Table 2 The main regression tests
Variables | CapEx | R&D | Aqc | Total investment |
|---|---|---|---|---|
Panel A: Corporate investment | ||||
Log (OV) | 0.003*** (0.001) | 0.001** (0.000) | 0.002** (0.001) | 0.005*** (0.001) |
Size | − 0.010*** (0.001) | − 0.006*** (0.001) | − 0.001 (0.002) | − 0.017*** (0.003) |
BM | − 0.027*** (0.002) | − 0.022*** (0.002) | − 0.008** (0.003) | − 0.061*** (0.004) |
Mom | − 0.007*** (0.002) | 0.002** (0.002) | − 0.007* (0.003) | − 0.025*** (0.004) |
Age | − 0.004*** (0.001) | − 0.001*** (0.000) | − 0.002*** (0.000) | − 0.007*** (0.001) |
Leverage | − 0.021*** (0.004) | − 0.022*** (0.004) | 0.175*** (0.009) | 0.129*** (0.012) |
ROA | 0.093*** (0.005) | 0.193*** (0.005) | − 0.050*** (0.011) | 0.237*** (0.014) |
CashFlow | − 0.030*** (0.003) | − 0.029*** (0.003) | 0.114*** (0.006) | − 0.201*** (0.008) |
Num | − 0.001*** (0.000) | − 0.001*** (0.000) | − 0.004 (0.000) | − 0.003*** (0.000) |
IO | − 0.031*** (0.003) | − 0.026*** (0.003) | − 0.029*** (0.006) | − 0.087*** (0.007) |
Firm fixed effect | Yes | Yes | Yes | Yes |
Year fixed effect | Yes | Yes | Yes | Yes |
Within R2 | 0.107 | 0.288 | 0.035 | 0.078 |
N | 22,653 | 22,653 | 22,653 | 22,653 |
Variables | Equity issuance | Debt issuance | Total issuance |
|---|---|---|---|
Panel B: External financing | |||
Log (OV) | 0.017*** (0.005) | 0.004*** (0.001) | 0.020*** (0.003) |
Size | − 0.056*** (0.003) | − 0.023*** (0.003) | − 0.079*** (0.006) |
BM | − 0.093*** (0.001) | − 0.011** (0.005) | − 0.104*** (0.008) |
Mom | 0.015* (0.008) | − 0.010** (0.004) | 0.005 (0.009) |
Age | − 0.006*** (0.001) | − 0.002*** (0.000) | − 0.008*** (0.001) |
Leverage | − 0.325*** (0.023) | 0.436*** (0.030) | 0.111*** (0.024) |
ROA | 1.042*** (0.029) | 0.280*** (0.015) | 1.322*** (0.027) |
CashFlow | − 1.023*** (0.017) | − 0.212*** (0.009) | − 1.234*** (0.016) |
Num | − 0.005*** (0.001) | − 0.001 (0.001) | − 0.006*** (0.001) |
IO | − 0.188*** (0.015) | − 0.008 (0.008) | − 0.196*** (0.015) |
Firm fixed effect | Yes | Yes | Yes |
Year fixed effect | Yes | Yes | Yes |
Within R2 | 0.209 | 0.095 | 0.203 |
N | 22,653 | 22,653 | 22,653 |
Variables | Dividend | Repurchase | Total payout | ΔCash |
|---|---|---|---|---|
Panel C: Payout and cash holdings | ||||
Log(OV) | − 0.005*** (0.000) | − 0.001** (0.000) | − 0.007*** (0.000) | − 0.010*** (0.005) |
Size | − 0.001 (0.000) | − 0.001 (0.001) | − 0.001 (0.001) | − 0.008 (0.010) |
BM | − 0.003*** (0.000) | − 0.007*** (0.001) | − 0.012*** (0.001) | − 0.004 (0.015) |
Mom | − 0.001*** (0.000) | − 0.003*** (0.001) | − 0.011*** (0.001) | − 0.021*** (0.015) |
Age | 0.002*** (0.000) | 0.001*** (0.000) | 0.001*** (0.000) | 0.003*** (0.002) |
Leverage | 0.004*** (0.001) | − 0.034*** (0.003) | 0.036*** (0.003) | 0.036* (0.043) |
ROA | 0.010*** (0.001) | 0.065*** (0.004) | 0.076*** (0.004) | − 0.726*** (0.050) |
CashFlow | − 0.001 (0.001) | − 0.004* (0.002) | − 0.005* (0.002) | 0.376*** (0.031) |
Num | 0.002*** (0.000) | 0.001*** (0.000) | 0.002*** (0.000) | 0.003*** (0.001) |
IO | − 0.004*** (0.001) | 0.015*** (0.002) | 0.010*** (0.002) | 0.081*** (0.026) |
Firm fixed effect | Yes | Yes | Yes | Yes |
Year fixed effect | Yes | Yes | Yes | Yes |
Within R2 | 0.050 | 0.074 | 0.089 | 0.048 |
N | 22,653 | 22,653 | 22,653 | 20,874 |