Models

Y: TE Equation (2)

Y: ROI Equation (3)

Variables

Pred. Sign.

Parameter Estimate

p-Value

Parameter Estimate

p-Value

Intercept

0.0091

0.9049

43.254

0.0823

YEARS

＋

0.0020

0.1290

CINT

＋

0.0001^***

<0.0001

DAREA

−

−0.0194^**

0.0377

DIND

0.0016

0.8692

CSIZE

0.0014

(0.7671)

CDA

0.0007^**

0.0132

CROA

0.0013^***

0.0015

PPTO

0.0087^***

<0.0001

CGDP

0.0011

0.7262

TE

＋

32.7755^***

0.0045

RD

＋

−2.9329^**

0.0256

AMOUNT

＋

5.3321^***

0.0029

DTYPE

＋

8.0782^*

0.0645

ELEC

10.9830^***

0.0028

RE

0.0738

0.2208

PPE

0.4997

0.3464

GROWTH

−0.0233

0.3673

TROA

0.6760^**

0.0445

TDA

−0.2291^*

0.0630

TSIZE

−6.6085^***

<0.0001

TGDP

0.4251

0.3441

System Weighted R-Square 32.74%