Explained variables | ROE | Tobin’Q | |||
Coefficient value | T-value | Coefficient value | T-value | ||
Explanatory variable | INST | 0.062 | 7.339*** | 0.008 | 4.308*** |
Control variable | SIZE | 1.664 | 7.468*** | −0.497 | −10.028*** |
LEV | −0.132 | −11.495*** | −0.023 | −9.08*** | |
GROWTH | 0.058 | 10.148*** | 0.012 | 9.798*** | |
MER | −0.153 | −5.003*** | 0.059 | 8.607*** | |
TUR | 1.857 | 5.639*** | 0.118 | 1.611 | |
FIRET | −0.013 | −0.804 | 0.001 | 0.251 | |
TEN | 0.079 | 4.777*** | 0.003 | 0.845 | |
Adj-R2 | 0.161 | 0.22 | |||
F-statistics | 65.607*** | 95.658*** | |||
Sample capacity | 2688 | 2688 |