From: Raising capital amid economic policy uncertainty: an empirical investigation
Variables | Issue | Choice | Volume |
---|---|---|---|
EPU | 0.0010*** (0.0002) | − 0.0183*** (0.0053) | − 0.0006*** (0.0002) |
Long-term investor | − 0.0354*** (0.0077) | − 0.0042 (0.0065) | |
Institutional investor | − 0.0056** (0.0027) | − 0.0106* (0.0058) | |
Individual | 0.0032 (0.0031) | − 0.0035 (0.0052) | |
Government | − 0.0530 (0.2710) | − 0.1566* (0.0941) | |
Concentration | 0.0008 (0.0010) | 0.0040 (0.0035) | − 0.0002 (0.0078) |
Golden parachute | 0.0379 (0.0321) | 0.3079*** (0.0558) | − 0.1421*** (0.0310) |
CEO duality | 0.0024 (0.0183) | 0.0222 (0.0419) | − 0.0579*** (0.0213) |
Insider optimism | 0.0653*** (0.0221) | 0.1073*** (0.0375) | − 0.1221*** (0.0320) |
Market optimism | 0.0056*** (0.0016) | 0.0063*** (0.0024) | − 0.0006 (0.0043) |
Board size | 0.0250*** (0.0036) | 0.0053 (0.0126) | 0.0244*** (0.0044) |
Analyst coverage | − 0.0072*** (0.0015) | 0.0060 (0.0042) | 0.0233*** (0.0030) |
Analyst variance | 0.0382 (0.0294) | − 0.1092* (0.0616) | − 0.3229*** (0.0553) |
Firm size | 0.2431*** (0.0092) | − 0.0396 (0.0462) | − 0.5863*** (0.0451) |
Leverage | 0.8245*** (0.0539) | 0.4202*** (0.1423) | − 0.4395*** (0.1199) |
Cash | 0.0435 (0.0796) | 1.2362*** (0.2257) | 2.1627*** (0.2119) |
Free cash flow | − 0.0841*** (0.0259) | ||
Profitability | − 0.8910*** (0.0805) | ||
Interest rate | 0.0077 (0.0049) | 0.0302 (0.0623) | 0.0003 (0.0057) |
GDP Growth rate | 0.0736*** (0.0066) | 1.5626*** (0.5085) | − 0.0406*** (0.0120) |
Constant | − 2.6434*** (0.1208) | 6.6998*** (0.8157) | |
Ρ | − 0.6268*** (0.1594) | ||
Selectivity bias | − 0.1081** (0.0530) | ||
Firm—fixed effects | Yes | Yes | Yes |
Year—fixed effects | Yes | Yes | Yes |
Wald test of indep. eqns. (ρ = 0) χ2(1) | 15.47*** | ||
Observations | 20,976 | 20,976 | 20,969 |