APPENDICES
APPENDIX 1
Summary of countries and number of companies
Source: author
West European countries East European countries
countryID countrynName noComp countryID countrynName noComp
APPENDIX III
Data Analysis Eviews Results
FIN
Dependent Variable: OI (FIN) Method: Two-Stage Least Squares Date: 08/22/07 Time: 18:13 Sample: 1 58
Included observations: 58
Instrument list: AS PM GM ROA ROS
Variable Coefficient Std. Error t-Statistic Prob.
C 1.206886 0.038779 3.446202 0.0011 FV -0.064966 0.080777 -0.513642 0.0097 R 0.131427 0.202425 -0.778492 0.0098 RFV 0.435654 0.769632 1.085721 0.0026 AS -0.093639 0.065945 -0.384039 0.0025 AOCI 0.021638 0.088363 0.244883 0.8068 AOCC 0.683014 0.064374 10.61016 0.0000 AFVI 0.597421 0.371019 1.610219 0.1083 AFVC 0.087127 0.024231 3.595734 0.0004
R-squared 0.760520 Mean dependent var 55.36552 Adjusted R-squared 0.746916 S.D. dependent var 26.01471 S.E. of regression 0.539712 Akaike info criterion 9.404846 Sum squared resid 33540.71 Schwarz criterion 9.617995 Log likelihood -266.7405 F-statistic 1.561176 Durbin-Watson stat 2.525779 Prob(F-statistic) 0.187461
Dependent Variable: FV (FIN) Method: Two-Stage Least Squares Date: 08/22/07 Time: 18:16 Sample: 1 58
Included observations: 58
Instrument list: AS PM GM ROA ROS
Variable Coefficient Std. Error t-Statistic Prob.
C -0.663446 0.465715 12.16077 0.0000 R 0.992168 0.630829 -1.572800 0.0219 OI -0.001986 0.006900 -1.157296 0.0025 ROI 0.009326 0.010020 0.930766 0.0164 PM 0.010211 0.008876 1.150454 0.2553 GM -0.004585 0.006131 -0.747831 0.4580 ROA -0.081726 0.207429 -0.393995 0.6952 ROS 0.107445 0.004817 1.545708 0.1284
S.E. of regression 0.947852 Akaike info criterion 2.843524 Sum squared resid 45.81956 Schwarz criterion 3.092199 Log likelihood -75.46221 F-statistic 2.294666 Durbin-Watson stat 1.309958 Prob(F-statistic) 0.048930
FAM
Dependent Variable: FV (FIN) Method: Two-Stage Least Squares Date: 08/22/07 Time: 18:28 Sample: 1 166
Included observations: 166
Instrument list: AS PM GM ROA ROS
Variable Coefficient Std. Error t-Statistic Prob.
C 0.000499 3.172017 4.511971 0.0021 FV 0.629782 0.106964 0.514940 0.0073 R 0.024346 0.060928 2.272862 0.0244 RFV -0.790482 0.052926 -1.675452 0.0958 AS -0.254383 0.715054 -0.919393 0.0593 AOCI 0.073757 0.035959 2.098405 0.0396 AOCC 0.020588 0.003976 5.178018 0.0000 AFVI 0.708875 3.490738 0.207229 0.8359 AFVC 0.014832 0.005360 4.430188 0.0000
R-squared 0.850793 Mean dependent var 53.32675 Adjusted R-squared 0.824255 S.D. dependent var 21.89355 S.E. of regression 0.948826 Akaike info criterion 8.913056 Sum squared resid 67162.98 Schwarz criterion 9.025537 Log likelihood -733.7836 F-statistic 5.682217 Durbin-Watson stat 2.084879 Prob(F-statistic) 0.000075
Dependent Variable: FV (FIN) Method: Two-Stage Least Squares Date: 08/22/07 Time: 18:31 Sample: 1 166
Included observations: 166
Instrument list: AS PM GM ROA ROS
Variable Coefficient Std. Error t-Statistic Prob.
ROS -0.002166 0.002115 -1.024337 0.0002 R-squared 0.443692 Mean dependent var 4.654692 Adjusted R-squared 0.422700 S.D. dependent var 0.989868 S.E. of regression 0.752104 Akaike info criterion 2.309370 Sum squared resid 89.94009 Schwarz criterion 2.440599 Log likelihood -184.6777 F-statistic 21.13551 Durbin-Watson stat 0.798074 Prob(F-statistic) 0.000000
IND
Dependent Variable: FV (FIN) Method: Two-Stage Least Squares Date: 08/22/07 Time: 18:37 Sample: 1 538
Included observations: 538
Instrument list: AS PM GM ROA ROS
Variable Coefficient Std. Error t-Statistic Prob.
C 0.035766 2.481678 5.838383 0.0000 FV -0.305070 0.025538 -1.092391 0.0052 R 0.044994 0.008900 4.639728 0.0000 RFV -0.226327 0.006606 -2.347217 0.0193 AS -0.877211 0.000952 0.976998 0.0090 AOCI 0.011374 0.003894 2.920936 0.0058 AOCC 0.278433 0.093868 2.966218 0.0052 AFVI 0.061996 0.103741 0.597605 0.5536 AFVC 0.504837 0.178592 -2.826768 0.0051 R-squared 0.616550 Mean dependent var 72.49717 Adjusted R-squared 0.610127 S.D. dependent var 27.10883 S.E. of regression 2.051622 Akaike info criterion 9.077438 Sum squared resid 269713.4 Schwarz criterion 9.125258 Log likelihood -2435.831 F-statistic 49.28076 Durbin-Watson stat 1.874259 Prob(F-statistic) 0.000000
Dependent Variable: FV (FIN) Method: Two-Stage Least Squares Date: 08/22/07 Time: 18:45 Sample: 1 538
Included observations: 538
Instrument list: AS PM GM ROA ROS
Variable Coefficient Std. Error t-Statistic Prob.
C 0.607887 0.175640 31.92831 0.0000
R -0.500752 0.231063 -2.167164 0.0007
ROI -0.005614 0.003369 -1.666404 0.0062
PM 0.019614 0.002796 7.014611 0.0000
GM 0.006158 0.001555 -3.959938 0.0011
ROA -0.023024 0.071774 -0.320781 0.7485 ROS -0.000325 0.000806 -0.403712 0.6866 R-squared 0.348079 Mean dependent var 4.640441 Adjusted R-squared 0.340713 S.D. dependent var 1.031920 S.E. of regression 0.837883 Akaike info criterion 2.497048 Sum squared resid 372.7870 Schwarz criterion 2.552838 Log likelihood -664.7060 F-statistic 47.25268 Durbin-Watson stat 0.837461 Prob(F-statistic) 0.000000
GOV
Dependent Variable: FV (FIN) Method: Two-Stage Least Squares Date: 08/22/07 Time: 18:47 Sample: 1 14
Included observations: 14
Instrument list: AS PM GM ROA ROS
Variable Coefficient Std. Error t-Statistic Prob.
C 0.564541 5.062242 0.089004 0.0012 FV -0.073266 0.023383 -1.655813 0.0004 R -0.730681 0.000415 0.005587 0.0007 RFV 0.839868 0.005796 0.242141 0.0046 AS -1.054158 0.006328 1.773901 0.0040 AOCI 0.322047 1.319908 -1.001621 0.3175 AOCC 0.256558 0.040800 6.288249 0.0000 AFVI 0.009911 0.003460 2.863944 0.0057 AFVC 0.036618 0.011635 3.147275 0.0019
R-squared 0.779170 Mean dependent var 53.63429 Adjusted R-squared 0.753651 S.D. dependent var 20.93966 S.E. of regression 1.926391 Akaike info criterion 9.051871 Sum squared resid 2968.785 Schwarz criterion 9.325752 Log likelihood -57.36309 F-statistic 1.472020 Durbin-Watson stat 2.325340 Prob(F-statistic) 0.298133
Dependent Variable: FV (FIN) Method: Two-Stage Least Squares Date: 08/22/07 Time: 18:53 Sample: 1 14
Included observations: 14
