Table 10 Liquidity and BEE (OLS)...

Table 10

Liquidity and BEE (OLS)

Variables	(1)	(2)	(3)
Variables	Liquidity ratio	Liquidity ratio	Liquidity ratio
(BSCR) BEE	0.175*	0.175*	0.186**
(BSCR) BEE	(0.0891)	(0.0894)	(0.0823)
Total asset	0.0172	0.00291	0.0123
Total asset	(0.0558)	(0.0555)	(0.0541)
Debt/equity ratio	0.00985	0.0150	0.00818
Consumer price index (CPI)	−1.961*		−1.956*
Consumer price index (CPI)	(1.043)		(1.030)
Interest rate	−0.624*		−0.622*
Interest rate	(0.324)		(0.321)
Big 5 audit firms	−0.00441	−0.00533
Big 5 audit firms	(0.0469)	(0.0471)
Cross-listing	0.0212	0.0217
Cross-listing	(0.0473)	(0.0475)
Industrial properties	0.0118	0.0177
Retail properties	(0.112)	(0.113)
Diversified properties	−0.0163	−0.0107
Diversified properties	(0.0948)	(0.0952)
Year dummy 2013_2024	Yes	Yes	Yes
Constant	8.211*	−0.753*	8.142*
Constant	(4.777)	(0.383)	(4.717)
Observations	176	176	176
R-squared	0.083	0.061	0.080

Variables	(1)	(2)	(3)
Variables	Liquidity ratio	Liquidity ratio	Liquidity ratio
(BSCR) BEE	0.175*	0.175*	0.186**
(BSCR) BEE	(0.0891)	(0.0894)	(0.0823)
Total asset	0.0172	0.00291	0.0123
Total asset	(0.0558)	(0.0555)	(0.0541)
Debt/equity ratio	0.00985	0.0150	0.00818
Consumer price index (CPI)	−1.961*		−1.956*
Consumer price index (CPI)	(1.043)		(1.030)
Interest rate	−0.624*		−0.622*
Interest rate	(0.324)		(0.321)
Big 5 audit firms	−0.00441	−0.00533
Big 5 audit firms	(0.0469)	(0.0471)
Cross-listing	0.0212	0.0217
Cross-listing	(0.0473)	(0.0475)
Industrial properties	0.0118	0.0177
Retail properties	(0.112)	(0.113)
Diversified properties	−0.0163	−0.0107
Diversified properties	(0.0948)	(0.0952)
Year dummy 2013_2024	Yes	Yes	Yes
Constant	8.211*	−0.753*	8.142*
Constant	(4.777)	(0.383)	(4.717)
Observations	176	176	176
R-squared	0.083	0.061	0.080

Note(s): Standard errors in parentheses: ***p < 0.01, **p < 0.05, *p < 0.1; The reference year is 2013; by 5 big firm and cross-listing because they are categorical variables; with added time effect (year dummy) to ensure that the estimated model is not biased by omitted variables.

Source(s): Authors’ work

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