Hypothesis | Model (2-1) AFS | Model (2-2) FFV | Model (2-3) IE | |||
Variables | Coefficient differences | p value | Coefficient differences | p value | Coefficient differences | p value |
FV1 | 0.712*** | 0.006 | 0.059** | 0.040 | 0.295*** | 0.007 |
FV2 | 0.294* | 0.061 | −0.021* | 0.093 | 0.145* | 0.051 |
FV3 | 0.570*** | 0.000 | −0.089*** | 0.007 | 0.526*** | 0.000 |
SIZE | −0.003 | 0.181 | 0.000 | 0.107 | 0.002 | 0.302 |
AR | −0.009* | 0.096 | 0.000 | 0.178 | −0.004 | 0.258 |
CFO | −0.000 | 0.302 | −0.000* | 0.058 | 0.000 | 0.397 |
GROWTH | 0.012 | 0.407 | −0.002 | 0.148 | 0.018 | 0.138 |
ROA | 0.136 | 0.147 | 0.002 | 0.426 | 0.100* | 0.091 |
ROE | −0.049 | 0.115 | −0.001 | 0.452 | −0.029* | 0.079 |
RRec | −0.050* | 0.056 | −0.003 | 0.124 | 0.010 | 0.387 |
Year | −0.005*** | 0.000 | 0.303 | 0.303 | 0.001 | 0.149 |
Ind | 0.000 | 0.494 | 0.448 | 0.448 | 0.000 | 0.132 |
_Cons | 11.053*** | 0.000 | 0.316 | 0.316 | −2.669 | 0.147 |