Dependent

CEC_PEG

CEC_PEG

CEC_GM

CEC_GM

CEC_MPEG

CEC_MPEG

Coeff.

t-val

Coeff.

t-val

Coeff.

t-val

Coeff.

t-val

Coeff.

t-val

Coeff.

t-val

β0

INTERCPT

0.9439

8.28

***

0.9318

8.16

***

1.0043

8.24

***

0.9905

8.12

***

1.0186

8.20

***

1.0055

8.08

***

β1

MANDPOST

?0.0161

?2.16

**

?0.0121

?1.33

?0.0202

?2.54

**

?0.0169

?1.74

*

?0.0215

?2.65

*

?0.0197

?1.99

**

β2

VOLXBRL

0.0180

1.53

0.0193

1.54

0.0169

1.32

β3

VOLXBRL *MANDPOST

?0.0113

?0.76

?0.0095

?0.59

?0.0051

?0.31

β4

BETA

0.0214

2.46

**

0.0226

2.55

**

0.0200

2.15

**

0.0216

2.28

**

0.0191

2.01

**

0.0209

2.16

**

β5

SIZE

?0.0327

?8.40

***

?0.0329

?8.47

***

?0.0337

?8.11

***

?0.0340

?8.19

***

?0.0342

?8.09

***

?0.0345

?8.15

***

β6

MTB

?0.0123

?5.63

***

?0.0130

?5.79

***

?0.0138

?5.92

***

?0.0147

?6.12

***

?0.0153

?6.46

***

?0.0162

?6.62

***

β7

RDEBT

0.2756

9.52

***

0.2884

9.57

***

0.2937

9.50

***

0.3082

9.57

***

0.2956

9.38

***

0.3094

9.42

***

β8

ROA

0.1702

2.10

**

0.1932

2.35

**

0.1595

1.84

*

0.1852

2.11

**

0.2114

2.40

**

0.2353

2.62

***

β9

PLIST

0.0093

1.65

0.0098

1.74

*

0.0088

1.46

0.0094

1.56

0.0084

1.37

0.0089

1.46

β10

DIND

Included

Included

Included

Included

Included

Included

F

17.50

***

15.61

***

17.81

***

15.90

***

18.14

***

16.14

***

Adj. R2

48%

48%

48%

49%

49%

49%

N

276

276

276

276

276

276

β1 + β3

?0.0234

3.69

*

?0.0264

4.13

**

?0.0248

3.51

*