Explained variables

ROE

Tobin’Q

Coefficient value

T-value

Coefficient value

T-value

Explanatory variable

INST

0.062

7.339^***

0.008

4.308^***

Control variable

SIZE

1.664

7.468^***

−0.497

−10.028^***

LEV

−0.132

−11.495^***

−0.023

−9.08^***

GROWTH

0.058

10.148^***

0.012

9.798^***

MER

−0.153

−5.003^***

0.059

8.607^***

TUR

1.857

5.639^***

0.118

1.611

FIRET

−0.013

−0.804

0.001

0.251

TEN

0.079

4.777^***

0.003

0.845

Adj-R²

0.161

0.22

F-statistics

65.607^***

95.658^***

Sample capacity

2688

2688