From: Raising capital amid economic policy uncertainty: an empirical investigation
Variables | Issue | Choice | Volume |
---|---|---|---|
VIX | − 0.0008 (0.0016) | − 0.0337*** (0.0090) | − 0.0001 (0.0020) |
Long-term investor | − 0.0354*** (0.0077) | − 0.0045 (0.0065) | |
Institutional investor | − 0.0056** (0.0027) | − 0.0106* (0.0058) | |
Individual | 0.0032 (0.0031) | − 0.0035 (0.0053) | |
Government | − 0.0529 (0.2704) | − 0.1550 (0.0945) | |
Concentration | 0.0006 (0.0010) | 0.0040 (0.0035) | − 0.0001 (0.0078) |
Golden parachute | 0.0288 (0.0320) | 0.3082*** (0.0558) | − 0.1362*** (0.0303) |
CEO duality | 0.0000 (0.0183) | 0.0224 (0.0419) | − 0.0561*** (0.0213) |
Insider optimism | 0.0692*** (0.0221) | 0.1070*** (0.0375) | − 0.1238*** (0.0325) |
Market optimism | 0.0055*** (0.0016) | 0.0063*** (0.0024) | − 0.0006 (0.0043) |
Board size | 0.0256*** (0.0036) | 0.0052 (0.0126) | 0.0240*** (0.0045) |
Analyst coverage | − 0.0068*** (0.0015) | 0.0060 (0.0042) | 0.0231*** (0.0030) |
Analyst variance | 0.0280 (0.0293) | − 0.1088* (0.0616) | − 0.3173*** (0.0549) |
Firm size | 0.2405*** (0.0092) | − 0.0402 (0.0446) | − 0.5850*** (0.0451) |
Leverage | 0.8188*** (0.0539) | 0.4177*** (0.1419) | − 0.4343*** (0.1200) |
Cash | 0.0399 (0.0795) | 1.2364*** (0.2255) | 2.1638*** (0.2118) |
Free cash flow | − 0.0854*** (0.0258) | ||
Profitability | − 0.8748*** (0.0798) | ||
Interest rate | 0.0150*** (0.0054) | 0.2865*** (0.0625) | − 0.0035 (0.0064) |
GDP Growth rate | 0.0611*** (0.0072) | − 0.2130** (0.1039) | − 0.0340*** (0.0112) |
Constant | − 2.4087*** (0.1208) | 6.5781*** (0.7877) | |
Ρ | − 0.6248*** (0.1608) | ||
Selectivity bias | − 0.0451** (0.0207) | ||
Firm—fixed effects | Yes | Yes | Yes |
Year—fixed effects | Yes | Yes | Yes |
Wald test of indep. eqns. (ρ = 0) χ2(1) | 15.10*** | ||
Observations | 20,976 | 20,976 | 20,969 |