Working Capital Management and Firm Performance: Evidence From Malaysia During COVID-19
Table 4: Regression Results ROA
| Dependent Variable: Return on Asset (lnroa) | ||||||
| Variable | Pooled OLS | Random Effect | Fixed Effect | Corrected Hetero & Serial Correlation | ||
| Constant | -2.068943 | -1.339593 | -0.6149764 | -1.339593 | ||
| -12.53 | -5.04 | -2.2 | -4.18 | |||
| (0.00001)*** | (0.00001)*** | (0.03)** | (0.00001)*** | |||
| INV | -0.7598677 | -0.0575162 | 0.0874906 | -0.0575162 | ||
| -2.45 | -0.29 | 0.47 | -0.3 | |||
| (0.016)** | (0.775) | (0.641) | (0.763) | |||
| AR | -0.0021562 | -0.0124768 | -0.0236654 | -.0124768 | ||
| -0.98 | -3.71 | -5.52 | -2.71 | |||
| (0.327) | (0.00001)*** | (0.00001)*** | (0.007)*** | |||
| AP | -0.0023861 | 0.0004966 | 0.0017222 | .0004966 | ||
| -0.5 | 0.17 | 0.62 | 0.18 | |||
| (0.619) | (0.868) | (0.534) | (0.857) | |||
| SIZE | -4.87E-01 | 7.27E-02 | 0.0409733 | .0726988 | ||
| -1.41 | 0.31 | 0.18 | 0.30 | |||
| (0.162) | (0.759) | (0.854) | (0.765) | |||
| CATA | 1.564957 | 0.9121381 | 0.7151754 | .9121381 | ||
| 1.19 | 1.12 | 0.95 | 1.48 | |||
| (0.235) | (0.264) | (0.344) | (0.140) | |||
| COVID | -0.0225814 | -0.0741705 | -0.1077851 | -.0741705 | ||
| -0.13 | -0.69 | -1.09 | -0.62 | |||
| (0.898) | (0.489) | (0.277) | (0.536) | |||
| R-Square | 0.0644 | 0.0147 | 0.0115 | 0.0147 | ||
| F-Statistic | 1.47 | 6.2 | ||||
| P-Value | (0.0644)** | (0.00001)*** | ||||
| Wald Chi2 | 19.23 | 64.18 | ||||
| P-Value | (0.0038)*** | (0.00001)*** | ||||
| BP LM Test | 175.90 | |||||
| (0.00001)*** | ||||||
| Hausman Test | 16.36 | |||||
| (0.0119)** | ||||||
| VIF Test | 1.11 | |||||