From: Financial constraints and investment decisions of listed Indian manufacturing firms
Mean | Std. Err. | Mean | Std. Err. | Mean | Std. Err. | Mean | Std. Err. | Mean | Std. Err. | Mean | Std. Err. | Mean | Std. Err. | Mean | Std. Err. | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Group | Non- Group | LMC | MMC | HMC | LTNW | MTNW | HTNW | |||||||||
Investment | 0.203 | 0.065 | 0.179 | 0.011 | 0.158 | 0.031 | 0.152 | 0.014 | 0.267 | 0.103 | 0.175 | 0.033 | 0.239 | 0.102 | 0.163 | 0.014 |
Change in sales | 0.483 | 0.127 | 0.896 | 0.491 | 0.636 | 0.648 | 0.559 | 0.076 | 0.811 | 0.237 | 0.662 | 0.642 | 0.695 | 0.218 | 0.648 | 0.147 |
Cash flows | 0.232 | 0.020 | 0.309 | 0.017 | 0.150 | 0.017 | 0.234 | 0.031 | 0.416 | 0.019 | 0.162 | 0.031 | 0.269 | 0.019 | 0.369 | 0.017 |
Leverage | 0.971 | 0.077 | 1.888 | 0.490 | 2.047 | 0.657 | 1.090 | 0.096 | 1.012 | 0.102 | 1.896 | 0.657 | 0.916 | 0.072 | 1.336 | 0.123 |
Tangibility | 2.167 | 0.133 | 1.566 | 0.139 | 1.828 | 0.134 | 1.939 | 0.145 | 1.923 | 0.211 | 1.803 | 0.134 | 1.416 | 0.179 | 2.471 | 0.182 |
Cash flows* Tangibility | 0.536 | 0.051 | 0.549 | 0.100 | 0.258 | 0.047 | 0.451 | 0.049 | 0.917 | 0.143 | 0.257 | 0.040 | 0.439 | 0.129 | 0.930 | 0.082 |
Observations | 2538 | 2070 | 1536 | 1536 | 1536 | 1536 | 1536 | 1536 |