Dependent

CEC_PEG

CEC_GM

CEC_MPEG

Coeff.

t-value

Coeff.

t-value

Coeff.

t-value

β₀

INTERCPT

0.9717

7.29

***

0.9957

6.94

***

0.9921

6.97

***

β₁

MANDPOST08

–0.0744

–4.80

***

–0.0793

–4.76

***

–0.0895

–5.41

***

β₂

MANDPOST09

0.0148

1.00

0.0094

0.59

0.0054

0.34

β₃

VOLXBRL

–0.0021

–0.15

–0.0038

–0.26

–0.0094

–0.65

β₄

VOLXBRL*MANDPOST08

0.0467

2.29

**

0.0498

2.27

**

0.0580

2.66

***

β₅

VOLXBRL*MANDPOST09

–0.0346

–1.68

*

–0.0354

–1.61

–0.0271

–1.24

β₆

BETA

0.0163

1.43

0.0156

1.27

0.0180

1.48

β₇

SIZE

–0.0337

–7.40

***

–0.0336

–6.84

***

–0.0333

–6.85

***

β₈

MTB

–0.0108

–4.06

***

–0.0121

–4.24

***

–0.0132

–4.64

***

β₉

RDEBT

0.2752

7.96

***

0.2825

7.60

***

0.2816

7.63

***

β₁₀

ROA

0.1918

2.22

**

0.2070

2.23

**

0.2408

2.61

***

β₁₁

PLIST

0.0118

1.74

*

0.0126

1.73

*

0.0123

1.70

*

β₁₂

DIND

Included

Included

Included

F-value

15.00

***

14.28

***

15.77

***

Adj. R²

56%

54%

57%

N

216

216

216

β₁ + β₄

–0.0276

3.55

*

–0.0295

3.48

*

–0.0315

4.04

**

β₂ + β₅

–0.0197

1.92

–0.0260

2.90

*

–0.0217

2.04