Influence of intellectual capital on financial results of high-tech companies in russia and the bric countries
The non-linear influence of intellectual capital (IC) on financial performance of firms from IC-intensive industries in the BRIC countries. Using Almon Distributed Lag Model. The impact of company’s life-cycle stage on IC benefits for firm’s performance.
| Рубрика | Экономика и экономическая теория |
| Вид | дипломная работа |
| Язык | английский |
| Дата добавления | 27.09.2016 |
| Размер файла | 1,2 M |
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20%
15%
13%
21%
13%
18%
% of sample before the gap
n/a
0%
20%
35%
48%
69%
82%
% of sample after the gap
n/a
80%
65%
52%
31%
18%
0%
Table 13. Robustness check of the regression RI spread= f(R&D int., (R&D int.)*Maturity, …).
|
RI spread |
RI spread |
RI spread |
RI spread |
RI spread |
RI spread |
RI spread |
||
|
R&D int. |
-0.282*** |
-0.233** |
-0.292*** |
-0.295*** |
-0.283*** |
-0.287*** |
-0.309*** |
|
|
Lag 1 |
-0.094 |
-0.052 |
-0.118 |
-0.109 |
-0.079 |
-0.075 |
-0.121 |
|
|
Lag 2 |
0.030 |
0.036 |
0.006 |
0.036 |
0.056 |
0.038 |
-0.016 |
|
|
Lag 3 |
0.015 |
-0.019 |
0.014 |
0.020 |
0.033 |
0.009 |
0.010 |
|
|
Lag 4 |
-0.091 |
-0.147** |
-0.058 |
-0.111* |
-0.096 |
-0.101* |
-0.011 |
|
|
Lag 5 |
-0.120 |
-0.157 |
-0.078 |
-0.154 |
-0.135 |
-0.126 |
-0.020 |
|
|
Lag 6 |
0.217** |
0.259** |
0.188* |
0.262*** |
0.251** |
0.204** |
0.069 |
|
|
(R&D int.)*Maturity |
-0.130* |
-0.212** |
-0.134 |
-0.122 |
-0.139* |
-0.095 |
-0.091 |
|
|
Lag 1 |
0.115** |
0.054 |
0.102* |
0.131** |
0.121** |
0.114** |
0.134** |
|
|
Lag 2 |
0.108*** |
0.087 |
0.087** |
0.116*** |
0.108*** |
0.095*** |
0.140*** |
|
|
Lag 3 |
0.093** |
0.111* |
0.077 |
0.087* |
0.087* |
0.078* |
0.111** |
|
|
Lag 4 |
0.152*** |
0.198*** |
0.156*** |
0.139*** |
0.149*** |
0.139*** |
0.124** |
|
|
Lag 5 |
0.214*** |
0.267*** |
0.239*** |
0.201*** |
0.213*** |
0.201*** |
0.151** |
|
|
Lag 6 |
0.046 |
0.082 |
0.071 |
0.040 |
0.029 |
0.031 |
0.052 |
|
|
CapEx/Sales |
-0.007 |
-0.022 |
-0.005 |
-0.014 |
-0.011 |
-0.005 |
0.007 |
|
|
Lag 1 |
-0.036** |
-0.045** |
-0.036* |
-0.031 |
-0.031 |
-0.025 |
-0.042** |
|
|
Lag 2 |
-0.025** |
-0.026* |
-0.026* |
-0.021 |
-0.026* |
-0.019 |
-0.022 |
|
|
Lag 3 |
-0.004 |
-0.001 |
-0.009 |
-0.002 |
-0.004 |
-0.005 |
0.007 |
|
|
Lag 4 |
0.010 |
0.011 |
-0.002 |
0.011 |
0.021 |
0.005 |
0.014 |
|
|
Lag 5 |
0.010 |
0.008 |
0.001 |
0.010 |
0.030 |
0.005 |
0.002 |
|
|
Lag 6 |
0.000 |
0.004 |
0.021 |
-0.011 |
-0.003 |
-0.006 |
0.002 |
|
|
Leverage |
-0.182*** |
-0.157*** |
-0.182*** |
-0.190*** |
-0.185*** |
-0.212*** |
-0.197*** |
|
|
Ln(Sales) |
0.019*** |
0.019*** |
0.018*** |
0.018*** |
0.022*** |
0.022*** |
0.018*** |
|
|
Healthcare |
0.039*** |
0.040*** |
0.034*** |
0.040*** |
0.045*** |
0.035*** |
0.039*** |
|
|
Chemicals |
0.046*** |
0.043*** |
0.040*** |
0.044*** |
0.064*** |
0.036*** |
0.052*** |
|
|
Telecom |
0.000 |
0.022 |
-0.007 |
-0.001 |
0.001 |
0.000 |
-0.019 |
|
|
Maturity |
0.017*** |
.0195*** |
0.018*** |
0.017*** |
0.017** |
0.009 |
0.017*** |
|
|
Constant |
-0.113*** |
-0.113*** |
-0.103*** |
-0.104*** |
-0.138*** |
-0.123*** |
-0.106*** |
|
|
R2 |
43.36% |
39.20% |
42.66% |
42.01% |
46.77% |
47.14% |
45.21% |
|
|
# of observations |
731 |
584 |
615 |
638 |
580 |
626 |
601 |
|
|
% of sample excluded |
0% |
20% |
15% |
13% |
21% |
13% |
18% |
|
|
% of sample before the gap |
n/a |
0% |
20% |
35% |
48% |
69% |
82% |
|
|
% of sample after the gap |
n/a |
80% |
65% |
52% |
31% |
18% |
0% |
Table 14. Robustness check of the regression EBITDA margin= f(R&D int., (R&D int.)*Maturity, …).
|
EBITDA margin |
EBITDA margin |
EBITDA margin |
EBITDA margin |
EBITDA margin |
EBITDA margin |
EBITDA margin |
||
|
R&D int. |
-0.798*** |
-0.738*** |
-0.822*** |
-0.828*** |
-0.853*** |
-0.805*** |
-0.765*** |
|
|
Lag 1 |
-0.111 |
-0.015 |
-0.212 |
-0.095 |
-0.023 |
-0.103 |
-0.259 |
|
|
Lag 2 |
0.183** |
0.219** |
0.175* |
0.190** |
0.263** |
0.189** |
-0.060 |
|
|
Lag 3 |
0.065 |
0.000 |
0.141 |
0.044 |
0.065 |
0.061 |
-0.004 |
|
|
Lag 4 |
-0.241** |
-0.382*** |
-0.171 |
-0.278** |
-0.318** |
-0.250** |
0.023 |
|
|
Lag 5 |
-0.268 |
-0.379** |
-0.276 |
-0.279 |
-0.355* |
-0.270 |
0.087 |
|
|
Lag 6 |
0.693*** |
0.811*** |
0.652*** |
0.773*** |
0.723*** |
0.720*** |
0.202 |
|
|
(R&D int.)*Maturity |
-0.029 |
-0.036 |
0.028 |
-0.008 |
-0.092 |
0.034 |
0.003 |
|
|
Lag 1 |
0.107 |
0.122 |
0.057 |
0.124 |
0.118 |
0.095 |
0.193** |
|
|
Lag 2 |
0.057 |
0.078 |
0.020 |
0.042 |
0.071 |
0.043 |
0.199*** |
|
|
Lag 3 |
0.132 |
0.172 |
0.143 |
0.092 |
0.133 |
0.133 |
0.238*** |
|
|
Lag 4 |
0.379*** |
0.443*** |
0.422*** |
0.342*** |
0.378*** |
0.383*** |
0.370*** |
|
|
Lag 5 |
0.585*** |
0.627*** |
0.623*** |
0.591*** |
0.591*** |
0.571*** |
0.495*** |
|
|
Lag 6 |
0.277** |
0.158 |
0.282* |
0.363** |
0.265* |
0.236 |
0.354** |
|
|
CapEx/Sales |
0.141*** |
0.058 |
0.108** |
0.164*** |
0.148*** |
0.145*** |
0.206*** |
|
|
Lag 1 |
0.025 |
-0.008 |
0.035 |
0.043 |
0.028 |
0.036 |
0.015 |
|
|
Lag 2 |
0.017 |
0.017 |
0.042* |
0.018 |
0.007 |
0.021 |
0.019 |
|
|
Lag 3 |
0.049* |
0.060** |
0.058* |
0.040 |
0.041 |
0.044 |
0.070*** |
|
|
Lag 4 |
0.075*** |
0.077*** |
0.057** |
0.069*** |
0.086*** |
0.067*** |
0.090*** |
|
|
Lag 5 |
0.077** |
0.059 |
0.057 |
0.077** |
0.105*** |
0.071* |
0.070** |
|
|
Lag 6 |
0.061 |
0.027 |
0.121*** |
0.041 |
0.061 |
0.052 |
0.074** |
|
|
Leverage |
-0.206*** |
-0.174*** |
-0.218*** |
-0.217*** |
-0.219*** |
-0.265*** |
-0.174*** |
|
|
Ln(Sales) |
0.025*** |
0.027*** |
0.025*** |
0.025*** |
0.026*** |
0.030*** |
0.021*** |
|
|
Healthcare |
0.050*** |
0.019 |
0.017 |
0.025** |
0.028** |
0.012 |
0.027*** |
|
|
Chemicals |
0.012 |
0.043*** |
0.047*** |
0.054*** |
0.049*** |
0.049*** |
0.053*** |
|
|
Telecom |
-0.022 |
0.004 |
-0.001 |
0.014 |
0.025 |
0.007 |
0.018* |
|
|
Maturity |
0.023** |
0.008 |
-0.047** |
-0.020 |
-0.024 |
-0.023 |
-0.042 |
|
|
Constant |
-0.021 |
-0.013 |
-0.007 |
-0.020 |
-0.029 |
-0.041** |
-0.018 |
|
|
R2 |
40.70% |
31.84% |
43.24% |
42.09% |
41.68% |
41.09% |
48.43% |
|
|
# of observations |
735 |
588 |
619 |
642 |
584 |
627 |
604 |
|
|
% of sample excluded |
0% |
20% |
15% |
13% |
21% |
13% |
18% |
|
|
% of sample before the gap |
n/a |
0% |
20% |
35% |
48% |
69% |
82% |
|
|
% of sample after the gap |
n/a |
80% |
65% |
52% |
31% |
18% |
0% |
Density histograms of variables
Correlation matrixes
Correlation matrix of dependent variables, control variables and R&D intensity with its lags
Correlation matrix of dependent variables, control variables and (R&D intensity)2 with its lags
Correlation matrix of dependent variables, control variables and ((R&D intensity)*Maturity) with its lags
Correlation matrix of dependent variables, control variables and (CapEx/Sales) with its lags
Results of tests on econometric problems
Tests for regression RI spread = f(R&D int., (R&D int.)2, …).
Tests for regression EBITDA margin = f(R&D int., (R&D int.)2, …).
Tests for regression RI spread = f(R&D int., ((R&D int.)*Maturity), …).
Tests for regression EBITDA margin = f(R&D int., ((R&D int.)*Maturity), …).
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