Table 6 Statistical results for hypothesis H4b.
Variables | Pred. | All | Developing | Developed | |||
|---|---|---|---|---|---|---|---|
1st | 2nd | 1st | 2nd | 1st | 2nd | ||
\(\widehat {{{{\mathrm{DA}}}}}_{{{{\mathrm{i}}}},{{{\mathrm{t}}}} - 1}\) | H4b:+ | 0.118*** [7.26] | 0.118*** [7.26] | 0.041** [2.78] | |||
FCi,t-1 | H4b:+ | 0.108*** [23.35] | 0.050*** [8.61] | 0.175*** [23.55] | |||
Sizei,t | + | 0.007*** [23.16] | −0.009*** [21.75] | 0.007 *** [23.16] | −0.004*** [−8.60] | 0.006*** [22.97] | −0.014*** [20.29] |
Levi,t | + | 0.023*** [9.29] | 0.017*** [4.11] | 0.023*** [9.29] | 0.054*** [11.16] | 0.005** [2.80] | −0.038*** [−5.27] |
PGi,t | + | −0.000 [−1.86] | −0.000 [−0.58] | −0.000 [−1.86] | −0.000 [−2.77] | −0.000 [−0.35] | 0.000 [0.63] |
AGi,t | + | 0.006** [2.06] | 0.066*** [17.39] | 0.006** [2.06] | 0.109*** [22.96] | −0.007 [−3.02] | 0.011* [1.89] |
PMi,t | + | −0.002 [−0.90] | −0.095 [−24.60] | −0.002 [−0.90] | −0.093 [−20.84] | −0.003 [−1.83] | −0.107 [−14.66] |
MTBi,t | + | −0.001 [−6.27] | 0.000** [2.29] | −0.001 [−6.27] | 0.002*** [6.65] | −0.000 [−1.78] | −0.001 [−2.42] |
CFOi,t | + | 0.013* [1.94] | 0.094*** [8.19] | 0.013* [1.94] | 0.103*** [7.97] | −0.012 [−1.82] | 0.115*** [5.03] |
Const. | ? | −0.081*** [−18.09] | 0.154*** [24.94] | −0.081*** [−18.09] | 0.076*** [9.83] | −0.076*** [18.78] | 0.250*** [23.60] |
Wald-Chi2 | 828.96*** | 3451.88*** | 721.55*** | 2046.95*** | 760.23*** | 1773.59*** | |
Obs: n | 14,498 | 16,474 | 8431 | 9711 | 6056 | 6763 | |
