Dependent Variable

Method: OLS

1. Firm’s Leverage

2. Price/Book Value

3. Enterprise Value/EBIDTA

Fair Employee Treatment

0.1374**

(0.022)

−1.4435

(0.432)

3.1719

(0.5741)

Employee Compensation/Sales

−0.1223

(0.228)

−0.7248

(0.900)

−24.8904**

(0.0454)

ESOP

−0.1056***

(0.000)

2.1983

(0.249)

0.0012

(0.5402)

Dividend Payout Ratio

−0.0012***

(0.011)

0.0171

(0.617)

−0.0944

(0.1517)

Ln (Total Assets)

0.0087

(0.775)

−0.2733

(0.8857)

−3.021

(0.4880)

Net Profit Margin

0.0012

(0.410)

0.0554

(0.226)

0.1294

(0.4198)

Promoters’ Holding

−0.0912*

(0.100)

5.8925**

(0.0782)

0.1429

(0.1379)

R&D/Sales

0.0003

(0.3403)

0.0168

(0.1435)

−0.0075***

(0.0080)

Firm’s Leverage

----------

−5.2051

(0.4266)

−29.6740***

(0.0038)

No. of Firms

80

80

80

Adjusted R²

0.2833

0.3155

0.1700