{"text_format":"2","workbook":"xlsx","n_sheets":1,"sheets":["Sheet1"],"not_rendered":{"charts":0,"images":0,"macros":0,"external_links":0,"defined_names":0,"comments":0,"pivot_tables":0},"unopened":[],"bounds":{"document_bytes":16777216,"sheet_cells":100000,"run_cost":"one","rows_first":2000,"rows_last":500,"rows_between":2000,"halvings":0,"cell_chars":16384,"cell_head_chars":4096},"cells_cut":0,"cells_raw":0,"read":"whole","date_system":"1900"}

{"sheet":"Sheet1","index":0,"n_rows":34,"n_cols":14,"rows_kept":34,"cut":false,"hidden":false,"merged":[[33,0,33,6],[18,0,18,6],[19,0,20,1],[19,2,19,3],[19,5,20,5],[19,6,20,6],[21,0,31,0],[32,0,32,6],[15,0,15,5],[16,0,16,5],[1,6,1,10],[2,6,2,7],[2,9,3,9],[2,10,3,10],[15,6,15,10],[16,6,16,10],[1,0,1,5],[2,0,3,0],[2,1,2,2],[2,4,3,4],[2,5,3,5]]}
[{"$nulls":4},{"$f":"B5/C5","v":2.7023980375901284},{"$f":"_xlfn.T.DIST.2T(E5,338)","v":7.2316267541272343E-3}]
[]
[null,"비표준화 계수",null,"표준화 계수","t","유의확률","비표준화 계수",null,"표준화 계수","t","유의확률"]
[null,"B","표준화 오류","베타",null,null,"B","표준화 오류","베타",null,null,"t"]
["(상수)",5.2403471901224644E-2,1.939147052813715E-2,null,2.7023980375901284,7.2423411563688781E-3,-5.9385356151429848E-2,0.11704980699776941,null,-0.50735116677775927,0.61224939149673596,{"$f":"(B5-G5)/SQRT(C5^2+H5^2)","v":0.9422110315614316},{"$f":"_xlfn.T.DIST.2T(ABS(L5),676)","v":0.34642119593383014}]
["InhouseAgency",3.3151781184603894E-4,1.4257852761200899E-4,0.13373806308344963,2.3251594570269369,2.0673160993540426E-2,6.20583377440994E-4,5.7527920422993314E-4,3.2456046946160062E-2,1.0787516268238913,0.2814911191377405,{"$f":"(B6-G6)/SQRT(C6^2+H6^2)","v":-0.48772258058191076},{"$f":"_xlfn.T.DIST.2T(ABS(L6),676)","v":0.62590449120249991}]
["ADVt-1",0.16172962673743588,1.9936263001847778E-2,0.38669476378375989,8.1123341281385635,1.0049194425138954E-14,0.99077339454319946,3.6652451970895991E-2,0.76357959581756973,27.031572003148018,1.835508630190674E-85,-19.869911489737781,1.5173971665625826E-69,"***"]
["SIZEt",1.2286883160326565E-4,4.5941827650522559E-5,0.16504431510734147,2.6744437016725455,7.8603538865624264E-3,-1.2840426943618853E-3,2.3353386011071251E-4,-0.1761202633634725,-5.4983148642905704,7.7217639199949748E-8,5.9111469337965206,5.3893990262192921E-9,"***"]
["ROAt-1",-1.8016904462268133E-4,9.384728993035241E-4,-1.1060839684972464E-2,-0.19198108411696441,0.84787582060597277,1.4649491400730521E-2,5.7596022709884929E-3,7.7287554372074449E-2,2.5434901077320915,1.1433740635955965E-2,-2.5412578740184637,1.1267765816543623E-2,"**"]
["LEVt",-6.2536505851240208E-4,3.0305877697784869E-4,-0.11804458298469254,-2.0635107973068587,3.9850525188597122E-2,-1.7828195180365242E-3,2.2873648920483762E-3,-2.7291347174331768E-2,-0.77942068807394238,0.43629394424722745,0.501637125452155,0.61608612712883981]
["GROWt",2.7709079940273527E-4,1.5846788901461849E-4,8.7758475318964607E-2,1.7485611824940379,8.1302406704730726E-2,-9.4919785415422762E-3,1.1163188288592066E-3,-0.21952758754046495,-8.5029279235954132,6.6317669630245714E-16,8.6642828010182296,3.3370875358489189E-17,"***"]
["CFOt",-7.4673226927865163E-4,4.4273738974835264E-4,-8.9657470075838977E-2,-1.6866257211822262,9.2626159956129481E-2,4.5763014790170592E-3,2.7421978137205285E-3,4.6881149518995434E-2,1.6688444050679465,9.6102406341428387E-2,-1.9163398516432284,5.5743243429101558E-2]
["TRt",0.53207848247977996,0.11846275618206017,0.20941581512875121,4.4915254348974631,9.8100911203422956E-6,0.74980712852742948,0.3910878885992603,5.2413039240404073E-2,1.9172343362842958,5.6076595011974796E-2,-0.5328184227767967,0.59433438231778957]
["year",-2.7364210609866479E-5,9.8604461381500832E-6,-0.14465187231177395,-2.7751493417721029,5.8340581154758186E-3,4.890690553751661E-5,5.9565823997528877E-5,2.3673254770610132E-2,0.8210564759340111,0.41221044588320621,-1.2632593568307526,0.20693150024640491]
["산업분류",2.9078033864499805E-6,9.6060284378907506E-6,1.4565722211645345E-2,0.3027060980769346,0.76230572917499906,7.5314222569918351E-5,5.1901923318803504E-5,3.6653127365820777E-2,1.4510873153448791,0.14771124714660103,-1.3717654362912628,0.17059155627473319]
[]
[]
[]
["계수a,b"]
["모형",null,"비표준화 계수",null,"표준화 계수","t","유의확률"]
[null,null,"B","표준화 오류","베타"]
["1","(상수)",-3.4994863824470306E-2,6.2567353150168994E-2,null,-0.55931507507563127,0.57703437329780682]
[null,"Ownership",1.0037285299739234E-3,8.0653695641433895E-4,8.2794603357698018E-2,1.2444916776489061,0.21584900804188994]
[null,"ADVt-1",0.52857846833360422,4.838402168995113E-2,0.731150882918149,10.924649292710296,1.7249273262264536E-19]
[null,"SIZEt",-6.0522261867973934E-5,1.3297166642800708E-4,-3.1335694784778712E-2,-0.45515156344033353,0.64985833374146618]
[null,"ROAt-1",-1.2276025028970046E-3,3.8450295468886804E-3,-2.7761103105799337E-2,-0.31926997905395954,0.75010101748196345]
[null,"LEVt",-8.6178367386624446E-4,1.3229422466281599E-3,-6.0481401273104821E-2,-0.65141443329269266,0.51607864286605165]
[null,"GROWt",-6.5340927365936186E-4,6.9061285321727044E-4,-6.0345777916408994E-2,-0.94612961605826917,0.34606622936655795]
[null,"CFOt",-6.8055870539776391E-4,1.7639953496106865E-3,-2.872338855832253E-2,-0.38580527184947688,0.70035366665635912]
[null,"TRt",0.60376081399158854,0.25835020742713688,0.15333685925515558,2.3369859850484875,2.1170244542850793E-2]
[null,"year",1.8847597455552575E-5,3.1322146373169874E-5,4.7089641580923054E-2,0.60173390517379011,0.54853572400895945]
[null,"산업분류",5.363384676200017E-7,2.7635820436955971E-5,1.3898001717657961E-3,1.9407365482183539E-2,0.98454976673562411]
["a. 종속변수: ADVt"]
["b. 지분이 있는 그룹에서 양분 =  Low Adt에 대한 케이스만 선택"]