Categorical variable

Type
0 = Others
1 = Family
2 = Foreign
3 = State
Size
0 = Small
1 = Medium
2 = Large
Complaints
0 = Company Policy
1 = Employee
2 = Location
3 = Parking
4 = Product
5 = Services
Ratings
0 = No ratings
1 = Good
2 = Bad
 I. Sample distribution
1. Sample distribution and statistics by country
N % ROA Corruption Inflation GDP Employee Sales Assets Fix Adver Type Size Complaints Ratings
Indonesia 242 33.15 3.476 -.758 5.935 5.842 111.285 17.533 4.4 .199 .121 .318 1.285 3.727 1.562
Malaysia 94 12.88 4.943 .028 2.496 3.814 127.191 21.822 3.963 .196 .048 .904 .681 2.915 1.883
Philippines 156 21.37 3.883 -.719 4.850 4.835 108.538 16.504 4.577 .204 .027 .468 .904 3.359 1.481
Vietnam 238 32.60 6.186 -.627 12.763 6.007 150.05 25.364 4.201 .198 .046 .643 1.668 3.727 1.718
Overall 730 100.00 4.635 -.606 7.486 7.486 7.486 20.419 4.317 .199 .067 .532 1.251 3.544 1.637

2. Sample distribution and statistics by year

N % RO Corruption Inflation GDP Employee Sales Assets Fi Adver Type Size Complaints Ratings
A x
2008 11 15.48 3.201 -.462 9.345 5.252 109.088 16.67 4.296 .192 .067 .522 1.15 3.451 1.602
3 9
2009 10 14.25 3.831 -.552 3.702 2.481 111.038 17.62 4.334 .201 .05 .442 .942 3.452 1.577
4 6
2010 13 18.63 5.848 -.667 5.991 6.61 147.449 22.63 4.359 .193 .078 .493 1.36 3.426 1.662
6
2011 17 24.25 4.877 -.659 11.431 5.826 126.26 20.68 4.303 .208 .12 .588 1.36 3.571 1.627
7 2 7
2012 20 27.40 4.826 -.626 5.929 5.872 126.275 22.24 4.303 .198 .022 .56 1.29 3.7 1.68
0 7
Overall 73 100.00 4.635 -.606 7.486 7.486 7.486 20.41 4.317 .199 .067 .532 1.25 3.544 1.637
0 9 1

3. Sample distribution and statistics by industry

N % RO Corruption Inflation GDP Employee Sales Assets Fix Adver Typ Size Complaints Ratings
A e
Manufacturing 123 16.85 4.943 -.624 7.435 5.322 131.886 20.792 4.323 .194 .102 .537 1.236 3.537 1.642
Others 243 33.29 4.405 -.595 7.522 5.514 121.7 21.384 4.305 .201 .067 .572 1.284 3.514 1.642
Retails 140 19.18 4.942 -.611 7.856 5.433 138.529 20.107 4.313 .197 .057 .529 1.257 3.6 1.636
Services 224 30.68 4.524 -.604 7.243 5.362 117.598 19.361 4.328 .201 .054 .487 1.219 3.545 1.629
Overall 730 100.00 4.635 -.606 7.486 7.486 7.486 20.419 4.317 .199 .067 .532 1.251 3.544 1.637
 II. Summary statistics
1. Descriptive statistics
N Mean SD p25 Median p75 p95
ROA 730 4.635 6.935 .557 3.606 8.878 17.523
Corruption 730 -.606 0.265 -.778 -.689 -.545 .023
Inflation 730 7.486 5.031 4.279 5.356 9.207 18.678
GDP 730 5.419 1.716 4.832 6.014 6.413 7.334
Employee 730 125.385 128.576 36 100 176 306
Sales 730 20.419 17.188 4.997 15.813 33.144 53.311
Assets 730 4.317 0.528 4.001 4.35 4.639 5.194
Fix 730 .199 0.103 .112 .184 .281 .389
Adver 730 .067 0.346 -.04 .069 .198 .582
Type 730 .532 0.718 0 0 1 2
Size 730 1.251 0.826 1 1 2 2
Complaints 730 3.544 1.701 2 5 5 5
Ratings 730 1.637 0.484 1 2 2 2

2. Pairwise correlations
Variables (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) VIF
(1) ROA 1.000 21.197
(2) Corruption 0.046 1.000 10.475
(3) Inflation 0.083** - 1.000 3.076
0.102***
(4) GDP 0.053 - 0.319*** 1.000 1.152
0.338***
(5) Employee 0.875*** 0.032 0.075** 0.053 1.000 1.513
(6) Sales 0.224*** 0.060* 0.072* 0.015 0.166*** 1.000 1.645
(7) Assets -0.047 - -0.114*** 0.023 -0.092** 0.378*** 1.000 1.015
0.283***
(8) Fix 0.033 -0.014 -0.010 -0.032 0.027 0.026 0.034 1.000 1.037
(9) Adver -0.051 -0.038 0.005 0.054 -0.055 -0.007 0.007 -0.054 1.000 1.107
(10) Type 0.029 0.221*** 0.033 -0.051 0.038 0.149*** -0.032 -0.019 -0.010 1.000 1.426
(11) Size 0.082** - 0.327*** 0.221** 0.062* 0.302*** 0.252*** 0.020 0.027 - 1.000 1.049
0.174*** * 0.026
(12) -0.064* - 0.082** 0.067* -0.059 0.000 0.055 -0.013 0.055 0.022 0.023 1.000 1.206
Complaints 0.120***
(13) Ratings 0.334*** 0.223*** 0.052 -0.008 0.292*** 0.198*** - -0.022 0.006 0.055 0.046 -0.041 1.000 26.122
0.099***
Mean VIF 5.011
*** p<0.01, ** p<0.05, * p<0.1
III. Linear Regression
(1) (2) (3) (4)
ROA ROA ROA ROA
Corruption -.87 .261 .639 .051
(-.498) (.476) (1.111) (.024)
Inflation .009 .022 .039 .06
(.196) (.784) (1.187) (.76)
GDP .049 .03 .012 .077
(.595) (.368) (.102) (.617)
Employee .045*** .045*** .045*** .045***
(44.581) (44.62) (44.553) (44.439)
Sales .024*** .026*** .023*** .024***
(2.75) (3.066) (2.652) (2.796)
Assets .254 .237 .351 .239
(.859) (.845) (1.233) (.805)
Fix .609 .59 .539 .53
(.513) (.495) (.452) (.444)
Adver -.006 -.077 -.066 -.007
(-.016) (-.216) (-.185) (-.02)
Type -.224 -.162 -.195 -.207
(-1.254) (-.913) (-1.099) (-1.158)
Size .004 -.019 -.052 .016
(.025) (-.111) (-.304) (.091)
Complaints -.037 -.047 -.05 -.037
(-.509) (-.644) (-.689) (-.509)
Ratings 1.08*** 1.07*** 1.035*** 1.055***
(3.914) (3.879) (3.745) (3.811)
Constant -5.135*** -4.369*** -4.453*** -5.023**
(-2.715) (-3.269) (-3.166) (-2.21)
Observations 730 730 730 730
R-squared .779 .778 .779 .781
Country FEs YES NO NO YES
Industry FEs NO YES NO YES
Year FEs NO NO YES YES
t-values are in parentheses
*** p<.01, ** p<.05, * p<.1