Table 14 Results of Heterogeneity Analysis.
Variable | Pharmaceuticals | Aerospace | Electronic and communication equipment | Instrument and meter |
|---|---|---|---|---|
Cr1 | -0.280 | -5.349 | -1.939 | 0.512 |
(-0.19) | (-2.16)** | (-2.41)** | (-0.300) | |
Size | -4.226 | -5.373 | -2.935 | 0.146 |
(-10.96)*** | (-6.55)*** | (-11.05)*** | (-0.220) | |
Growth | 0.044 | -0.514 | 0.224 | 0.678 |
(-0.530) | (-1.66)* | (-4.130)*** | (-3.560)*** | |
lev | 1.344 | 8.392 | 0.413 | -1.691 |
(-2.170)** | (-7.060)*** | (-0.930) | (-1.89)* | |
roe | 0.361 | -0.011 | 0.314 | 0.109 |
(-1.950)* | (-0.05) | (-2.140)** | (-0.330) | |
_cons | 42.972 | 53.213 | 31.263 | 1.298 |
(-11.360)*** | (-6.460)*** | (-12.000)*** | (-0.210) | |
Number of obs | 1042 | 243 | 1631 | 229 |
Within R² | 0.132 | 0.387 | 0.103 | 0.084 |
