Table 2 Regression results: economic... | Emerald Publishing

Table 2

Regression results: economic uncertainty and cash holdings

	(1)	(2)	(3)
	CH	CH	CH
WUIVNM	0.079***	0.08***	0.075***
	(0.01)	(0.009)	(0.01)
SIZ	−0.007***	−0.008***	−0.007***
	(0.001)	(0.001)	(0.001)
PB	0.005***	−0.001	0.005***
	(0.001)	(0.001)	(0.001)
LEV	−0.027***	−0.014**	−0.027***
	(0.004)	(0.006)	(0.004)
PRO	0.23***	0.177***	0.231***
	(0.012)	(0.012)	(0.012)
CAPEX	−0.117***	−0.066***	−0.113***
	(0.011)	(0.010)	(0.011)
CF	0.109***	0.124***	0.11***
	(0.006)	(0.005)	(0.006)
LIQ	0.004***	0.004***	0.004***
	(0.000)	(0.000)	(0.000)
DIVPOS	0.023***	0.01***	0.024***
	(0.002)	(0.002)	(0.002)
_cons	0.253***	0.29***	0.304***
	(0.014)	(0.035)	(0.017)
Firm FE	No	Yes	Yes
Industry FE	No	No	Yes
Observations	15,461	15,461	15,235

	(1)	(2)	(3)
	CH	CH	CH
WUIVNM	0.079***	0.08***	0.075***
	(0.01)	(0.009)	(0.01)
SIZ	−0.007***	−0.008***	−0.007***
	(0.001)	(0.001)	(0.001)
PB	0.005***	−0.001	0.005***
	(0.001)	(0.001)	(0.001)
LEV	−0.027***	−0.014**	−0.027***
	(0.004)	(0.006)	(0.004)
PRO	0.23***	0.177***	0.231***
	(0.012)	(0.012)	(0.012)
CAPEX	−0.117***	−0.066***	−0.113***
	(0.011)	(0.010)	(0.011)
CF	0.109***	0.124***	0.11***
	(0.006)	(0.005)	(0.006)
LIQ	0.004***	0.004***	0.004***
	(0.000)	(0.000)	(0.000)
DIVPOS	0.023***	0.01***	0.024***
	(0.002)	(0.002)	(0.002)
_cons	0.253***	0.29***	0.304***
	(0.014)	(0.035)	(0.017)
Firm FE	No	Yes	Yes
Industry FE	No	No	Yes
Observations	15,461	15,461	15,235

Note(s): Standard errors are in parentheses

***p < 0.01, **p < 0.05

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