Table 10: Regression results of continuous QFII investment in period ( ) and performance improvement according to MODEL IV.

VariablesCROACROECTobin’s Q

Constant−0.02653**−0.01873 −0.68215***
−2.15342 −0.74761 −2.95152
MaxQFII(−2)0.00179*0.00630**−0.01386
1.73844 2.18170 −1.03571
Size0.00000***0.00000***0.00000
2.81223 3.13358 −1.35747
Share−0.00004 0.00002 0.00112
−0.31899 0.05548 0.39436
Lev−0.00121 −0.08530*0.87797**
−0.06856 −1.88554 2.61655
Sal0.00054***0.00234***−0.00789***
3.62545 6.09090 −3.85868
Tat0.01526**0.01489 −0.05486
2.30065 0.82115 −0.39137
IndustryYesYesYes
YearYesYesYes

Sample888888
0.05947 0.09093 0.12806
Adjusted 0.01020 0.02359 0.06348
-statistic1.982772.817540.85362
Prob. 0.077630.012230.53266

Notes. ***,**,*denote statistical significance at the 1%, 5%, and 10% levels, respectively. The upper values of the regression results are regression coefficients while the lower ones are corresponding statistics.