From: Raising capital amid economic policy uncertainty: an empirical investigation
Variables | Issue | Choice | Volume |
---|---|---|---|
EPU | 0.0002 (0.0007) | − 0.0192*** (0.0053) | 0.0015 (0.0020) |
EPU × SIZE | 0.0001 (0.0001) | 0.0001 (0.0001) | − 0.0003 (0.0002) |
EPU × PU | 0.0002* (0.0001) | − 0.0076*** (0.0028) | 0.0001 (0.0002) |
Long-term investor | − 0.0356*** (0.0077) | − 0.0037 (0.0066) | |
Institutional investor | − 0.0056** (0.0027) | − 0.0105* (0.0058) | |
Individual | 0.0032 (0.0031) | − 0.0035 (0.0052) | |
Government | − 0.0521 (0.2699) | − 0.1590* (0.0944) | |
Concentration | 0.0008 (0.0010) | 0.0040 (0.0035) | − 0.0003 (0.0078) |
Golden parachute | 0.0298 (0.0325) | 0.3098*** (0.0559) | − 0.1500*** (0.0316) |
CEO duality | 0.0037 (0.0183) | 0.0252 (0.0421) | − 0.0625*** (0.0215) |
Insider optimism | 0.0657*** (0.0221) | 0.1079*** (0.0375) | − 0.1238*** (0.0319) |
Market optimism | 0.0056*** (0.0016) | 0.0063*** (0.0024) | − 0.0007 (0.0042) |
Board size | 0.0251*** (0.0036) | 0.0051 (0.0126) | 0.0246*** (0.0045) |
Analyst coverage | − 0.0072*** (0.0015) | 0.0060 (0.0042) | 0.0232*** (0.0031) |
Analyst variance | 0.0358 (0.0294) | − 0.1086* (0.0615) | − 0.3235*** (0.0552) |
Firm size | 0.2288*** (0.0162) | − 0.0556 (0.0545) | − 0.5448*** (0.0572) |
Leverage | 0.8280*** (0.0540) | 0.4202*** (0.1423) | − 0.4397*** (0.1204) |
Cash | 0.0390 (0.0796) | 1.2405*** (0.2258) | 2.1575*** (0.2112) |
Free cash flow | − 0.0826*** (0.0259) | ||
Profitability | − 0.8927*** (0.0806) | ||
Interest rate | 0.0118** (0.0053) | 0.0309 (0.0624) | 0.0010 (0.0065) |
GDP Growth rate | 0.0710*** (0.0068) | 1.5717*** (0.5066) | − 0.0419*** (0.0119) |
Constant | − 2.5211*** (0.1561) | 6.3812*** (0.8735) | |
Ρ | − 0.6288*** (0.1589) | ||
Selectivity bias | − 0.0963* (0.0493) | ||
Firm—fixed effects | Yes | Yes | Yes |
Year—fixed effects | Yes | Yes | Yes |
Wald test of indep. eqns. (ρ = 0) χ2(1) | 15.67*** | ||
Observations | 20,976 | 20,976 | 20,969 |