The Official Journal of the Pan-Pacific Association of Input-Output Studies (PAPAIOS)
From: Role of human assets in measuring firm performance and its implication for firm valuation
Panel A (mean excess returns) | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|
MC_PB | MC_ROE | |||||||||
Low | 2 | 3 | 4 | High | Low | 2 | 3 | 4 | High | |
Small | 0.046 | 0.039 | 0.034 | 0.027 | 0.021 | 0.043 | 0.039 | 0.032 | 0.034 | 0.035 |
2 | 0.039 | 0.023 | 0.022 | 0.017 | 0.019 | 0.022 | 0.021 | 0.019 | 0.019 | 0.024 |
3 | 0.020 | 0.020 | 0.014 | 0.017 | 0.016 | 0.018 | 0.016 | 0.017 | 0.016 | 0.021 |
4 | 0.014 | 0.014 | 0.019 | 0.016 | 0.014 | 0.010 | 0.013 | 0.018 | 0.018 | 0.021 |
Big | 0.016 | 0.010 | 0.011 | 0.015 | 0.010 | 0.010 | 0.007 | 0.012 | 0.013 | 0.013 |
MC_TA | MC_TAM | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Low | 2 | 3 | 4 | High | Low | 2 | 3 | 4 | High | |
Small | 0.042 | 0.037 | 0.029 | 0.040 | 0.039 | 0.038 | 0.039 | 0.037 | 0.030 | 0.022 |
2 | 0.024 | 0.021 | 0.019 | 0.018 | 0.023 | 0.028 | 0.026 | 0.019 | 0.022 | 0.014 |
3 | 0.019 | 0.013 | 0.013 | 0.014 | 0.016 | 0.021 | 0.016 | 0.020 | 0.012 | 0.014 |
4 | 0.014 | 0.017 | 0.019 | 0.015 | 0.018 | 0.019 | 0.013 | 0.018 | 0.013 | 0.019 |
Big | 0.014 | 0.011 | 0.009 | 0.017 | 0.010 | 0.013 | 0.014 | 0.014 | 0.015 | 0.011 |
Panel B (standard deviations) | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|
MC_PB | MC_ROE | |||||||||
Low | 2 | 3 | 4 | High | Low | 2 | 3 | 4 | High | |
Small | 0.106 | 0.101 | 0.093 | 0.083 | 0.087 | 0.109 | 0.164 | 0.095 | 0.090 | 0.091 |
2 | 0.149 | 0.100 | 0.084 | 0.084 | 0.078 | 0.111 | 0.099 | 0.086 | 0.086 | 0.083 |
3 | 0.109 | 0.104 | 0.082 | 0.088 | 0.076 | 0.112 | 0.101 | 0.092 | 0.086 | 0.082 |
4 | 0.116 | 0.097 | 0.108 | 0.089 | 0.067 | 0.110 | 0.100 | 0.089 | 0.084 | 0.069 |
Big | 0.108 | 0.104 | 0.087 | 0.089 | 0.067 | 0.103 | 0.100 | 0.086 | 0.080 | 0.078 |
MC_TA | MC_TAM | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Low | 2 | 3 | 4 | High | Low | 2 | 3 | 4 | High | |
Small | 0.103 | 0.107 | 0.099 | 0.145 | 0.104 | 0.110 | 0.099 | 0.141 | 0.092 | 0.087 |
2 | 0.099 | 0.094 | 0.088 | 0.085 | 0.096 | 0.112 | 0.093 | 0.088 | 0.088 | 0.085 |
3 | 0.096 | 0.088 | 0.093 | 0.093 | 0.101 | 0.103 | 0.091 | 0.087 | 0.101 | 0.083 |
4 | 0.093 | 0.089 | 0.088 | 0.087 | 0.111 | 0.101 | 0.079 | 0.084 | 0.089 | 0.075 |
Big | 0.082 | 0.074 | 0.080 | 0.086 | 0.094 | 0.092 | 0.104 | 0.089 | 0.082 | 0.077 |
Panel C (T-statistics) | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|
MC_PB | MC_ROE | |||||||||
Low | 2 | 3 | 4 | High | Low | 2 | 3 | 4 | High | |
Small | 5.490 | 4.843 | 4.615 | 4.187 | 3.086 | 4.953 | 3.043 | 4.228 | 4.803 | 4.902 |
2 | 3.324 | 2.961 | 3.330 | 2.633 | 3.101 | 2.465 | 2.673 | 2.854 | 2.873 | 3.610 |
3 | 2.347 | 2.436 | 2.159 | 2.508 | 2.742 | 1.991 | 1.987 | 2.299 | 2.405 | 3.241 |
4 | 1.510 | 1.851 | 2.204 | 2.327 | 2.718 | 1.195 | 1.650 | 2.502 | 2.774 | 3.851 |
Big | 1.927 | 1.267 | 1.659 | 2.093 | 1.841 | 1.233 | 0.921 | 1.719 | 2.017 | 2.117 |
MC_TA | MC_TAM | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Low | 2 | 3 | 4 | High | Low | 2 | 3 | 4 | High | |
Small | 5.123 | 4.425 | 3.736 | 3.538 | 4.708 | 4.344 | 4.946 | 3.304 | 4.186 | 3.138 |
2 | 3.022 | 2.800 | 2.755 | 2.701 | 2.982 | 3.187 | 3.474 | 2.719 | 3.189 | 2.076 |
3 | 2.507 | 1.942 | 1.848 | 1.972 | 1.980 | 2.595 | 2.236 | 2.934 | 1.569 | 2.140 |
4 | 1.984 | 2.436 | 2.729 | 2.130 | 2.095 | 2.418 | 2.056 | 2.734 | 1.809 | 3.120 |
Big | 2.165 | 1.859 | 1.388 | 2.453 | 1.346 | 1.748 | 1.759 | 2.067 | 2.390 | 1.752 |