Table 1

Regression results: institutional quality and cash holdings

(1)(2)(3)(4)
CHCHCHCH
IQ−0.005***−0.005***−0.005***−0.005***
 (0.000)(0.000)(0.000)(0.000)
SIZ−0.007***−0.004***−0.006***−0.006***
 (0.001)(0.001)(0.001)(0.001)
PB0.005***0.0000.005***0.005***
 (0.001)(0.001)(0.001)(0.001)
LEV−0.03***−0.024***−0.03***−0.03***
 (0.004)(0.006)(0.004)(0.004)
PRO0.218***0.161***0.22***0.22***
 (0.013)(0.012)(0.013)(0.013)
CAPEX−0.13***−0.082***−0.125***−0.125***
 (0.011)(0.01)(0.011)(0.011)
CF0.11***0.125***0.111***0.111***
 (0.006)(0.005)(0.006)(0.006)
LIQ0.004***0.004***0.004***0.004***
 (0.000)(0.000)(0.000)(0.000)
DIVPOS0.023***0.01***0.024***0.024***
 (0.002)(0.002)(0.002)(0.002)
SIZ_mean   0.001
    (0.003)
PB_mean   0.009**
    (0.003)
LEV_mean   0.022
    (0.014)
PRO_mean   0.143*
    (0.068)
CAPEX_mean   −0.129**
    (0.053)
CF_mean   −0.102**
    (0.046)
LIQ_mean   0.002
    (0.001)
DIVPOS_mean   0.037***
    (0.01)
_cons0.254***0.203***0.304***0.253***
 (0.014)(0.037)(0.017)(0.041)
Firm FENoYesNoNo
Industry FENoNoYesYes
Observations15,46115,46115,23515,092

Note(s): Standard errors are in parentheses

***p < 0.01, **p < 0.05, *p < 0.1

Source(s): Authors’ calculations based on the research dataset
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