Table 10 Catering tests
Variables | CapEx | R&D | Aqc | Investment | Equity issuance | Debt issuance | Total issuance | Dividend | Repurchase | Total payout | ΔCash |
|---|---|---|---|---|---|---|---|---|---|---|---|
Panel A: R&D intensity | |||||||||||
Log (OV) | 0.003*** (0.001) | 0.005*** (0.002) | 0.006* (0.003) | 0.007* (0.004) | 0.018** (0.008) | 0.010*** (0.004) | 0.029*** (0.009) | − 0.003*** (0.001) | − 0.001 (0.001) | − 0.003*** (0.001) | − 0.036** (0.018) |
RD*Log (OV) | − 0.001 (0.002) | − 0.006*** (0.002) | − 0.001 (0.002) | − 0.001 (0.009) | 0.002 (0.009) | − 0.010* (0.005) | − 0.007 (0.011) | 0.000 (0.103) | 0.000 (0.020) | 0.000 (0.040) | 0.014 (0.019) |
Other controls | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Within R2 | 0.156 | 0.358 | 0.048 | 0.131 | 0.311 | 0.136 | 0.310 | 0.052 | 0.081 | 0.092 | 0.033 |
N | 8871 | 8871 | 8871 | 8871 | 8871 | 8871 | 8871 | 8871 | 8871 | 8871 | 8679 |
Panel B: Stock turnover | |||||||||||
Log (OV) | 0.006*** (0.002) | 0.003** (0.001) | 0.002 (0.002) | 0.008*** (0.003) | 0.015*** (0.006) | 0.002 (0.001) | 0.017** (0.007) | − 0.001*** (0.000) | − 0.001 (0.002) | − 0.004* (0.002) | − 0.015*** (0.006) |
TD*Log (OV) | 0.001 (0.002) | 0.000 (0.003) | 0.000 (0.001) | 0.001 (0.001) | 0.014 (0.009) | − 0.001 (0.004) | 0.012 (0.010) | 0.001 (0.001) | − 0.002 (0.001) | − 0.001 (0.001) | 0.002 (0.017) |
Other controls | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Within R2 | 0.117 | 0.164 | 0.079 | 0.079 | 0.119 | 0.096 | 0.113 | 0.048 | 0.077 | 0.088 | 0.055 |
N | 8784 | 8784 | 8784 | 8784 | 8784 | 8784 | 8784 | 8784 | 8784 | 8784 | 8626 |