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 (MC_PB | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|
a | RM | |||||||||
Low | 2 | 3 | 4 | High | Low | 2 | 3 | 4 | High | |
Small | 0.013 | 0.009 | 0.009 | 0.002 | − 0.004 | 1.038 | 1.093 | 1.103 | 1.011 | 1.096 |
2 | 0.001 | − 0.001 | 0.000 | − 0.005 | 0.002 | 0.804 | 1.075 | 0.951 | 1.021 | 1.019 |
3 | − 0.006 | − 0.003 | − 0.003 | 0.001 | 0.003 | 1.118 | 1.199 | 0.920 | 1.139 | 0.979 |
4 | − 0.003 | 0.001 | 0.006 | 0.002 | 0.004 | 1.050 | 0.952 | 1.258 | 1.139 | 0.866 |
Big | 0.003 | 0.000 | 0.002 | 0.002 | 0.001 | 0.994 | 1.106 | 1.024 | 1.139 | 0.911 |
S | L | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Low | 2 | 3 | 4 | High | Low | 2 | 3 | 4 | High | |
Small | 1.423 | 1.220 | 0.967 | 1.193 | 1.231 | 0.631 | 0.414 | 0.183 | 0.062 | − 0.165 |
2 | 1.464 | 0.772 | 0.795 | 0.893 | 0.629 | 1.433 | 0.427 | 0.282 | 0.148 | − 0.152 |
3 | 0.680 | 0.575 | 0.415 | 0.471 | 0.358 | 0.813 | 0.470 | 0.295 | − 0.064 | − 0.115 |
4 | − 0.184 | − 0.096 | − 0.135 | 0.270 | 0.248 | 1.121 | 0.666 | 0.247 | − 0.064 | − 0.227 |
Big | − 0.361 | − 0.401 | − 0.287 | 0.270 | 0.181 | 0.998 | 0.628 | 0.303 | − 0.064 | − 0.270 |
t(a) | t(RM) | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Low | 2 | 3 | 4 | High | Low | 2 | 3 | 4 | High | |
Small | 2.601 | 1.966 | 2.262 | 0.522 | − 1.119 | 15.455 | 17.404 | 19.464 | 21.447 | 21.491 |
2 | 0.135 | − 0.113 | 0.061 | − 1.560 | 0.683 | 6.286 | 16.486 | 18.565 | 21.907 | 22.855 |
3 | − 1.979 | − 0.774 | − 0.763 | 0.156 | 0.984 | 19.763 | 22.420 | 18.153 | 25.087 | 23.376 |
4 | − 0.821 | 0.155 | 1.987 | 0.611 | 1.536 | 19.386 | 16.925 | 21.962 | 23.993 | 21.939 |
Big | 0.928 | − 0.158 | 1.047 | 0.611 | 0.239 | 21.391 | 25.439 | 31.552 | 23.993 | 28.252 |
t(s) | t(l) | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Low | 2 | 3 | 4 | High | Low | 2 | 3 | 4 | High | |
Small | 9.517 | 8.727 | 7.670 | 11.378 | 10.844 | 6.230 | 4.366 | 2.147 | 0.874 | − 2.151 |
2 | 5.142 | 5.321 | 6.977 | 8.615 | 6.335 | 7.425 | 4.345 | 3.651 | 2.110 | − 2.259 |
3 | 5.400 | 4.834 | 3.679 | 4.659 | 3.841 | 9.533 | 5.830 | 3.862 | − 0.940 | − 1.820 |
4 | − 1.528 | − 0.769 | − 1.058 | 2.552 | 2.820 | 13.720 | 7.857 | 2.861 | − 0.889 | − 3.813 |
Big | − 3.496 | − 4.147 | − 3.978 | 2.552 | 2.527 | 14.238 | 9.581 | 6.192 | − 0.889 | − 5.559 |
Panel B MC_ROE | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|
a | RM | |||||||||
Low | 2 | 3 | 4 | High | Low | 2 | 3 | 4 | High | |
Small | 0.006 | 0.007 | 0.004 | 0.007 | 0.008 | 1.076 | 0.776 | 0.998 | 1.037 | 1.108 |
2 | − 0.006 | − 0.003 | − 0.001 | − 0.002 | 0.005 | 1.091 | 1.051 | 1.011 | 1.073 | 1.037 |
3 | − 0.007 | − 0.002 | 0.000 | − 0.001 | 0.008 | 1.106 | 1.115 | 1.083 | 0.991 | 1.028 |
4 | − 0.009 | − 0.002 | 0.007 | 0.009 | 0.010 | 1.150 | 0.996 | 0.957 | 0.953 | 0.903 |
Big | − 0.003 | − 0.005 | 0.002 | 0.003 | 0.005 | 1.136 | 1.123 | 1.027 | 1.013 | 1.006 |
S | L | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Low | 2 | 3 | 4 | High | Low | 2 | 3 | 4 | High | |
Small | 1.667 | 1.189 | 1.094 | 1.175 | 1.351 | 0.617 | 1.251 | 0.457 | 0.210 | − 0.110 |
2 | 0.858 | 0.669 | 0.658 | 0.925 | 0.629 | 0.808 | 0.562 | 0.183 | − 0.068 | 0.006 |
3 | 0.618 | 0.232 | 0.294 | 0.421 | 0.197 | 0.764 | 0.451 | 0.244 | 0.270 | − 0.004 |
4 | 0.214 | − 0.043 | − 0.163 | − 0.099 | 0.300 | 0.611 | 0.680 | 0.360 | 0.130 | − 0.200 |
Big | − 0.222 | − 0.220 | − 0.158 | − 0.018 | − 0.003 | 0.516 | 0.469 | 0.220 | − 0.028 | − 0.209 |
t(a) | t(RM) | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Low | 2 | 3 | 4 | High | Low | 2 | 3 | 4 | High | |
Small | 1.997 | 0.566 | 0.979 | 1.831 | 1.916 | 16.349 | 4.765 | 16.617 | 18.954 | 19.143 |
2 | − 1.330 | − 0.620 | − 0.151 | − 0.660 | 1.491 | 16.180 | 18.117 | 19.342 | 20.701 | 20.755 |
3 | − 1.476 | − 0.405 | 0.051 | − 0.308 | 2.597 | 16.007 | 18.809 | 21.125 | 19.774 | 23.729 |
4 | − 1.775 | − 0.416 | 1.968 | 2.433 | 3.518 | 17.190 | 17.404 | 18.116 | 18.402 | 23.898 |
Big | − 0.739 | − 1.501 | 0.622 | 1.103 | 1.628 | 23.714 | 25.233 | 27.717 | 25.631 | 25.179 |
t(s) | t(l) | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Low | 2 | 3 | 4 | High | Low | 2 | 3 | 4 | High | |
Small | 11.381 | 3.279 | 8.188 | 9.654 | 10.493 | 6.217 | 5.091 | 5.051 | 2.547 | − 1.257 |
2 | 5.718 | 5.185 | 5.659 | 8.019 | 5.660 | 7.949 | 6.428 | 2.322 | − 0.872 | 0.084 |
3 | 4.018 | 1.758 | 2.575 | 3.778 | 2.039 | 7.330 | 5.050 | 3.161 | 3.566 | − 0.057 |
4 | 1.436 | − 0.338 | − 1.390 | − 0.862 | 3.572 | 6.051 | 7.871 | 4.519 | 1.669 | − 3.509 |
Big | − 2.080 | − 2.220 | − 1.915 | − 0.202 | − 0.039 | 7.136 | 6.984 | 3.938 | − 0.476 | − 3.473 |
Panel C MC_TA | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|
a | RM | |||||||||
Low | 2 | 3 | 4 | High | Low | 2 | 3 | 4 | High | |
Small | 0.009 | 0.005 | 0.001 | 0.009 | 0.006 | 1.051 | 1.143 | 1.071 | 0.788 | 1.108 |
2 | 0.000 | − 0.001 | − 0.003 | 0.000 | 0.000 | 1.080 | 1.048 | 0.969 | 0.929 | 1.086 |
3 | − 0.004 | − 0.004 | − 0.004 | 0.000 | − 0.004 | 1.099 | 0.978 | 1.139 | 1.119 | 1.093 |
4 | 0.000 | 0.004 | 0.006 | 0.002 | 0.005 | 1.049 | 1.016 | 0.988 | 0.984 | 1.282 |
Big | 0.003 | 0.002 | 0.000 | 0.009 | − 0.001 | 0.971 | 0.830 | 1.004 | 1.031 | 1.181 |
S | L | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Low | 2 | 3 | 4 | High | Low | 2 | 3 | 4 | High | |
Small | 1.629 | 1.314 | 1.073 | 1.274 | 1.448 | 0.262 | 0.536 | 0.458 | 0.920 | 0.371 |
2 | 0.700 | 0.704 | 0.667 | 0.449 | 0.793 | 0.556 | 0.345 | 0.448 | 0.403 | 0.270 |
3 | 0.653 | 0.385 | 0.349 | 0.164 | 0.494 | 0.478 | 0.345 | 0.226 | 0.200 | 0.306 |
4 | 0.179 | 0.005 | 0.027 | − 0.009 | − 0.011 | 0.195 | 0.314 | 0.333 | 0.339 | 0.078 |
Big | 0.052 | − 0.131 | − 0.120 | − 0.304 | − 0.042 | 0.135 | 0.282 | 0.070 | 0.151 | 0.018 |
t(a) | t(RM) | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Low | 2 | 3 | 4 | High | Low | 2 | 3 | 4 | High | |
Small | 2.029 | 1.103 | 0.285 | 1.975 | 1.997 | 16.214 | 18.425 | 17.937 | 5.504 | 16.419 |
2 | − 0.101 | − 0.311 | − 0.711 | 0.017 | − 0.090 | 19.564 | 17.682 | 19.469 | 17.775 | 17.412 |
3 | − 1.107 | − 1.012 | − 1.250 | − 0.086 | − 0.760 | 22.238 | 18.320 | 25.376 | 22.580 | 15.654 |
4 | 0.055 | 1.279 | 1.978 | 0.669 | 1.000 | 17.536 | 20.961 | 20.534 | 22.067 | 18.501 |
Big | 0.775 | 0.734 | − 0.145 | 3.479 | − 0.417 | 21.513 | 22.036 | 32.640 | 28.766 | 26.228 |
t(s) | t(l) | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Low | 2 | 3 | 4 | High | Low | 2 | 3 | 4 | High | |
Small | 10.303 | 9.518 | 8.074 | 4.002 | 9.649 | 2.529 | 5.724 | 5.086 | 4.264 | 3.641 |
2 | 5.698 | 5.337 | 6.021 | 3.863 | 5.717 | 6.676 | 3.860 | 5.969 | 5.109 | 2.870 |
3 | 5.939 | 3.239 | 3.495 | 1.490 | 3.180 | 6.419 | 4.283 | 3.337 | 2.677 | 2.908 |
4 | 1.346 | 0.048 | 0.248 | − 0.088 | − 0.074 | 2.162 | 4.299 | 4.589 | 5.038 | 0.748 |
Big | 0.516 | − 1.569 | − 1.750 | − 3.814 | − 0.419 | 1.978 | 4.961 | 1.518 | 2.800 | 0.270 |
Panel D MC_TAM | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|
a | RM | |||||||||
Low | 2 | 3 | 4 | High | Low | 2 | 3 | 4 | High | |
Small | 0.003 | 0.013 | 0.002 | 0.003 | − 0.001 | 1.291 | 0.851 | 0.819 | 0.957 | 0.897 |
2 | 0.001 | 0.002 | 0.001 | 0.000 | − 0.002 | 1.192 | 1.015 | 0.973 | 0.923 | 0.933 |
3 | − 0.006 | − 0.001 | 0.005 | − 0.004 | 0.002 | 1.224 | 1.040 | 1.046 | 1.124 | 0.904 |
4 | 0.001 | − 0.001 | 0.006 | 0.003 | 0.007 | 1.187 | 0.834 | 0.906 | 0.907 | 0.914 |
Big | 0.004 | 0.002 | 0.002 | 0.007 | 0.001 | 0.987 | 1.307 | 1.083 | 0.965 | 1.000 |
S | L | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Low | 2 | 3 | 4 | High | Low | 2 | 3 | 4 | High | |
Small | 1.615 | 0.901 | 1.457 | 1.164 | 0.867 | 0.125 | 0.662 | 0.988 | 0.355 | 0.387 |
2 | 0.831 | 0.811 | 0.443 | 0.757 | 0.289 | 0.579 | 0.431 | 0.317 | 0.449 | 0.327 |
3 | 1.053 | 0.392 | 0.305 | 0.132 | 0.031 | 0.185 | 0.269 | 0.076 | 0.405 | 0.393 |
4 | 0.399 | 0.176 | 0.090 | − 0.261 | 0.178 | 0.202 | 0.371 | 0.295 | 0.529 | 0.003 |
Big | − 0.171 | − 0.043 | 0.039 | − 0.231 | 0.030 | 0.133 | 0.004 | 0.098 | 0.177 | − 0.130 |
t(a) | t(RM) | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Low | 2 | 3 | 4 | High | Low | 2 | 3 | 4 | High | |
Small | 0.700 | 2.456 | 0.241 | 0.731 | − 0.333 | 19.444 | 11.308 | 6.202 | 15.261 | 14.943 |
2 | 0.238 | 0.425 | 0.263 | − 0.053 | − 0.408 | 17.029 | 17.696 | 17.117 | 16.392 | 17.245 |
3 | − 1.294 | − 0.377 | 1.372 | − 0.856 | 0.453 | 19.507 | 19.014 | 19.696 | 19.405 | 19.013 |
4 | 0.173 | − 0.199 | 1.975 | 0.804 | 2.158 | 19.411 | 16.829 | 16.299 | 19.323 | 19.951 |
Big | 0.861 | 0.537 | 0.718 | 2.725 | 0.499 | 15.506 | 26.744 | 23.671 | 26.202 | 28.262 |
t(s) | t(l) | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Low | 2 | 3 | 4 | High | Low | 2 | 3 | 4 | High | |
Small | 10.930 | 5.377 | 4.962 | 8.346 | 6.495 | 1.250 | 5.831 | 4.962 | 3.751 | 4.275 |
2 | 5.335 | 6.351 | 3.503 | 6.041 | 2.400 | 5.484 | 4.979 | 3.701 | 5.285 | 4.004 |
3 | 7.542 | 3.218 | 2.580 | 1.025 | 0.294 | 1.955 | 3.261 | 0.950 | 4.638 | 5.478 |
4 | 2.935 | 1.593 | 0.729 | − 2.495 | 1.749 | 2.191 | 4.967 | 3.519 | 7.470 | 0.046 |
Big | − 1.207 | − 0.394 | 0.386 | − 2.813 | 0.379 | 1.389 | 0.061 | 1.427 | 3.185 | − 2.429 |
Panel E R2 | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|
MC_PB | MC_ROE | |||||||||
Low | 2 | 3 | 4 | High | Low | 2 | 3 | 4 | High | |
Small | 0.733 | 0.741 | 0.749 | 0.785 | 0.768 | 0.757 | 0.342 | 0.733 | 0.754 | 0.732 |
2 | 0.510 | 0.716 | 0.750 | 0.793 | 0.782 | 0.755 | 0.769 | 0.751 | 0.755 | 0.760 |
3 | 0.819 | 0.823 | 0.745 | 0.820 | 0.795 | 0.743 | 0.771 | 0.791 | 0.771 | 0.811 |
4 | 0.854 | 0.776 | 0.812 | 0.810 | 0.768 | 0.754 | 0.782 | 0.767 | 0.747 | 0.797 |
Big | 0.876 | 0.884 | 0.908 | 0.810 | 0.847 | 0.856 | 0.868 | 0.876 | 0.839 | 0.825 |
MC_TA | MC_TAM | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Low | 2 | 3 | 4 | High | Low | 2 | 3 | 4 | High | |
Small | 0.734 | 0.774 | 0.756 | 0.346 | 0.719 | 0.756 | 0.612 | 0.415 | 0.691 | 0.682 |
2 | 0.792 | 0.734 | 0.785 | 0.750 | 0.718 | 0.740 | 0.747 | 0.722 | 0.726 | 0.730 |
3 | 0.824 | 0.752 | 0.842 | 0.811 | 0.678 | 0.753 | 0.756 | 0.752 | 0.780 | 0.783 |
4 | 0.721 | 0.803 | 0.798 | 0.822 | 0.737 | 0.755 | 0.735 | 0.710 | 0.813 | 0.753 |
Big | 0.795 | 0.826 | 0.900 | 0.884 | 0.847 | 0.680 | 0.852 | 0.822 | 0.864 | 0.858 |