EM = α + β1CSR + β2INDUS + β3SIZE + β4ROA + β5LEV + β6GROWTH + β7MTB + β8R & D + β9BIG4 + ε Adjusted R-squared = 0.0812 | |||
---|---|---|---|
Variable | Coefficient | T | P-value |
CSR | .0009125 | 1.14 | 0.254 |
SIC | −.0009392 | −2.79 | 0.005 |
INDUS | −.0425261 | −3.19 | 0.001 |
SIZE | −.0126608 | −9.90 | 0.000 |
ROA | −.1023971 | −10.64 | 0.000 |
LEV | .0233651 | 3.14 | 0.002 |
GROWTH | −.0305597 | −5.92 | 0.000 |
MTB | .0018528 | 4.50 | 0.000 |
RD | .0051949 | 2.22 | 0.026 |
BIG4 | −.0187861 | −2.53 | 0.011 |