Table 3 Regression results

MS_EMA

3.850

1.92

0.058*

2.118

1.34

0.179

(MS_EMA)²

−5.704

2.23

0.023**

−3.946

1.84

0.066*

MS_ROW

0.079

0.10

0.919

−0.867

2.42

0.015**

Employ

−0.106

1.83

0.071*

−0.111

1.93

0.053*

Salesgr

0.115

1.72

0.089*

0.098

1.50

0.134

Leverage

−0.063

3.88

0.000***

−0.058

4.14

0.000***

Tobin's q

−0.016

1.15

0.252

−0.019

1.46

0.145

Cash flow

0.024

0.72

0.471

0.006

0.28

0.780

Constant

−3.287

−5.74

0.000***

−2.789

5.73

0.000***

R²

Prob > p

Prob > chi