Variable | ROA | MVBV | ||||
Total | Sample I | Sample II | Total | Sample 1 | Sample II | |
Growth | 0.075*** | 0.053*** | 0.083*** | 0.696*** | 0.709*** | 0.502*** |
Tangibility | −0.058*** | −0.038*** | −0.073*** | −0.318 | −0.736** | −0.244 |
Size | 0.012*** | 0.013*** | 0.015*** | 0.028 | 0.058 | 0.051 |
L_TDR | 0.090*** | 0.006 | 0.159*** | 1.241*** | 1.203*** | 1.421*** |
L_ROA | 0.032 | 0.687 | −0.213 | |||
NDTS | −0.265** | −0.079 | −0.368** | 2.227 | 4.611* | 0.544 |
Age | 0.018*** | 0.017*** | 0.002*** | −0.054*** | −0.055*** | −0.040*** |
Market_Inno | −0.018*** | −0.011*** | −0.189*** | −0.072 | ||
Constant | −0.039*** | −0.042*** | −0.049*** | 0.406*** | −0.049 | 0.475* |
Number of obs. | 21,863 | 9309 | 12554 | 21,863 | 9309 | 12554 |
Number of groups | 1753 | 1249 | 1480 | 1753 | 1249 | 1480 |
Overall | 0.094 | 0.0457 | 0.0865 | 0.035 | 0.0457 | 0.0214 |
F-statistic | 43.59*** | 30.51*** | 20.91*** | 43.59*** | 30.51*** | 20.91*** |