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