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Table 5 Robustness test using alternative proxy of cash holding

From: Determinants of corporate cash holdings in tranquil and turbulent period: evidence from an emerging economy

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

  1. 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.
  2. a,b,c indicates significance at 1%, 5%, and 10% respectively