Table 7 Financial innovation and financial performance using the OLS method.

From: Intellectual capital and financial performance of European professional football club: the mediating role of financial innovation

VAR

ROA

ROE

InnIn

0.617***

 

1.844**

 
 

(2.855)

 

(2.526)

 

InnOut

 

0.641***

 

1.828***

  

(3.167)

 

(2.671)

 

(2.855)

 

(2.526)

 

CSIZE

−0.019

−0.020

0.003

0.001

 

(−1.552)

(−1.630)

(0.070)

(0.015)

LEV

−0.079***

−0.079***

0.060*

0.061*

 

(−8.185)

(−8.213)

(1.865)

(1.879)

AGE

−1.514

−1.440

1.339

1.584

 

(−1.383)

(−1.321)

(0.362)

(0.430)

LATA

−0.305***

−0.303***

−0.973***

−0.965***

 

(−3.547)

(−3.536)

(−3.348)

(−3.327)

TANG

−0.231***

−0.229***

−1.027***

−1.019***

 

(−2.630)

(−2.617)

(−3.460)

(−3.441)

Year FE

Included

Included

Included

Included

Constant

5.418

5.177

−3.474

−4.272

 

(1.495)

(1.435)

(-0.284)

(-0.350)

Observations

350

350

350

350

R-squared

0.293

0.297

0.101

0.103

  1. t-statistics are in parentheses. *p < 0.01, **p < 0.05, ***p < 0.1.
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