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