Table 2 Multivariate regression results
| Â | Model 1 | Model 2 | ||
|---|---|---|---|---|
(Dependent Variable: Sales Performance) | (Dependent Variable: Cost-Efficiency Ratio) | |||
Coefficient | Standard Error | Coefficient | Standard Error | |
Intercept | −0.880** | 0.114 | 0.101 | 0.212 |
QM Certifications | 0.102* | 0.049 | −0.254** | 0.090 |
Recent Years | −0.105** | 0.036 | −0.080 | 0.066 |
QM Certifications × Recent Years | −0.037 | 0.054 | 0.254* | 0.101 |
Firm Size | 1.053** | 0.013 | 0.060* | 0.023 |
Firm Age | −0.015 | 0.020 | −0.038 | 0.038 |
Capital Slack | 0.093** | 0.005 | 0.029** | 0.009 |
Debt Ratio | −0.929** | 0.156 | 0.087 | 0.290 |
Dividend Payout | −0.007 | 0.007 | 0.001 | 0.012 |
Industry Dummies | Included | Included | ||
Number of firm-year observations | 1733 | 1733 | ||
Number of firms | 175 | 175 | ||
F-test | 470.895** | 1.882* | ||