Table 10 The results of the Heckman two-stage regression.
The first stage regression | SF | The second-stage regression | RD | ||
|---|---|---|---|---|---|
SIZE | 0.5314*** (18.85) | SF | 0.0036** (2.38) | ||
DBR | 0.2294* (1.84) | SF1 | 0.0034** (3.52) | ||
EBIT | −0.6474* (−1.94) | SF2 | 0.0041* (1.66) | ||
AM | 0.4954* (1.73) | SIZE | −0.0014*** (−5.88) | −0.0014*** (−5.85) | −0.0014*** (−5.81) |
TOBIN’Q | 0.0342*** (4.05) | DBR | −0.0055*** (−3.92) | −0.0058*** (−4.11) | −0.0058*** (−4.05) |
CONC | −0.0102*** (−7.39) | EBIT | 0.0047* (1.80) | 0.0047* (1.79) | 0.0045* (1.69) |
AGE | 0.1027** (2.03) | AM | 0.0203*** (6.27) | 0.0205*** (6.31) | 0.0201*** (6.19) |
M2 | −0.0128** (−2.20) | TOBIN’Q | 0.0014*** (14.57) | 0.0014*** (14.66) | 0.0014*** (14.55) |
AFC | 2.0573*** (9.75) | CONC | −0.0001*** (−8.28) | −0.0001*** (−8.23) | −0.0001*** (−8.33) |
DATE | −0.0037*** (−6.14) | −0.0037*** (−6.14) | −0.0037*** (−6.02) | ||
IMR | 0.0045*** (2.84) | 0.0039*** (2.57) | 0.0012* (1.93) | ||
Pseudo R2 | 0.2049 | Adj R2 | 0.1680 | 0.1686 | 0.1670 |
