Variables | Pre-crisis | During-crisis | Post-crisis |
---|
CAP
| − 0.00329 (0.00636) | 0.00211 (0.00214) | 0.00150 (0.00399) |
CF
| 0.133a (0.0281) | 0.0655a (0.0134) | 0.0291c (0.0150) |
G
| −0.00560 (0.00490) | 0.000338 (0.00308) | − 0.00127 (0.00407) |
LEV
| −0.0316 (0.0217) | 0.00294 (0.00950) | 0.0280b (0.0133) |
LIQ
| 0.0386b (0.0158) | 0.0827a (0.00861) | 0.0850a (0.0131) |
SIZE
| 0.00559a (0.00196) | 0.00246c (0.00143) | 0.000247 (0.00149) |
TANG
| −0.0733a (0.0161) | −0.0305a (0.00962) | −0.0324b (0.0129) |
VOL
| −0.0160 (0.0566) | 0.0538 (0.0456) | 0.0857c (0.0484) |
Constant
| −0.0168 (0.0312) | −0.00879 (0.0234) | 0.0144 (0.0269) |
R
2
| 0.27 | 0.27 | 0.13 |
N
| 829 | 832 | 1107 |
- This table provides the regression results using alternative proxy of cash holdings. The pre-crisis period is from 2005 to 2007. The crisis period is from 2008 to 2010. The post-crisis period is from 2011 to 2014. CF is the pre-tax profit plus depreciation and amortization divided by total assets; CAP is the change in fixed assets plus depreciation divided by total assets; G is the percentage change in total assets; LEV is the total liabilities divided by total assets; LIQ is the net working capital less cash divided by total assets; SIZE is the natural logarithm of total assets; TANG is the tangible fixed assets divided by total assets; VOL is the standard deviation of cash flow divided by total assets. Standard errors are in parenthesis.
- a,b,c indicates significance at 1%, 5%, and 10% respectively