The Impact of Goodwill Recognition and Goodwill Impairment on the Increasing Holdings of Block Shareholders

Table 6

Regression results of Hypothesis 3.

Variables	Model 3
	Low impairment	Medium impairment	High impairment
GIQ	7.8020 (0.438)	2.0522 (0.494)	0.0288 (0.051)
ES	−0.0098 (0.509)	0.0142 (0.284)	0.0152 (0.011)
OC	−0.0009 (0.831)	0.0068 (0.105)	0.0079 (0.047)
BS	0.0032 (0.369)	0.0324 (0.152)	−0.0020 (0.691)
PB	−0.0034 (0.070)	0.0005 (0.633)	0.0009 (0.155)
LCD	−0.0440 (0.260)	0.0456 (0.488)	−0.0227 (0.220)
CCM	−0.0003 (0.989)	0.0146 (0.534)	−0.0002 (0.888)
Constant	0.2508 (0.444)	−0.4282 (0.148)	−0.3195 (0.014)
Year and industry	Included	Included	Included
Observations	607	607	606
R-squared	0.0553	0.2183	0.1564

Notes. statistics are in parentheses. , , and .