103 NTU Management Review Vol. 31 No. 1 Apr. 2021 Table 8 The Effect of Corporate Governance on the Future Performance Panel A: Industry-Adjusted ROA Dep: IAROA t+1 Well Governed Firms Poorly Governed Firms (1) (2) (3) (1) (2) (3) Full Sample All-Cash Deals Within Industry Deals Full Sample All-Cash Deals Within Industry Deals Intercept IAROA t-1 MA t Vega t-1 Delta t-1 Cashrich t-1 . Vega×Cashrich Delta×Cashrich Vega×Cashrich×MA P-value on the diff. in Well vs. Poor Delta×Cashrich×MA Sales t-1 Aveleverage Avesalegrowth 0.0263** (2.40) 0.863*** (38.39) -0.0107*** (-3.07) 0.0322** (2.55) 0.00174 (0.95) -0.0000282 (-0.01) -0.0149 (-0.85) -0.0000940 (-0.03) 0.0495** (2.11) 0.562 -0.00554 (-1.05) -0.00136 (-0.99) -0.0109 (-1.36) -0.00370 (-0.31) 0.0250** (2.23) 0.866*** (37.41) -0.00994** (-2.07) 0.0284** (2.26) 0.000745 (0.37) -0.00121 (-0.36) -0.0115 (-0.65) 0.000839 (0.29) 0.0491* (1.77) 0.779 -0.00138 (-0.25) -0.00122 (-0.87) -0.0113 (-1.35) -0.00158 (-0.13) 0.0315** (2.41) 0.865*** (37.88) -0.00721 (-1.38) 0.0333*** (2.58) 0.00139 (0.73) -0.000548 (-0.16) -0.0162 (-0.92) 0.000425 (0.15) 0.0446 (1.38) 0.197 -0.00460 (-0.70) -0.00118 (-0.83) -0.00932 (-1.15) -0.00149 (-0.12) 0.0316 (1.64) 0.817*** (35.60) -0.00414 (-1.10) 0.0425*** (3.62) 0.00361 (1.25) 0.0119*** (3.03) -0.0151 (-0.78) -0.00269 (-0.55) 0.0785* (1.84) -0.0256** (-2.00) -0.00378*** (-2.80) -0.00637 (-0.64) -0.0341*** (-2.90) 0.00756 (0.25) 0.820*** (35.69) -0.00326 (-0.65) 0.0355*** (3.28) 0.00227 (0.75) 0.0112*** (2.76) -0.0113 (-0.61) -0.00163 (-0.33) 0.0625* (1.75) -0.0107 (-1.36) -0.00342*** (-2.58) -0.00855 (-0.83) -0.0339*** (-2.85) 0.00976 (0.29) 0.821*** (35.32) -0.00392 (-0.75) 0.0380*** (3.18) 0.00378 (1.24) 0.0108*** (2.66) -0.0111 (-0.57) -0.00284 (-0.57) -0.0373 (-0.71) 0.00596 (0.68) -0.00396*** (-2.91) -0.00818 (-0.80) -0.0343*** (-2.87) Year fixed effect Number of observations R-squared Yes 3,478 0.709 Yes 3,274 0.707 Yes 3,267 0.708 Yes 3,107 0.665 Yes 2,858 0.667 Yes 2,889 0.666
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