Variable | Formula | Expected correlation sign |
---|---|---|
Σ% of votes at the financial investors GM | Positive | |
% of votes at the largest sole non-financial investor GM (t–1) | Negative | |
Operating profit (t−1)/total assets (t−1) | Positive | |
Natural logarithm of total assets (t−1) | Positive |
Variable | Logit Model | M_1 | M_2 | M_3 | M_4 | M_5 | M_6 |
---|---|---|---|---|---|---|---|
−1.339 | −4.865 | 0.0721 | −4.651 | −0.775 | 4.636 | ||
0.0000*** | 0.0004*** | 0,7506 | 0.0006*** | 0.0233** | 0.0000*** | ||
0.1847 | 1.3515 | 0.2268 | 1.3510 | 0.3400 | 0.0008 | ||
4.393 | 4.057 | 3.460 | 2.467 | ||||
0.0000*** | 0.0001*** | 0.0007*** | 0.0312** | ||||
0.9073 | 0.9906 | 1.0198 | 1.1397 | ||||
−2.418 | −2.965 | −1.282 | −2.108 | ||||
0.0000*** | 0.0000*** | 0,0584* | 0.0074*** | ||||
0.5951 | 0.6852 | 0.6748 | 0.7819 | ||||
8.999 | 9.240 | 9.242 | |||||
0.0000*** | 0.0000*** | 0.0000*** | |||||
2.1625 | 2.1117 | 2.1536 | |||||
0.272 | 0.383 | 0.330 | |||||
0.0129** | 0.0005*** | 0.0038*** | |||||
0.1088 | 0.1099 | 0.1132 | |||||
165.39 | 147.65 | 169.81 | 146.22 | 163.54 | 143.79 | ||
0.0641 | 0.1522 | 0.0394 | 0.1601 | 0.0689 | 0.1681 | ||
26.94 | 62.43 | 18.11 | 65.29 | 30.63 | 70.14 | ||
0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | ||
21.58 | 6.04 | 13.13 | 19.75 | 9.42 | 11.80 | ||
0.0014 | 0.6421 | 0.0688 | 0.0113 | 0.3075 | 0.1601 |
Indicator | Average value | SSB | df | MSB | SSE | df | MSE | F | p | |
---|---|---|---|---|---|---|---|---|---|---|
0 | 1 | |||||||||
−0.10 | 0.27 | 1.791 | 1 | 1.791 | 33.010 | 55 | 0.600 | 2.984 | 0.090* | |
0.16 | 0.21 | 0.109 | 1 | 0.109 | 147.171 | 172 | 0.856 | 0.128 | 0.721 | |
−3.96 | 1.36 | 375.1 | 1 | 375.1 | 42,005.7 | 55 | 763.7 | 0.49 | 0.486 | |
−2.3 | −1.6 | 21.3 | 1 | 21.3 | 166,839.2 | 172 | 970.0 | 0.02 | 0.882 |
Mean | df | Standard deviation | Variance | Minimum | Maximum | Q25 | Median | Q75 | ||
---|---|---|---|---|---|---|---|---|---|---|
0 | 0.189 | 227 | 1.00 | 1.01 | −0.94 | 7.68 | −0.39 | 0.00 | 0.39 | |
1 | 0.131 | 57 | 0.79 | 0.62 | −0.93 | 3.95 | −0.38 | 0.05 | 0.41 | |
0 | 0.173 | 110 | 1.031 | 1.063 | −0.940 | 4.827 | −0.46 | −0.06 | 0.37 | |
1 | 0.180 | 174 | 0.923 | 0.851 | −0.930 | 7.684 | −0.36 | 0.05 | 0.41 | |
0 | −2.13 | 227 | 32.10 | 1030.55 | −309.00 | 165.22 | −3.00 | −0.19 | 1.74 | |
1 | −0.60 | 57 | 27.51 | 756.80 | −78.55 | 85.16 | −5.10 | −0.31 | 3.44 | |
0 | −1.64 | 110 | 31.55 | 995.65 | −309.00 | 65.68 | −1.39 | −0.17 | 0.49 | |
1 | −1.93 | 174 | 31.06 | 964.51 | −164.07 | 165.22 | −5.75 | −0.25 | 3.30 |
Indicator | Average value | SSB | df | MSB | SSE | df | MSE | F | p | |
---|---|---|---|---|---|---|---|---|---|---|
0 | 1 | |||||||||
0.054 | 0.030 | 0.013 | 1 | 0.013 | 0.204 | 90 | 0.002 | 5.59 | 0.020** | |
0.088 | 0.039 | 0.025 | 1 | 0.025 | 0.191 | 90 | 0.002 | 11.72 | 0.001*** | |
0.624 | 0.483 | 0.432 | 1 | 0.432 | 14.561 | 90 | 0.162 | 2.67 | 0.106 | |
0.614 | 0.562 | 0.028 | 1 | 0.028 | 14.965 | 90 | 0.166 | 0.17 | 0.684 |
2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | total | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
17 | 18 | 18 | 18 | 24 | 28 | 28 | 32 | 34 | 34 | 33 | 284 | |
5 | 5 | 5 | 6 | 7 | 11 | 10 | 10 | 9 | 12 | 12 | 92 | |
0.29 | 0.28 | 0.28 | 0.33 | 0.29 | 0.39 | 0.36 | 0.31 | 0.26 | 0.35 | 0.36 | 0.32 | |
0.25 | 0.31 | 0.30 | 0.25 | 0.29 | 0.25 | 0.25 | 0.31 | 0.34 | 0.35 | 0.37 | 0.30 |
b | Standard error | t(55) | p | |
---|---|---|---|---|
−0.101 | 0.169 | −0.599 | 0.5515 | |
0.367 | 0.213 | 1.727 | 0.0897* | |
R = 0.22684954; R2 = 0.05146071; Corrected R2 = 0.03421454 | ||||
F(1,55) = 2.9839; p<0.08971; Standard estimation error: 0.77471 |
F_N | F-all_N | F-any_noF | ||||
---|---|---|---|---|---|---|
F | N | F-all | N | F-any | noF | |
36 | 248 | 57 | 227 | 174 | 110 | |
22 | 70 | 36 | 56 | 80 | 12 | |
14 | 178 | 21 | 171 | 94 | 98 | |
0.611 | 0.282 | 0.632 | 0.247 | 0.460 | 0.109 |
Mean | df | Standard deviation | Variance | Minimum | Maximum | Q25 | Median | Q75 | ||
---|---|---|---|---|---|---|---|---|---|---|
0 | 0.054 | 56 | 0.057 | 0.003 | 0.007 | 0.295 | 0.018 | 0.032 | 0.081 | |
1 | 0.030 | 36 | 0.026 | 0.001 | 0.003 | 0.116 | 0.012 | 0.021 | 0.044 | |
0 | 0.088 | 12 | 0.095 | 0.009 | 0.008 | 0.295 | 0.034 | 0.049 | 0.091 | |
1 | 0.039 | 80 | 0.034 | 0.001 | 0.003 | 0.157 | 0.015 | 0.024 | 0.061 | |
0 | 0.624 | 56 | 0.444 | 0.197 | 0.088 | 2.110 | 0.257 | 0.529 | 0.898 | |
1 | 0.483 | 36 | 0.327 | 0.107 | 0.051 | 1.279 | 0.238 | 0.412 | 0.673 | |
0 | 0.61 | 12 | 0.452 | 0.204 | 0.119 | 1.693 | 0.348 | 0.488 | 0.701 | |
1 | 0.56 | 80 | 0.401 | 0.161 | 0.051 | 2.110 | 0.252 | 0.474 | 0.749 |