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\ p None B a = c @ = Z ?N*8 X" 1 Arial1 Arial1 Arial1 Arial1 Arial1 Arial1 Arial General ` Table 4 pT L
ln(TQ)
ln(MB)
ROA Variables Estimator P value ORPHAN 0.094 0.026 0.146 0.013 0.118 0.038 Size -0.008 0.479 0.018 0.297 0.076 0.148 Leverage 0.149 <0.001 1.069 0.001 -0.545 0.045 R&D/TA 0.246 0.024 0.380 0.062 -0.339 0.512 Capex/PPE 0.283 0.077 0.525 0.516 0.040q Dependentt-1 0.504 0.535 0.259 0.052 Constant 0.390 0.006 0.398 0.056 -1.227 0.144 Number of observations 2,390 2,141 2,411 Number of cases: controls 84: 244 83: 229 83: 250 Number of instruments 293 263
AR(2) test 0.467 0.970 0.748 Hansen test 0.293 0.433 0.090 Difference-in-Hansen test 0.887 0.765 0.959
d MbP?_ % * + &P &F