indmatur

ity
indmaturity
c_bhr_p1p3
6
c_uncertai~
y
c_medianro
a
c_meansale
~f
c_mediansa
~f
c_meaninco
~f
c_medianin
~f
c_medianto
~q

c_bhr_p1p
36

c_uncertai
~y

c_medianr
oa

c_meansal
e~f

c_medians
a~f

c_meaninc
o~f

c_mediani
n~f

c_medianto
~q

1
-0.0516*

-0.0637*

-0.0614*

0.0415*

0.2873*

-0.0364

0.1014*

0.0559*

-0.0336

0.008

0.0990*

0.0566*

-0.0385

0.0061

0.1300*

0.1583*

-0.1035*

0.3148*

0.1179*

0.1052*

0.1307*

0.1994*

-0.1086*

0.3675*

0.2027*

0.1939*

0.8376*

-0.0780*

0.2463*

-0.3190*

-0.0805*

-0.0784*

-0.0721*

0.0381

1
0.9968*

1
1
1
-0.0622*

Industry maturity = contractsigningyear -1989

The later the contract is signed negative is the correlation with bhrp1p36, uncertainty and
mediantobinsq
The later the contract is signed positive are the measure of roa, saleseff, and incomeeff,
indmaturity
indmaturity

c_car_n10p10

c_car_n1p1

c_car_n0p0

c_car_n0p1

c_car_n5p5

c_car_n10p10

-0.005

c_car_n10p1

0.0044

c_car_n1p1

c_car_n10p1

-0.0482*

1
0.7233*

0.3128*

0.4850*

c_car_n0p0

-0.0203

0.1998*

0.3394*

0.6202*

c_car_n0p1

-0.0324

0.2715*

0.4219*

0.8233*

0.7427*

c_car_n5p5

0.0182

0.6939*

0.5513*

0.4298*

0.2387*

1
0.3473*

The later the contract is signed the less the CARn1P1

:::::::::::::::::::March 11, 2013

This was with a split of year 2003

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

uncerta c_bhr_p c_median c_medianinc uncerta c_bhr_p c_median c_medianinc

VARIABLES inty
1p36
saleeff
omeeff
inty
1p36
saleeff
omeeff

indmatcent
ered
-0.02

0.66*** 48.22

(0.031) (0.116) (34.340)

indmatcent
eredsq
-0.00

0.06*** 1.93

24.75***

-0.00

-0.34*** -29.36

(9.069)

(0.003) (0.033) (18.280)

(2.794)

1.89***

0.00

2.90**

0.12*** 5.76

-4.58

(0.002) (0.010) (2.526)

vfreeman

cfreeman

vevcent

-0.00

(0.000) (0.222)

(0.039)

(0.000) (0.092)

(0.014)

-0.00

0.37

-0.00

-0.80***

(0.006) (2.329)

(0.552)

(0.006) (1.378)

(0.300)

0.33

18.95

0.28

17.62

(11.870)

(0.199) (187.660) (20.519)

-3.38

34.92

logannualva
lue

vexp

cexp

c_sa_cnt

c_jv_cnt

totalcontrac
tlength

Constant

0.03

-32.82

0.00

0.04

(1.216)

-0.06*

-4.07** -216.73

priorcontrac
tvalue

(0.001) (0.010) (5.411)

-0.00*** -0.38*

(0.203) (70.432)

cevcent

(0.679)

1.45

83.83

-0.00

3,254.20*
*
195.68

(1.764) (208.098) (93.748)

(1,552.44
(2.139) 6)
(230.120)

0.00

-0.00

-0.00** -0.00***

-0.00***

(0.000) (0.000)

(0.000)

(0.000) (0.000)

(0.000)

0.01

4.74

-0.02

1.20

(0.026) (9.334)

(3.318)

(0.025) (10.489)

(2.140)

0.04*

1.71

0.01

0.96

(0.020) (7.697)

(1.915)

(0.009) (5.264)

(1.093)

0.04

4.49**

0.00

0.31

(0.027) (12.788)

(1.775)

(0.008) (4.832)

(0.956)

-0.00

0.13

-0.00

0.39***

(0.001) (0.563)

(0.133)

(0.001) (0.239)

(0.070)

-0.09*** 28.40*

3.54

-0.01

-4.71**

(0.033) (14.976)

(3.280)

(0.019) (8.718)

(1.991)

0.00

0.13

0.00

0.04

(0.001) (0.404)

(0.129)

(0.001) (0.580)

1.64*** 214.32

-28.81

0.00

25.51***

3.44

25.51**

-1.23**

-0.68*

(0.081) (0.471) (149.462) (40.768)

0.01*** 0.31

21.47**

2.29

4.84

-0.68***

24.78***

-0.21

131.05

(0.087)
-10.93

(0.004) (0.377) (147.364) (26.471)

Observation
s
649

613

660

660

928

853

936

936

R-squared

0.115

0.048

0.054

0.002

0.200

0.023

0.049

0.002

Using only the DV and IV that showed some hope

VARIABLES
indmatcentered
indmatcenteredsq

(1)
uncertain
ty

(2)
c_car_n5
p5

(3)
c_bhr_p1p
36

(4)
c_mediansale
eff

(5)
c_medianincom
eeff

(6)
c_mediantobi
nq

-0.01***

0.00

-0.01

1.31

4.15***

-0.01

(0.004)

(0.001)

(0.014)

(5.937)

(1.501)

(0.015)

-0.00*

0.00

0.01***

-1.58

0.47

0.00

(0.000)

(0.000)

(0.003)

(1.115)

(0.301)

(0.004)

vfreeman
cfreeman
dyadevcent
priorcontractvalue
2.markovcluster
4.markovcluster
8.markovcluster
9.markovcluster
11.markovcluster
logannualvalue
vexp
cexp
contractingexp
c_sa_cnt
c_jv_cnt
totalcontractlength
preY00
Constant

0.00

-0.00

0.05

-0.01

-0.00

(0.000)

(0.000)

(0.091)

(0.014)

(0.000)

0.00

0.00

-0.05

0.07

-0.02***

(0.000)

(0.005)

(1.334)

(0.305)

(0.004)

-0.03

-1.11

-2.04

47.30

-2.40**

(0.055)

(0.915)

(228.058)

(65.427)

(0.988)

0.00

0.00

-0.00*

-0.00

-0.00

(0.000)

(0.000)

(0.000)

(0.000)

(0.000)

0.01

0.12

-83.34

-1.20

-0.20

(0.021)

(0.150)

(61.316)

(24.946)

(0.172)
-0.78***

-0.12***

0.90

1,983.00*

97.84***

(0.019)

(0.587)

(1,059.122)

(26.264)

(0.217)

-0.00

-1.37***

-144.20***

-50.79***

-0.34***

(0.008)

(0.072)

(30.394)

(6.522)

(0.127)

-0.01

0.30

-82.28

52.21**

-0.32**

(0.010)

(0.339)

(117.321)

(25.389)

(0.126)

-0.24***

-0.50***

-303.62***

-10.79

1.44***

(0.028)

(0.060)

(34.940)

(7.955)

(0.104)

0.01***

0.00

27.15***

1.90

-0.08**

(0.002)

(0.023)

(8.344)

(2.434)

(0.033)

-0.00

0.02**

-0.75

1.14

-0.00

(0.001)

(0.011)

(4.651)

(1.070)

(0.012)

-0.00

-0.00

7.17

0.29

-0.03***

(0.001)

(0.010)

(4.966)

(1.009)

(0.008)

0.00**

0.04**

11.87

-0.23

0.15*

(0.002)

(0.018)

(9.089)

(1.143)

(0.085)

-0.00

0.00

-0.80***

0.30***

0.01***

(0.000)

(0.001)

(0.239)

(0.065)

(0.001)

-0.00

-0.04*

24.02***

-1.55

-0.03

(0.002)

(0.020)

(8.543)

(2.084)

(0.022)

0.00

0.00

-0.49

0.13

0.00*

(0.000)

(0.001)

(0.405)

(0.094)

(0.001)

-0.03**

-0.42***

-33.43

-33.91

0.29

(0.015)

(0.137)

(54.693)

(21.278)

(0.368)

0.04***

-0.09***

0.04

76.65

-29.53

2.97***

(0.012)

(0.031)

(0.345)

(113.556)

(31.337)

(0.513)

Observations

1,297

1,198

1,210

1,311

1,311

1,309

R-squared
Robust standard errors in
parentheses
*** p<0.01, ** p<0.05, *

0.007

0.050

0.048

0.056

0.058

0.056

p<0.1

Using not medians but year 0 DVs the R-squares are also higher but what does it mean

VARIABLES
indmatcentered
indmatcenteredsq
vfreeman
cfreeman
dyadevcent
priorcontractvalue
2.markovcluster
4.markovcluster
8.markovcluster
9.markovcluster
11.markovcluster
logannualvalue
vexp
cexp
contractingexp
c_sa_cnt
c_jv_cnt
totalcontractlength
preY00
Constant

(7)

(8)

(9)

(10)

(11)

c_ineff_0

c_at_0

c_roa_0

c_me_0

c_tobinq_0

4.15***

1,100.15

0.01***

-758.71

-0.06**

(1.269)

(1,981.102)

(0.002)

(524.881)

(0.030)

-0.53**

-16.92

-0.00

-87.03

-0.01

(0.213)

(398.106)

(0.000)

(107.179)

(0.008)

-0.02*

-44.86

-0.00**

2.61

-0.00

(0.013)

(36.303)

(0.000)

(6.554)

(0.000)

-0.26

11,506.19***

-0.00

1,849.28***

-0.01***
(0.004)

(0.422)

(2,034.063)

(0.001)

(377.094)

80.18**

-182,187.80*

0.18**

-22,237.25

-1.36

(36.765)

(110,509.417)

(0.074)

(17,661.869)

(1.160)

-0.00

-0.00

-0.00*

-0.00

-0.00

(0.000)

(0.000)

(0.000)

(0.000)

(0.000)

25.62

-493.95

0.00

-11,126.17***

0.22

(19.587)

(11,121.395)

(0.047)

(3,093.312)

(0.267)
-1.19***

274.56*

-31,749.01**

0.06***

-18,906.69***

(161.947)

(13,092.907)

(0.016)

(4,835.883)

(0.406)

7.59

21,565.16*

0.06**

-4,927.63

-0.71***

(12.523)

(11,320.970)

(0.024)

(4,079.518)

(0.131)

55.02

-8,942.07

0.05*

-8,438.23

-0.19

(39.728)

(12,209.390)

(0.030)

(5,731.316)

(0.255)

-962.48***

-25,291.70***

-2.38***

-19,116.79***

0.13

(11.326)

(9,076.741)

(0.020)

(4,096.987)

(0.188)

1.50

3,461.50

0.01**

3,205.28***

-0.17

(2.420)

(4,415.372)

(0.004)

(988.577)

(0.103)

1.69*

-699.73

0.00*

-706.23

0.06*

(0.958)

(2,170.449)

(0.002)

(466.221)

(0.031)

1.82**

3,554.97*

0.00**

199.27

-0.02

(0.858)

(1,840.860)

(0.001)

(356.002)

(0.019)

-0.95

-4,892.66

-0.00

90.06

0.08***

(1.396)

(4,364.104)

(0.002)

(651.637)

(0.026)

0.26***

-859.70***

0.00***

473.08***

0.01***

(0.053)

(169.584)

(0.000)

(64.928)

(0.001)

0.13

10,611.09*

-0.00

-1,579.33

-0.07**

(1.548)

(5,969.209)

(0.002)

(1,593.739)

(0.028)

0.13

368.55**

0.00

-12.69

-0.00

(0.090)

(182.059)

(0.000)

(44.238)

(0.001)

52.45***

14,332.38

0.05

3,104.38

1.48*

(15.036)

(21,742.403)

(0.035)

(8,339.385)

(0.792)

-36.71

-65,254.26

-0.16***

-35,444.34***

4.25***

(31.295)

(66,173.272)

(0.060)

(13,234.141)

(1.426)

Observations

1,274

1,309

1,308

1,271

1,271

R-squared

0.154

0.239

0.196

0.294

0.068

Robust standard errors in parentheses

*** p<0.01, ** p<0.05, * p<0.1

Notes: code used

local date feb24
quietly regress c_uncertainty ind*centered*, robust
*vif
outreg2 using EeLe`date', bdec(2)excel ctitle("uncertainty") replace
foreach v of varlist c_car_n5p5 c_bhr_p1p36 c_mediansaleeff c_medianincomeeff
c_mediantobinq c_ineff_0 c_at_0 c_roa_0 c_me_0 c_tobinq_0{
*Dep var not used c_car_n1p1
*quietly regress `v' ind*centered* c_uncertainty, robust
*outreg2 using EeLe`date', bdec(2)excel ctitle(`v') append
*quietly regress `v' ind*centered* c_uncertainty i.c_outsourcing_type *freeman dyadevcent
advisors2 , robust
*vif
*outreg2 using EeLe`date', bdec(2)excel ctitle(`v') append
quietly regress `v' ind*centered* *freeman dyadevcent priorcontractvalue i.markovcluster
logannual *exp *cnt* total preY00, robust
*iND variables not used c_outsourcing_type and advisors2 FP i.siccode1 c_uncertainty
*vif
outreg2 using EeLe`date', bdec(2)excel ctitle(`v') append
}
Sample splits
1. for contract type
2.