MCGI

W-MCGI

Lagged Effect Assets

Fixed Effect

Small Size

Large Size

Adjusted R²

75.98%

68.10%

76.04%

94.51%

81.67%

80.41%

Standard Error

0.7417

0.6321

0.7421

0.723

0.725

0.746

Durbin-Watson

2.024

2.135

2.145

1.728

2.024

1.824

F-Value

50.64***

47.53***

42.3***

41.701***

31.42***

29.13***

No. of Observations

2000

2000

2000

2000

2000

2000

Constant

0.443***

0.612***

0.456***

0.442***

0.551***

0.728***

Independent Variables

IVDI

0.037**

0.048

0.039***

0.015***

0.006**

0.114**

BRDS

−0.028*

−0.026

−0.031*

−0.054*

−0.015*

−0.174*

BDIV

0.258***

0.263***

0.259***

0.012***

0.017***

0.269***

NED

0.091***

0.073***

0.097***

0.074***

0.087***

0.004***

GOWN

−0.044**

−0.052**

−0.046**

−0.031**

−0.072**

−0.001**

DOWN

−0.065***

−0.052***

−0.067***

−0.041***

−0.061***

−0.004***

BOWN

−0.012

−0.001

−0.014

−0.002

−0.007

−0.001

Control Variables

LNFS($m)

0.009***

0.008***

0.007***

0.002***

0.009***

0.008***

SGR

0.003

0.001

0.002

0.003

0.007

0.002

LVG %

−0.037*

−0.036*

−0.035*

−0.002*

−0.007*

−0.028*

GDP

0.391***

0.322***

0.394***

0.406***

0.247***

0.174***

INF

0.014**

0.032**

0.012**

0.124**

0.002**

0.008**