** | (3.5587)*** | (12.5326)** | (12.5175)** | |
(3.8662)*** | (8.7564)*** | (8.7270)*** | (5.2876)*** | (5.5026)*** | (5.5394)*** | (5.2919)*** | (3.7200)*** | (12.1702)** | (12.1583)** | |
F statistics | 22.81*** | 7.88*** | 7.89*** | 20.85*** | 18.26*** | 18.72*** | 19.58*** | 22.31*** | 22.21*** | 7.77*** |
R-Sq | 0.6302 | 0.6051 | 0.6054 | 0.6732 | 0.6434 | 0.6489 | 0.6158 | 0.625 | 0.6036 | 0.5706 |
Mean VIF | 2.43 | 3.6 | 3.11 | 2.45 | 1.87 | 1.94 | 1.48 | 2.23 | 2.89 | 2.46 |
# Obs | 188 | 87 | 87 | 179 | 179 | 179 | 186 | 188 | 188 | 90 |
Variables | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 |
---|---|---|---|---|---|---|---|---|---|---|---|
NOWOMBRD | |||||||||||
PERWOMBRD | 0.06 | 0.05 | 0.06 | 0.09 | |||||||
(0.0339)* | (0.0353) | (0.0352)* | (0.0192)*** | ||||||||
(0.0360)* | (0.0363) | (0.0362)* | (0.0182)*** | ||||||||
PERFEMEXE | − 0.04 | − 0.03 | − 0.01 | − 0.03 | |||||||
(0.0191)** | (0.0230)* | (0.0217) | (0.0165)** | ||||||||
(0.0201)** | (0.0241) | (0.0237) | (0.0166)** | ||||||||
SIZEBRD | |||||||||||
INDEPDIR | − 0.08 | − 0.15 | 0.23 | 0.59 | 0.29 | − 0.07 | − 0.10 | ||||
(0.2066) | (0.2143) | (0.1228)* | (0.1594)*** | (0.1182)** | (0.2123) | (0.2111) | |||||
(0.2324) | (0.2405) | (0.1325)* | (0.1626)*** | (0.1288)** | (0.2493) | (0.2469) | |||||
AGEYNGDIR | − 0.14 | − 0.19 | − 0.11 | − 0.06 | − 0.04 | − 0.12 | − 0.19 | − 0.05 | − 0.20 | − 0.11 | − 0.10 |
(0.0577)** | (0.0659)*** | (0.0601)* | (0.0375)* | (0.0429) | (0.0575)** | (0.0585)*** | (0.0385) | (0.0660)*** | (0.0606)* | (0.0590)* | |
(0.0694)** | (0.0723)*** | (0.0737) | (0.0380)* | (0.0434) | (0.0601)** | (0.0608)*** | (0.0377) | (0.0744)*** | (0.0750) | (0.0743) | |
AGEOLDDIR | − 0.09 | − 0.07 | − 0.09 | − 0.08 | − 0.08 | − 0.06 | − 0.08 | − 0.08 | |||
(0.0668) | (0.0709) | (0.0693) | (0.0411)** | (0.0423)** | (0.0706) | (0.0697856) | (0.0696) | ||||
(0.0525)* | (0.0571) | (0.0555)* | (0.0345)** | (0.0368)** | (0.0561) | (0.054362) | (0.0547) | ||||
BRDDUR | − 1.61 | − 1.39 | − 1.44 | − 1.17 | − 1.20 | − 0.64 | − 0.92 | − 0.88 | − 1.55 | − 1.61 | − 1.54 |
(0.4150)*** | (0.4285)*** | (0.4306)*** | (0.2152)*** | (0.2550)*** | (0.4436) | (0.4550)** | (0.2302)*** | (0.4166)*** | (0.4253)*** | (0.4209)*** | |
(0.4325)*** | (0.4035)*** | (0.4414)*** | (0.1756)*** | (0.2341)*** | (0.4190) | (0.4396)** | (0.2135)*** | (0.3742)*** | (0.4233)*** | (0.4204)*** | |
BRDMEET | 0.01 | − 0.11 | − 0.05 | − 0.33 | − 0.31 | − 0.49 | − 0.40 | − 0.34 | − 0.09 | − 0.03 | − 0.05 |
(0.1190) | (0.1238) | (0.1224) | (0.0639)*** | (0.0715)*** | (0.0909)*** | (0.0920)*** | (0.0645)*** | (0.1238) | (0.1233) | (0.1224) | |
(0.1227) | (0.1198) | (0.1230) | (0.0647)*** | (0.0678)*** | (0.0878)*** | (0.0911)*** | (0.0621)*** | (0.1217) | (0.1241) | (0.1242) | |
EXECOMP | 0.001 | 0.009 | 0.01 | − 0.003 | 0.001 | − 0.003 | 0.008 | 0.009 | 0.00 | ||
(0.0057) | (0.0053)* | (0.0054)* | (0.0050) | (0.0057) | (0.0052) | (0.0053) | (0.0054)* | (0.0053) | |||
(0.0069) | (0.0076) | (0.0082) | (0.0090) | (0.0108) | (0.0075) | (0.0073) | (0.0079) | (0.0078) | |||
BRDCOMP | 0.07 | − 0.22 | − 0.06 | − 0.14 | − 0.18 | − 0.18 | − 0.04 | − 0.20 | − 0.07 | − 0.08 | |
(0.2093) | (0.2111) | (0.2129) | (0.1422) | (0.1898) | (0.1866) | (0.1529) | (0.2115) | (0.2146) | (0.2144) | ||
(0.1715) | (0.1894) | (0.1794) | (0.1376) | (0.1478) | (0.1574) | (0.1360) | (0.1911) | (0.1828) | (0.1809) | ||
CFFO | 0.0001 | 0.0001 | |||||||||
(0.0000)*** | (0.0000)*** | ||||||||||
(0.0000)*** | (0.0000)*** | ||||||||||
CFFF | − 0.00004 | − 0.00002 | − 0.0001 | − 0.0001 | − 0.00004 | ||||||
(0.0000) | (0.0000) | (0.0000)** | (0.0000) | (0.0000) | |||||||
(0.0000)* | (0.0000) | (0.0000)*** | (0.0000)** | (0.0000)* | |||||||
FCF | 0.00006 | ||||||||||
(0.0000)** | |||||||||||
(0.0000)*** | |||||||||||
TDE | − 0.004 | ||||||||||
(0.0021)* | |||||||||||
(0.0026) | |||||||||||
TDC | − 0.04 | − 0.03 | |||||||||
(0.0098)*** | (0.0100)*** | ||||||||||
(0.0110)*** | (0.0111)*** | ||||||||||
TDTA | − 0.09 | − 0.12 | − 0.10 | − 0.06 | − 0.07 | − 0.13 | − 0.11 | − 0.11 | |||
(0.0211)*** | (0.0220)*** | (0.0219)*** | (0.0112)*** | (0.0114)*** | (0.0217)*** | (0.0216)*** | (0.0216)*** | ||||
(0.0198)*** | (0.0207)*** | (0.0208)*** | (0.0115)*** | (0.0117)*** | (0.0204)*** | (0.0212)*** | (0.0212)*** | ||||
CR | 0.50 | ||||||||||
(0.1624)*** | |||||||||||
(0.1651)*** | |||||||||||
CURR | 0.35 | 0.46 | |||||||||
(0.1627)** | (0.1632)*** | ||||||||||
(0.1692)** | (0.1780)*** | ||||||||||
QR | − 0.32 | − 0.74 | − 0.78 | 0.71 | 0.53 | − 0.77 | − 0.74 | − 0.85 | |||
(0.3910) | (0.4756) | (0.3895)** | (0.1385)*** | (0.1392)*** | (0.4766) | (0.3922)* | (0.3762)** | ||||
(0.5202) | (0.6781) | (0.5075) | (0.1561)*** | (0.1429)*** | (0.6820) | (0.5058) | (0.5011)* | ||||
DPS | 0.32 | ||||||||||
(0.1629)** | |||||||||||
(0.2229) | |||||||||||
DY | 0.14 | 0.12 | |||||||||
(0.0932) | (0.0910) | ||||||||||
(0.1615) | (0.1509) | ||||||||||
DPR | 0.002 | 0.001 | 0.001 | 0.001 | 0.001 | 0.001 | 0.001 | 0.002 | |||
(0.0007)*** | (0.0007)** | (0.0007)** | (0.0007) | (0.0007)** | (0.0007)** | (0.0008)** | (0.0007)** | ||||
(0.0008)*** | (0.0007)** | (0.0008)** | (0.0005)** | (0.0005)*** | (0.0007)*** | (0.0008)** | (0.0008)** | ||||
EMP | 0.00001 | 0.00001 | 0.00001 | 0.00001 | |||||||
(0.0000)** | (0.0000)*** | (0.0000)*** | (0.0000)** | ||||||||
(0.0000)*** | (0.0000)*** | (0.0000)*** | (0.0000)*** | ||||||||
TA | 0.00001 | 0.00001 | − 0.00001 | ||||||||
(0.0000) | (0.0000)** | (0.0000) | |||||||||
(0.0000) | (0.0000)** | (0.0000) | |||||||||
OM | 0.36 | 0.40 | 0.37 | 0.28 | 0.27 | 0.24 | 0.28 | 0.26 | 0.41 | 0.39 | 0.38 |
(0.0330)*** | (0.0329)*** | (0.0344)*** | (0.0168)*** | (0.0190)*** | (0.0247)*** | (0.0275)*** | (0.0163)*** | (0.0317)*** | (0.0331)*** | (0.0330)*** | |
(0.0310)*** | (0.0343)*** | (0.0319)*** | (0.0200)*** | (0.0225)*** | (0.0267)*** | (0.0310)*** | (0.0193)*** | (0.0313)*** | (0.0301)*** | (0.0300)*** | |
ETR | − 0.10 | − 0.10 | − 0.10 | − 0.09 | − 0.006 | − 0.008 | − 0.009 | − 0.10 | − 0.10 | − 0.10 | − 0.10 |
(0.0217)*** | (0.0224)*** | (0.0225)*** | (0.0150)*** | (0.0041)* | (0.0035)** | (0.0035)** | (0.0153)*** | (0.0224)*** | (0.0227)*** | (0.0227)*** | |
(0.01)*** | (0.0196)*** | (0.0212)*** | (0.0143)*** | (0.0054) | (0.0031)*** | (0.0028)*** | (0.0147)*** | (0.0195)*** | (0.0213)*** | (0.0209)*** | |
R&D | − 0.0004 | − 0.0001 | 0.00001 | − 0.0001 | 0.00003 | 0.00 | |||||
(0.0001)** | (0.0001) | (0.0001) | (0.0001) | (0.0001) | (0.0001) | ||||||
(0.0001)*** | (0.0001) | (0.0001) | (0.0001) | (0.0001) | (0.0000) | ||||||
_cons | 22.32 | 24.67 | 22.62 | 18.52 | 8.77 | 12.47 | 18.51 | 18.24 | 24.80 | 22.54 | 21.93 |
(5.1632)*** | (5.4185)*** | (5.3811)*** | (3.3909)*** | (2.4709)*** | (3.2567)*** | (3.1437)*** | (3.4687)*** | (5.4351)*** | (5.4261)*** | (5.3937)*** | |
(4.9336)*** | (5.4235)*** | (5.0672)*** | (3.2113)*** | (2.4010)*** | (3.3496)*** | (3.3155)*** | (3.3418)*** | (5.5496)*** | (5.1910)*** | (5.1703)*** | |
F statistics | 20.49*** | 19.04*** | 18.32*** | 43.8*** | 30.95*** | 20.42*** | 20.89*** | 37.99*** | 20.12*** | 19.03*** | 20.41*** |
R-Sq | 0.6439 | 0.6366 | 0.6178 | 0.5693 | 0.4277 | 0.4375 | 0.4785 | 0.5184 | 0.6321 | 0.609 | 0.6067 |
Mean VIF | 2.06 | 1.73 | 1.62 | 1.3 | 1.39 | 1.24 | 1.46 | 1.31 | 1.73 | 1.61 | 1.42 |
# Obs | 186 | 179 | 186 | 479 | 510 | 328 | 310 | 509 | 179 | 186 | 186 |