Table 4 Option-induced financing and investment
Variables | CapEx | R&D | Aqc | Total investment |
|---|---|---|---|---|
Total issuance | 0.116*** (0.019) | 0.058** (0.019) | 0.075* (0.040) | 0.263*** (0.052) |
Size | − 0.012 (0.002) | − 0.001 (0.002) | 0.005 (0.004) | 0.004 (0.005) |
BM | − 0.015*** (0.003) | − 0.016*** (0.003) | − 0.001 (0.006) | − 0.034*** (0.007) |
Mom | − 0.007*** (0.002) | 0.002** (0.002) | − 0.007** (0.003) | − 0.026*** (0.004) |
Age | − 0.003*** (0.000) | − 0.001*** (0.000) | − 0.001** (0.001) | − 0.005*** (0.001) |
Leverage | − 0.034*** (0.005) | − 0.028*** (0.005) | 0.167*** (0.010) | 0.100*** (0.013) |
ROA | 0.060 (0.024) | 0.117*** (0.024) | − 0.149** (0.050) | − 0.110 (0.064) |
CashFlow | 0.113*** (0.022) | − 0.214*** (0.022) | 0.206*** (0.045) | 0.123 (0.058) |
Num | − 0.001 (0.000) | − 0.001*** (0.000) | − 0.001 (0.000) | − 0.001** (0.000) |
IO | − 0.008 (0.005) | − 0.015*** (0.005) | − 0.014 (0.010) | − 0.036** (0.012) |
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 | 22,647 | 22,647 | 22,647 | 22,647 |