Liquidity ratio and BEE (Random Effects)
| Variables | (1) | (2) | (3) |
|---|---|---|---|
| 1 | 2 | 3 | |
| Liquidity ratio | Liquidity ratio | Liquidity ratio | |
| (BSCR) BEE score | 0.175* | 0.175* | 0.184** |
| (0.0992) | (0.0990) | (0.0843) | |
| Total assets | 0.0177 | 0.00340 | 0.0150 |
| (0.0557) | (0.0554) | (0.0552) | |
| Debt/equity ratio | 0.0102 | 0.0154 | 0.00803 |
| (0.0242) | (0.0241) | (0.0235) | |
| CPI | −1.961* | −1.963* | |
| (1.036) | (1.036) | ||
| Interest rate | −0.623* | −0.624* | |
| (0.322) | (0.322) | ||
| Big 5 audit firms | −0.00452 | −0.00544 | |
| (0.0522) | (0.0522) | ||
| Cross-listing | 0.0214 | 0.0218 | |
| (0.0525) | (0.0525) | ||
| Industrial REIT | |||
| Retail REIT | 0.0120 | 0.0178 | 0.00169 |
| (0.125) | (0.125) | (0.108) | |
| Diversified REIT | −0.0162 | −0.0107 | −0.0230 |
| (0.105) | (0.105) | (0.0915) | |
| Year dummy | Yes | Yes | Yes |
| COVID-19 dummy | |||
| Constant | 8.211* | −0.753* | 8.204* |
| (4.748) | (0.424) | (4.747) | |
| Observations | 176 | 176 | 176 |
| Number of coycode | 16 | 16 | 16 |
| sigma_u | 0.0440 | 0.0429 | 0.0113 |
| sigma_e | 0.286 | 0.288 | 0.286 |
| rho | 0.0232 | 0.0218 | 0.00157 |
| Variables | (1) | (2) | (3) |
|---|---|---|---|
| 1 | 2 | 3 | |
| Liquidity ratio | Liquidity ratio | Liquidity ratio | |
| (BSCR) BEE score | 0.175* | 0.175* | 0.184** |
| (0.0992) | (0.0990) | (0.0843) | |
| Total assets | 0.0177 | 0.00340 | 0.0150 |
| (0.0557) | (0.0554) | (0.0552) | |
| Debt/equity ratio | 0.0102 | 0.0154 | 0.00803 |
| (0.0242) | (0.0241) | (0.0235) | |
| CPI | −1.961* | −1.963* | |
| (1.036) | (1.036) | ||
| Interest rate | −0.623* | −0.624* | |
| (0.322) | (0.322) | ||
| Big 5 audit firms | −0.00452 | −0.00544 | |
| (0.0522) | (0.0522) | ||
| Cross-listing | 0.0214 | 0.0218 | |
| (0.0525) | (0.0525) | ||
| Retail REIT | 0.0120 | 0.0178 | 0.00169 |
| (0.125) | (0.125) | (0.108) | |
| Diversified REIT | −0.0162 | −0.0107 | −0.0230 |
| (0.105) | (0.105) | (0.0915) | |
| Year dummy | Yes | Yes | Yes |
| Constant | 8.211* | −0.753* | 8.204* |
| (4.748) | (0.424) | (4.747) | |
| Observations | 176 | 176 | 176 |
| Number of coycode | 16 | 16 | 16 |
| sigma_u | 0.0440 | 0.0429 | 0.0113 |
| sigma_e | 0.286 | 0.288 | 0.286 |
| rho | 0.0232 | 0.0218 | 0.00157 |
Note(s): Standard errors in parentheses: ***p < 0.01, **p < 0.05, *p < 0.1
Source(s): Authors’ own work
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