Table 8 Empirical estimation based on the Heckman two-stage model without the Choice equation with firm-fixed effects and year-fixed effects and robust standard errors
From: Raising capital amid economic policy uncertainty: an empirical investigation
Variables | Issue | Volume |
|---|---|---|
EPU | 0.0007 (0.0034) | 0.0029 (0.0018) |
EPU × SIZE | − 0.0002* (0.0001) | − 0.0004** (0.0002) |
EPU × PU | 0.0005 (0.0018) | 0.0003*** (0.0001) |
Long-term investor | 0.0009 (0.0074) | |
Institutional investor | − 0.0062* (0.0038) | |
Individual | − 0.0008 (0.0046) | |
Government | − 0.0782 (0.0804) | |
Concentration | − 0.0010 (0.0015) | 0.0027 (0.0054) |
Golden parachute | 0.0428 (0.0539) | 0.1224*** (0.0286) |
CEO duality | − 0.0509 (0.0387) | 0.0392** (0.0196) |
Insider optimism | 0.0159 (0.0271) | − 0.0278 (0.0224) |
Market optimism | 0.0040* (0.0021) | 0.0003 (0.0030) |
Board size | 0.0071 (0.0120) | 0.0375*** (0.0069) |
Analyst coverage | − 0.0077** (0.0032) | 0.0183*** (0.0035) |
Analyst variance | − 0.0534 (0.0377) | − 0.1992*** (0.0424) |
Firm size | 0.3412*** (0.0327) | − 0.6048*** (0.0639) |
Leverage | 1.1334*** (0.1018) | 0.1367 (0.1204) |
Cash | 0.5953*** (0.1303) | 0.6622*** (0.2175) |
Free cash flow | − 0.0834** (0.0341) | |
Profitability | − 0.1835* (0.1019) | |
Interest rate | 0.0534 (0.0445) | − 0.0037 (0.0042) |
GDP Growth rate | 0.1178 (0.3211) | − 0.0109* (0.0058) |
Constant | − 2.8323*** (0.5228) | 5.0286*** (0.6763) |
Selectivity bias | 0.1853*** (0.0467) | |
Firm—fixed effects | Yes | Yes |
Year—fixed effects | Yes | Yes |
Wald χ2(21) | 710*** | |
Observations | 18,307 | 9504 |