Table 6 Instrumental variable tests
Variables | CapEx | R&D | Aqc | Total investment |
|---|---|---|---|---|
Panel A: Corporate investment | ||||
\(\overline{{{\text{LOG }}\left( {{\text{OV}}} \right)}}\) | 0.023*** (0.007) | 0.063*** (0.026) | 0.014* (0.007) | 0.083*** (0.026) |
Size | − 0.071 (0.116) | − 0.152 (0.292) | − 0.328 (0.607) | − 0.551 (1.002) |
BM | 0.056 (0.165) | 0.187 (0.390) | 0.463 (0.874) | 0.706 (1.441) |
Mom | 0.003 (0.043) | 0.051 (0.019) | 0.108 (0.216) | 0.163 (0.354) |
Age | − 0.001 (0.004) | − 0.005 (0.013) | 0.011 (0.024) | 0.015 (0.042) |
Leverage | 0.036 (0.116) | 0.122 (0.271) | 0.497 (0.606) | 0.655 (0.992) |
ROA | 0.042 (0.102) | 0.069 (0.238) | − 0.332 (0.535) | − 0.222 (0.888) |
CashFlow | − 0.019 (0.025) | − 0.258*** (0.057) | 0.173 (0.129) | − 0.104 (0.208) |
Num | − 0.012 (0.021) | − 0.028 (0.050) | − 0.061 (0.113) | − 0.101 (0184) |
IO | − 0.044* (0.025) | − 0.054 (0.059) | − 0.091 (0.132) | − 0.189 (0.215) |
Firm fixed effect | Yes | Yes | Yes | Yes |
Year fixed effect | Yes | Yes | Yes | Yes |
Within R2 | 0.019 | 0.102 | 0.007 | 0.043 |
N | 22,619 | 22,619 | 22,619 | 22,619 |
Variables | Equity issuance | Debt issuance | Total issuance |
|---|---|---|---|
Panel B: External financing | |||
\(\overline{{{\text{LOG }}\left( {{\text{OV}}} \right)}}\) | 0.029*** (0.005) | 0.012*** (0.005) | 0.051*** (0.008) |
Size | − 0.717 (1.236) | − 0.546 (0.975) | − 1.263 (2.216) |
BM | 0.857 (1.785) | 0.741 (1.398) | 1.598 (3.196) |
Mom | 0.015* (0.008) | 0.174 (0.348) | 0.421 (0.780) |
Age | − 0.006 (0.014) | 0.019 (0.040) | 0.040 (0.089) |
Leverage | − 0.325 (1.250) | 0.952 (0.971) | 1.278*** (0.320) |
ROA | 0.475 (1.080) | − 0.174 (0.348) | 1.322*** (0.034) |
CashFlow | − 0.904*** (0.260) | − 0.116 (0.204) | − 1.234** (0.561) |
Num | − 0.127 (0.227) | − 0.097 (0.180) | − 0.224 (0.407) |
IO | − 0.314 (0.266) | − 0.109 (0.210) | − 0.424 (0.476) |
Firm fixed effect | Yes | Yes | Yes |
Year fixed effect | Yes | Yes | Yes |
Within R2 | 0.035 | 0.008 | 0.036 |
N | 22,619 | 22,619 | 22,619 |
Variables | Dividend | Repurchase | Total payout | ΔCash |
|---|---|---|---|---|
Panel C: Payout and cash holdings | ||||
\(\overline{{{\text{LOG }}\left( {{\text{OV}}} \right)}}\) | − 0.018*** (0.007) | − 0.012** (0.006) | − 0.090*** (0.037) | − 0.048*** (0.011) |
Size | − 0.018 (0.034) | − 0.004 (0.025) | − 0.022 (0.046) | 0.012 (0.024) |
BM | 0.023 (0.050) | − 0.004 (0.033) | 0.018 (0.067) | − 0.015 (0.033) |
Mom | 0.005 (0.014) | − 0.008 (0.008) | − 0.004 (0.017) | − 0.031 (0.097) |
Age | 0.001 (0.001) | 0.001 (0.000) | 0.002 (0.002) | − 0.048 (0.107) |
Leverage | 0.021 (0.034) | 0.036 (0.024) | 0.057 (0.047) | − 0.879 (2.511) |
ROA | − 0.006 (0.032) | 0.063*** (0.021) | 0.058 (0.041) | 0.018 (0.024) |
CashFlow | 0.003 (0.007) | − 0.004 (0.005) | − 0.001 (0.011) | − 0.008 (0.023) |
Num | − 0.008 (0.008) | 0.001 (0.005) | − 0.002 (0.004) | 0.021 (0.043) |
IO | − 0.008 (0.008) | 0.013*** (0.005) | 0.006 (0.011) | 0.018 (0.035) |
Firm fixed effect | Yes | Yes | Yes | Yes |
Year fixed effect | Yes | Yes | Yes | Ye |
Within R2 | 0.007 | 0.023 | 0.022 | 0.006 |
N | 22,619 | 22,619 | 22,619 | 22,234 |