Do Intellectual Capital Elements Spur Firm Performance? Evidence from the Textile and Apparel Industry in China

Table 4

Regression results.

Variable	ROA		ROE		MB		EP
	Model (1)	Model (2)	Model (1)	Model (2)	Model (1)	Model (2)	Model (1)	Model (2)
Constant	0.203 (0.74)	−0.117 (−0.45)	−0.165 (−0.34)	−0.746 (−1.65)	114.880 (4.46)	54.286 (3.96)	−87.174 (−2.02)	−53.612 (−1.22)
CEE	0.313 (14.58)	0.320 (15.92)	0.531 (14.03)	0.546 (15.57)	2.520 (1.25)	3.047 (2.86)	34.825 (6.32)	30.731 (5.72)
HCE	0.020 (6.88)	0.021 (7.55)	0.033 (6.66)	0.036 (7.20)	−0.185 (−0.69)	0.315 (2.10)	9.164 (11.81)	9.821 (12.32)
SCE	0.0002 (0.11)	0.004 (0.72)	0.015 (3.87)	0.027 (2.62)	0.361 (1.79)	0.137 (0.44)	−1.417 (−2.17)	−7.968 (−4.53)
RCE		−0.001 (−4.53)		−0.002 (−4.47)		−0.203 (−17.61)		0.087 (1.38)
INCE		0.026 (0.95)		0.073 (1.52)		0.138 (0.10)		−32.967 (−4.05)
SIZE	−0.013 (−2.21)	−0.0004 (−0.07)	0.002 (0.23)	0.025 (2.36)	−4.923 (−8.85)	−2.427 (−7.63)	1.917 (1.46)	0.631 (0.47)
LEV	−0.094 (−4.73)	−0.132 (−6.67)	−0.091 (−2.59)	−0.160 (−4.62)	6.747 (3.59)	−0.212 (−0.20)	−22.949 (−4.08)	−16.506 (−2.97)
AGE	−0.005 (−0.09)	0.003 (0.07)	−0.023 (−0.26)	−0.006 (−0.08)	−0.139 (−0.03)	0.831 (0.33)	6.077 (1.10)	4.829 (0.85)
GDP	0.830 (0.55)	1.215 (0.87)	0.968 (0.36)	1.685 (0.69)	−105.948 (−0.74)	−36.508 (−0.49)	266.262 (1.28)	274.549 (1.34)
YEAR	Included	Included	Included	Included	Included	Included	Included	Included
R^2	0.9067	0.9231	0.8993	0.9183	0.5736	0.8885	0.7281	0.6976
F	105.11	108.03	96.62	101.20	14.55	71.72	730.01	870.54
N	165	165	165	165	165	165	165	165
Hausman test	Prob > χ^2 = 0.0000	Prob > χ^2 = 0.0039	Prob > χ^2 = 0.0047	Prob > χ^2 = 0.0276	Prob > χ^2 = 0.0000	Prob > χ^2 = 0.0000	Prob > χ^2 = 0.4004	Prob > χ^2 = 0.1027

; ; ; t values are in parentheses.