Variables

MAR

Coeff. (t value)

VIF

Coeff. (t value)

VIF

Coeff. (t value)

VIF

VC

0.0650**

1.093

0.0661**

1.093

0.0680**

1.096

(2.1000)

(2.1561)

(2.2230)

TECH

0.0330***

1.163

0.0341***

1.164

0.0372***

1.164

(3.2122)

(3.4382)

(3.1776)

RD

0.2703***

1.343

0.4114*

1.346

0.3989**

1.351

(4.0208)

(1.8809)

(2.2598)

$\widehat{RVCT}$

−0.1203

1.018

−0.1425*

1.123

−0.1486*

1.126

(−1.0296)

(−1.7522)

(−1.8262)

$\widehat{RVCR}$

-

-

2.3310**

1.134

2.1832**

1.149

(2.4966)

(2.3257)

$\widehat{RTER}$

-

-

-

-

−1.9815*

1.062

(−1.7484)

Age

−0.0253

1.074

−0.0211

1.077

−0.0223

1.077

(−0.7213)

(−0.6043)

(−0.6408)

Delay

0.2759***

1.109

0.2820***

1.113

0.2788***

1.116

(6.0371)

(6.2084)

(6.1364)

LEV

−0.1940

1.683

−0.1614

1.701

−0.1713

1.707

(−1.5398)

(−1.2844)

(−1.3625)

LOTT

−0.0236**

1.202

−0.0235**

1.202

−0.0232**

1.203

(−2.2912)

(−2.3041)

(−2.2727)

ROE

−0.1561

1.340

−0.1734

1.345

−0.1740

1.345

(−1.2775)

(−1.4274)

(−1.4347)

Scale

−0.8851

2.552

−1.0263

2.567

−1.1124

2.586

(−1.2004)

(−1.3989)

(−1.5121)

Size

−0.4935

1.889

−0.4468

1.891

−0.3164

1.925

(−0.6776)

(−0.6179)

(−0.4343)

TR

1.0229***

1.279

1.0255***

1.280

1.0261***

1.280

(11.8726)

(11.9954)

(12.0160)

UR

−0.0577*

1.115

−0.0587**

1.115

−0.0610**

1.119

(−1.9115)

(−1.9616)

(−2.0376)

Intercept

3.3161

3.5614*

3.4424*

(1.6130)

(1.7443)

(1.6867)

Year

control

control

control

IND

control

control

control

Adj-R²

0.4911

0.4990

0.5000

F-statistic

26.7942

25.7143

24.1800

Observations

349

349

349