Variables | model (1a) | model (1b) | model (1) | |||
coefficient | t value | coefficient | t value | coefficient | t value | |
Intercept | 0.466 | 1.56 | 0.456 | 1.55 | 0.472 | 1.6 |
NI | 2.053 | 0.71 | 4.059 | 1.43 | 2.525 | 0.88 |
POST | −0.029 | −0.64 |
|
| −0.048 | −1.04 |
SFIRM |
|
| 0.182 | 1.65 | 0.163 | 1.4 |
NI*SFIRM |
|
| −3.494*** | −4.25 | −2.224 | −1.26 |
NI*POST | 1.117** | 2.52 |
|
| 1.449*** | 3.25 |
NI*SFIRM*POST |
|
|
|
| −1.733 | −1.04 |
SIZE | −0.04* | −1.94 | −0.048** | −2.32 | −0.044** | −2.16 |
LEV | 0.49*** | 3.77 | 0.583*** | 4.54 | 0.527*** | 4.09 |
BETA | −0.194*** | −2.88 | −0.109 | −1.61 | −0.136** | −2.01 |
GROWTH | 0.047* | 1.95 | 0.029 | 1.22 | 0.041* | 1.72 |
AGE | 0.008** | 2.36 | 0.009*** | 2.69 | 0.008** | 2.42 |
EP | −4.005*** | −9.77 | −4.186*** | −10.33 | −4.16*** | −10.2 |
NI*SIZE | 0.162 | 0.82 | 0.188 | 0.96 | 0.207 | 1.06 |
NI*LEV | −3.466*** | −3.13 | −5.21*** | −4.82 | −4.396*** | −3.96 |
NI*BETA | 0.604 | 0.96 | −0.584 | −0.91 | −0.23 | −0.36 |
NI*GROWTH | 1.156*** | 4.79 | 1.281*** | 5.4 | 1.178*** | 4.92 |
NI*AGE | −0.104*** | −3.43 | −0.091*** | −3.05 | −0.11*** | −3.67 |
NI*EP | −7.86*** | −2.63 | −9.728*** | −3.38 | −6.972** | −2.35 |
industry dummies included | ||||||
n | 1187 | 1187 | 1187 | |||
F value | 33.89*** | 34.58*** | 32.28*** | |||
Adj R2 | 0.4623 | 0.4675 | 0.4728 | |||
Joint test: NI*POST + NI*SFIRM_POST (F value) | −0.284 | (0.03) |