Table 3 Robust test results.
Dependent variable IT | (1) Replace explanatory variable | (2) Remove 1% maximum and minimum values | (3) Remove 5% maximum and minimum values |
|---|---|---|---|
L. IT | 0.679*** | 0.560*** | 0.614** |
EP | 0.0334* | 0.0168* | |
lnEPInvest | 0.564** | ||
Size | -0.262 | 1.179** | 0.003 |
Lnage | -1.936 | -8.011* | 0.291 |
Leverage | 100.5 | 37.18 | -72.38* |
ROA | 2.047 | 1.397** | 5.035 |
Growth | -15.09*** | -12.39* | 2.118 |
Duality | -8.031 | -27.45 | -2.111 |
Board | 6.035 | 1.563* | 9.579 |
Soe | -0.653 | 0.277 | -0.235 |
Top1 | -17.27 | -88.73** | -12.20 |
TobinQ | 0.195* | 0.0289 | -0.120 |
HHI | 2.692 | 4.835* | 0.753 |
_cons | 15.60 | 42.59* | 1.987 |
observation | 22,636 | 22,636 | 22,636 |
AR(1) | 0.056 | 0.001 | 0.001 |
AR(2) | 0.688 | 0.892 | 0.410 |
Hansen test | 0.646 | 0.360 | 0.818 |
