Table 9 The market expectation and the value of cash holdings
From: Cash holdings, corporate governance, and acquirer returns
(1) | (2) | (3) | (4) | (5) | |
|---|---|---|---|---|---|
E-indext | 0.005 (0.17) | 0.063** (2.48) | 0.135** (2.54) | 0.135** (2.56) | 0.147*** (2.98) |
Excess Casht | 2.548*** (40.25) | 4.043*** (50.92) | 4.063*** (8.71) | 4.062*** (8.63) | 3.130*** (5.88) |
E-indext × Excess Casht | −1.331*** (−28.94) | −1.311*** (−6.65) | −1.300*** (−5.39) | −0.974*** (−4.78) | |
E-indext × Excess Casht × After | −0.020 (−0.09) | 0.217 (1.32) | |||
E-indext × Pension Ownershipt | −0.207 (−0.39) | −0.205 (−0.38) | 0.369 (0.72) | ||
E-indext × Industry NPMt | −0.383* (−1.67) | −0.386* (−1.73) | −0.484** (−2.38) | ||
Pension Ownershipt | −2.638 (−1.59) | −2.648 (−1.59) | −3.788** (−2.37) | ||
Industry NPMt | −1.882** (−2.48) | −1.882** (−2.48) | −0.914 (−1.39) | ||
Earningst | 6.425*** (34.95) | 6.771*** (38.58) | 6.397*** (9.36) | 6.392*** (9.39) | 5.072*** (7.23) |
ΔEarningst | −0.584*** (−8.43) | −0.842*** (−12.65) | −0.819*** (−3.48) | −0.820*** (−3.52) | −0.709*** (−2.74) |
ΔEarningst+1 | 3.222*** (26.95) | 3.133*** (27.50) | 2.939*** (6.09) | 2.935*** (6.10) | 1.699*** (4.78) |
R&Dt | 7.288*** (11.42) | 9.101*** (14.89) | 8.620*** (3.80) | 8.652*** (3.86) | 11.710*** (5.67) |
ΔR&Dt | −0.985* (−1.73) | −2.110*** (−3.88) | −1.895 (−1.15) | −1.911 (−1.16) | −3.358*** (−2.60) |
ΔR&Dt+1 | −0.706** (−2.29) | −0.685** (−2.34) | −0.890 (−0.61) | −0.887 (−0.61) | 2.048*** (3.00) |
Dividendst | 6.240*** (9.28) | 4.007*** (6.21) | 4.068*** (2.71) | 4.081*** (2.59) | 5.741*** (3.88) |
ΔDividendst | −1.102*** (−3.72) | −0.452 (−1.60) | −0.541* (−1.72) | −0.539* (−1.75) | −0.184 (−0.40) |
ΔDividendst+1 | 3.519*** (6.89) | 2.833*** (5.81) | 2.727** (2.45) | 2.746** (2.28) | 4.867*** (3.36) |
Interestst | 10.284*** (6.32) | 8.340*** (5.38) | 6.987*** (2.86) | 6.986*** (2.86) | 9.899*** (4.51) |
ΔInterestst | 0.344 (0.20) | 0.378 (0.23) | −0.530 (−0.13) | −0.530 (−0.12) | −2.286 (−1.22) |
ΔInterestst+1 | 14.671*** (8.91) | 14.635*** (9.33) | 12.606*** (3.84) | 12.62*** (3.82) | 2.785* (1.84) |
ΔNet Assetst | −0.128 (−1.54) | −0.302*** (−3.78) | −0.255 (−1.32) | −0.255 (−1.32) | −0.041 (−0.45) |
ΔNet Assetst+1 | −0.524*** (−12.21) | −0.488*** (−11.92) | −0.404*** (−4.02) | −0.404*** (−4.02) | −0.247*** (−4.11) |
ΔMVt+1 | −0.345*** (−43.39) | −0.340*** (−44.96) | −0.339*** (−3.94) | −0.339*** (−3.97) | −0.486*** (−7.96) |
Intercept | 1.172 (0.86) | 1.166 (0.90) | 1.588*** (6.73) | 1.590*** (6.58) | 1.126*** (6.12) |
Adj. R2 | 0.843 | 0.858 | 0.862 | 0.862 | 0.909 |
N | 9,929 | 9,929 | 9,929 | 9,929 | 7,113 |