
X. REGRESSION RESULTS FOR CHANGES IN
FIRM PERFORMANCE
Tables 9.1 and 9.2 report simple regression results with the potential to shed light
on the statistical significance of changes in adopting firm performance between
the pre- and postadoption periods.
From Table 9.1, some modest increase in the relative cash flow margin on
sales can be noted. To see this, notice the statistically significant intercept coeffi-
cient of 0.029 in the cash flow margin on sales regression equation. This means
that, on average, the industry-adjusted cash flow margin on sales is 0.029% higher
for adopting versus nonadopting firms in the postadoption period. Therefore, the
relativ ...