Analyzing the influence of the funds' support on Tobin's q using SEM and fsQCA

This research uses structural equation modeling (SEM) and a fuzzy-set qualitative comparative analysis (fsQCA) method to analyze data about votes that funds emit in corporate meetings aiming to address the influence of the funds' support over the Tobin's q ratio. Whereas SEM investigates the connection between the variables, fsQCA focuses more in investigating qualitative effects. The sample contains data regarding United States banks during the 2003-2013 period. SEM results show that the funds' support is significant for the explanation of the Tobin's q ratio, showing a direct relation. Additionally, fsQCA results evidence that the funds' support, along with the leverage ratio and the return on equity ratio, explain Tobin's q during the 2003-2008 period. However, focusing on the 2009-2013 period, the funds' support is no longer an explanatory factor, indicating that the financial crisis has infringed a significant qualitative change into the antecedents of Tobin's q.