| Jones (1991) model | Kothari et al. (2005) performance-matched model | ||||
| Equation (1) | Equation (2) | Equation (3) | Equation (1) | Equation (2) | Equation (3) |
VC | −0.010 |
|
| −0.011 |
|
|
(T statistic) | (−1.22) |
|
| (−1.37) |
|
|
SINGLE |
| −0.021** |
|
| −0.022** |
|
(T statistic) |
| (−2.34) |
|
| (−2.50) |
|
UNION |
| 0.001 | −0.001 |
| −0.001 | −0.002 |
(T statistic) |
| (0.02) | (−0.05) |
| (−0.12) | (−0.16) |
AUDIT | 0.001 | 0.001 | 0.002 | 0.001 | 0.001 | −0.002 |
(T statistic) | (0.11) | (0.06) | (0.22) | (0.01) | (−0.04) | (−0.19) |
UW | 0.003 | 0.002 | 0.001 | 0.004 | 0.004 | 0.001 |
(T statistic) | (0.40) | (0.31) | (0.16) | (0.56) | (0.47) | (0.12) |
SIZE | −0.010 | −0.009 | −0.006 | −0.013 | −0.012 | −0.009 |
(T statistic) | (−1.06) | (−1.00) | (−0.54) | (−1.33) | (−1.27) | (−0.76) |
GROWTH | 0.035* | 0.035** | 0.043** | 0.045** | 0.046*** | 0.048** |
(T statistic) | (1.89) | (1.97) | (2.05) | (2.58) | (2.63) | (2.16) |
LEV | 0.007 | 0.006 | 0.021 | −0.016 | −0.017 | −0.007 |
(T statistic) | (0.19) | (0.17) | (0.49) | (−0.43) | (−0.45) | (−0.17) |
CASH | −0.008 | −0.001 | 0.019 | −0.100 | −0.092 | −0.081 |
(T statistic) | (−0.12) | (−0.01) | (0.23) | (−1.50) | (−1.40) | (−1.02) |
Constant | 0.311* | 0.302* | 0.281 | 0.366** | 0.358** | 0.352 |
(T statistic) | (1.73) | (1.69) | (1.31) | (2.02) | (1.99) | (1.61) |
Number of Observations | 405 | 405 | 323 | 405 | 405 | 323 |
R2 | 0.096 | 0.103 | 0.125 | 0.125 | 0.131 | 0.140 |
Adjusted R-squared | 0.051 | 0.056 | 0.070 | 0.082 | 0.086 | 0.086 |