The Impact of Online Media Big Data on Firm Performance: Based on Grey Relation Entropy Method

Table 5

Results of system GMM for dynamic panel data.

Model	Model1 (FP = ROA)			Model2 (FP = ROE)
Variables	Coef.	Std. Err.	z	Coef.	Std. Err.	z
Constant	−0.017	0.189	−0.09	−0.364	0.526	−0.69
FP L1.	0.050	0.139	0.36	−0.040	0.034	−1.18
FP L2.	0.119	0.148	0.80	−0.082	0.030	−2.74
Firm age	0.018	0.016	1.11	0.023	0.035	0.64
Firm size	0.000	0.008	0.01	0.021	0.023	0.92
Slack	−0.001	0.006	−0.15	0.004	0.021	0.20
MSh	0.065	0.034	1.90	0.251	0.113	2.23
CEO tenure	−0.050	0.023	−2.14	−0.186	0.087	−2.14
CEO duality	0.008	0.011	0.75	−0.009	0.030	−0.31
Negative	−0.011	0.006	−1.85	−0.038	0.018	−2.06
Negative L1.	0.009	0.005	1.68	0.023	0.010	2.33
Negative L2.	0.007	0.005	1.38	0.004	0.014	0.30
Wald chi2	126.21			111.39

Note. Obvious number = 68. Industry dummy variable is controlled but not presented. ; ; and .