(1) | (2) | (3) | (1) | (2) | (3) | (1) | (2) | (3) | (1) | (2) | (3) | |
m1 | m2 | m3 | m1 | m2 | m3 | m1 | m2 | m3 | m1 | m2 | m3 | |
VARIABLES | roic | roic | roic | roic | roic | roic | roic | roic | roic | roic | roic | roic |
doic | -0.127 | -0.116 | -0.150 | -0.0165 | -0.0361 | -0.0309 | -0.0776 | -0.0556 | -0.0836 | 0.0382*** | 0.0325** | 0.0347** |
(0.155) | (0.153) | (0.154) | (0.0415) | (0.0411) | (0.0414) | (0.145) | (0.143) | (0.144) | (0.0143) | (0.0141) | (0.0142) | |
doic2 | 0.000131 | 0.000159 | 0.000176 | 0.000174 | 0.000219* | 0.000209* | ||||||
(0.000147) | (0.000145) | (0.000146) | (0.000125) | (0.000123) | (0.000124) | |||||||
lnscale | 2.240*** | 2.654*** | 2.107*** | 2.242*** | 2.654*** | 2.109*** | 2.236*** | 2.653*** | 2.103*** | 2.235*** | 2.652*** | 2.101*** |
(0.336) | (0.218) | (0.336) | (0.336) | (0.218) | (0.336) | (0.336) | (0.218) | (0.336) | (0.336) | (0.217) | (0.336) | |
lnage | -12.11*** | -2.249** | -10.17*** | -12.24*** | -2.248** | -10.31*** | -12.10*** | -2.247** | -10.15*** | -12.31*** | -2.252** | -10.47*** |
(2.225) | (1.132) | (3.269) | (2.221) | (1.129) | (3.262) | (2.224) | (1.130) | (3.269) | (2.221) | (1.128) | (3.262) | |
lnexp | 2.026* | -0.227 | 1.649 | 2.083* | -0.229 | 1.670 | 2.028* | -0.206 | 1.658 | 2.127* | -0.196 | 1.708 |
(1.155) | (0.923) | (1.457) | (1.153) | (0.922) | (1.457) | (1.155) | (0.922) | (1.457) | (1.153) | (0.921) | (1.457) | |
sst | -0.962 | -0.828 | 0.0267 | -0.981 | -0.832 | 0.0179 | -0.931 | -0.800 | 0.0659 | -0.921 | -0.765 | 0.0859 |
(1.041) | (0.985) | (1.078) | (1.040) | (0.984) | (1.078) | (1.040) | (0.984) | (1.078) | (1.040) | (0.984) | (1.077) | |
slack | -0.241*** | -0.224*** | -0.240*** | -0.240*** | -0.223*** | -0.238*** | -0.241*** | -0.224*** | -0.240*** | -0.240*** | -0.223*** | -0.238*** |
(0.0128) | (0.0102) | (0.0128) | (0.0128) | (0.0102) | (0.0128) | (0.0128) | (0.0102) | (0.0128) | (0.0128) | (0.0102) | (0.0128) | |
ki | -1.037 | 1.231 | -0.658 | -1.124 | 1.141 | -0.708 | -0.964 | 1.286 | -0.565 | -1.160 | 1.065 | -0.754 |
(1.932) | (1.708) | (1.931) | (1.921) | (1.700) | (1.922) | (1.930) | (1.707) | (1.930) | (1.922) | (1.699) | (1.922) | |
hhi | 9.974 | -3.340 | 10.63 | 10.20 | -3.323 | 10.82 | 9.882 | -3.378 | 10.49 | 10.34 | -3.375 | 10.94 |
(11.83) | (4.397) | (11.78) | (11.82) | (4.386) | (11.77) | (11.83) | (4.391) | (11.78) | (11.82) | (4.382) | (11.77) | |
slackdoic | 0.00188 | 0.00154 | 0.00194 | 0.00182 | 0.00147 | 0.00186 | ||||||
(0.00206) | (0.00203) | (0.00205) | (0.00206) | (0.00203) | (0.00205) | |||||||
kidoic | 0.0688 | 0.0326 | 0.0826 | 0.0289 | -0.0161 | 0.0288 | ||||||
(0.150) | (0.148) | (0.149) | (0.143) | (0.141) | (0.142) | |||||||
Constant | -13.28 | -30.68*** | -15.38 | -13.38 | -30.74*** | -15.34 | -13.15 | -30.69*** | -15.25 | -13.29 | -30.72*** | -14.99 |
(13.59) | (6.923) | (15.79) | (13.59) | (6.908) | (15.79) | (13.59) | (6.915) | (15.79) | (13.59) | (6.903) | (15.79) | |
Observations | 2,810 | 2,810 | 2,810 | 2,810 | 2,810 | 2,810 | 2,810 | 2,810 | 2,810 | 2,810 | 2,810 | 2,810 |
R-squared | 0.150 | 0.165 | 0.150 | 0.164 | 0.150 | 0.164 | 0.149 | 0.164 | ||||
Number of stkcd | 281 | 281 | 281 | 281 | 281 | 281 | 281 | 281 | 281 | 281 | 281 | 281 |
Standard errors in parentheses | ||||||||||||
*** p<0.01, ** p<0.05, * p<0.1 |