Working Capital Management and Firm Performance: Evidence From Malaysia During COVID-19
Table 5: Regression Results ROE
| Dependent Variable: Return on Equity (lnroe) | |||||
| Variable | Pooled OLS | Random Effect | Fixed Effect | Corrected Hetero & Serial Correlation | |
| Constant | -1.703299 | -1.198256 | -0.4179853 | -1.198256 | |
| -11.68 | -5.24 | -1.52 | -3.49 | ||
| (0.00001)*** | (0.00001)*** | (0.131) | (0.00001)*** | ||
| INV | -0.7576291 | -0.1528967 | 0.0273133 | -0.1528967 | |
| -2.76 | -0.77 | 0.15 | -0.76 | ||
| (0.007)*** | (0.443) | (0.882) | (0.447) | ||
| AR | -0.0023937 | -0.0093141 | -0.0213144 | -0.0093141 | |
| -1.24 | -3.13 | -5.05 | -1.89 | ||
| (0.218) | (0.002)*** | (0.00001)*** | (0.059)* | ||
| AP | -0.0021455 | 0.0006388 | 0.002119 | 0.0006388 | |
| -0.51 | 0.22 | 0.78 | 0.23 | ||
| (0.613) | (0.829) | (0.437) | (0.817) | ||
| SIZE | -0.6602012 | -0.1079609 | -0.1077048 | -0.1079609 | |
| -2.16 | -0.46 | -0.49 | -0.35 | ||
| (0.033)** | (0.644) | (0.623) | (0.727) | ||
| CATA | 1.643067 | 0.8947615 | 0.6257966 | 0.8947615 | |
| 1.42 | 1.1 | 0.84 | 1.44 | ||
| (0.158) | (0.27) | (0.401) | (0.15) | ||
| COVID | 0.0346606 | -0.0006239 | -0.0366978 | -0.0006239 | |
| 0.22 | -0.01 | -0.38 | -0.01 | ||
| (0.824) | (0.995) | (0.706) | (0.995) | ||
| R-Square | 0.0871 | 0.0257 | 0.0166 | 0.0257 | |
| F-Statistic | 2.04 | 4.79 | |||
| P-Value | (0.0654)* | (0.0002)*** | |||
| Wald Chi2 | 12.98 | 4.79 | 14.48 | ||
| P-Value | (0.0434)** | (0.0002)*** | (0.0247)** | ||
| BP LM Test | 127.68 | ||||
| (0.00001)*** | |||||
| Hausman Test | 13.32 | ||||
| (0.0382)** | |||||
| VIF Test | 1.11 | ||||