Table 9 Quiet life tests
Variables | CapEx | R&D | Aqc | Investment | Equity Issuance | Debt Issuance | Total Issuance | Dividend | Repurchase | Total Payout | ΔCash |
|---|---|---|---|---|---|---|---|---|---|---|---|
Panel A: Market competition | |||||||||||
Log (OV) | 0.002** (0.001) | 0.001 (0.001) | 0.004 (0.003) | 0.007** (0.003) | 0.012** (0.006) | 0.006** (0.003) | 0.018*** (0.007) | − 0.004* (0.002) | − 0.001 (0.001) | − 0.005** (0.002) | − 0.030** (0.013) |
MCD*Log (OV) | 0.001 (0.001) | − 0.004* (0.002) | − 0.002 (0.003) | − 0.005 (0.004) | 0.008 (0.007) | 0.000 (0.013) | 0.008 (0.008) | 0.000 (0.043) | 0.001 (0.001) | 0.002 (0.001) | − 0.008 (0.014) |
Other controls | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Within R2 | 0.133 | 0.434 | 0.037 | 0.127 | 0.357 | 0.129 | 0.350 | 0.063 | 0.073 | 0.087 | 0.028 |
N | 9063 | 9063 | 9063 | 9063 | 9063 | 9063 | 9063 | 9063 | 9063 | 9063 | 8919 |
Panel B: The G Index | |||||||||||
Log (OV) | 0.003* (0.002) | 0.001 (0.001) | 0.001 (0.001) | 0.003** (0.001) | 0.006** (0.003) | 0.008* (0.004) | 0.009** (0.004) | 0.001 (0.001) | 0.002 (0.002) | 0.002 (0.002) | − 0.020* (0.010) |
GD*Log (OV) | 0.000 (0.002) | − 0.001 (0.003) | 0.000 (0.001) | − 0.001 (0.001) | 0.004 (0.003) | − 0.001 (0.001) | 0.004 (0.008) | − 0.001** (0.000) | 0.001 (0.003) | 0.000 (0.001) | 0.007 (0.012) |
Other controls | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Within R2 | 0.134 | 0.110 | 0.048 | 0.079 | 0.067 | 0.089 | 0.075 | 0.047 | 0.082 | 0.090 | 0.055 |
N | 2752 | 2752 | 2752 | 2752 | 2752 | 2752 | 2752 | 2752 | 2752 | 2752 | 2732 |