RESPONSIBLE ENTREPRENEURSHIP VISION DEVELOPMENT AND ETHICS

Development expenditures towards firm’s turnover and firm’s market valuation… 327
Model 3
TURN it
= β 0
+ β 1
(DEVEXP*OTHINT) it
+ β 2
BOARD it
+ β 3
MVALUE it
+ β 4
LEV it
+ β 5
SIZE it
+ β 6
COUNT it
+β 7
SEC it
+ ε it
(i = 1,….,n ; t = 1,….,m)
Variables were simultaneously introduced in the models in order to identify whether development
expenses and intangible assets are predictors of economic returns and firm’s valuation
(rejection of H 0
: β 1
=β 2
=…=β 7
=0; p