Liquidity and BEE (feasible generalised least squares)
| Variables | (1) | (2) | (3) |
|---|---|---|---|
| 1 | 2 | 3 | |
| Liquidity ratio | Liquidity ratio | Liquidity ratio | |
| (BSCR) BEE Score | 0.172** | 0.175** | 0.181** |
| (0.0849) | (0.0846) | (0.0802) | |
| Total assets | 0.0166 | 0.0173 | 0.0142 |
| (0.0532) | (0.0530) | (0.0531) | |
| Debt/equity ratio | 0.0112 | 0.00985 | 0.00922 |
| (0.0229) | (0.0229) | (0.0225) | |
| Big 5 audit firms | −0.00513 | −0.00441 | |
| (0.0447) | (0.0446) | ||
| Cross-listing | 0.0219 | 0.0212 | |
| (0.0451) | (0.0449) | ||
| Industrial REIT | |||
| Retail REIT | 0.0131 | 0.0118 | 0.00287 |
| Diversified REIT | −0.0155 | −0.0163 | −0.0222 |
| (0.0904) | (0.0901) | (0.0872) | |
| Year dummy | Yes | Yes | Yes |
| Interest rate | 0.0190 | 0.0196 | |
| (0.103) | (0.103) | ||
| Employment | 0.0849 | 0.0853 | |
| (0.504) | (0.504) | ||
| GDP | −3.035 (23.20) | ||
| CPI | −3.440 | −3.219 | |
| COVID-19 dummy | 0.000778 | 0.00111 | 0.0240 |
| (0.0806) | (0.0960) | (0.0807) | |
| Constant | −1.013 | −0.785** | −1.035 |
| (1.782) | (0.369) | (1.778) | |
| Observations | 176 | 176 | 176 |
| Number of coycode | 16 | 16 | 16 |
| Variables | (1) | (2) | (3) |
|---|---|---|---|
| 1 | 2 | 3 | |
| Liquidity ratio | Liquidity ratio | Liquidity ratio | |
| (BSCR) BEE Score | 0.172** | 0.175** | 0.181** |
| (0.0849) | (0.0846) | (0.0802) | |
| Total assets | 0.0166 | 0.0173 | 0.0142 |
| (0.0532) | (0.0530) | (0.0531) | |
| Debt/equity ratio | 0.0112 | 0.00985 | 0.00922 |
| (0.0229) | (0.0229) | (0.0225) | |
| Big 5 audit firms | −0.00513 | −0.00441 | |
| (0.0447) | (0.0446) | ||
| Cross-listing | 0.0219 | 0.0212 | |
| (0.0451) | (0.0449) | ||
| Retail REIT | 0.0131 | 0.0118 | 0.00287 |
| Diversified REIT | −0.0155 | −0.0163 | −0.0222 |
| (0.0904) | (0.0901) | (0.0872) | |
| Year dummy | Yes | Yes | Yes |
| Interest rate | 0.0190 | 0.0196 | |
| (0.103) | (0.103) | ||
| Employment | 0.0849 | 0.0853 | |
| (0.504) | (0.504) | ||
| GDP | −3.035 (23.20) | ||
| CPI | −3.440 | −3.219 | |
| COVID-19 dummy | 0.000778 | 0.00111 | 0.0240 |
| (0.0806) | (0.0960) | (0.0807) | |
| Constant | −1.013 | −0.785** | −1.035 |
| (1.782) | (0.369) | (1.778) | |
| Observations | 176 | 176 | 176 |
| Number of coycode | 16 | 16 | 16 |
Note(s): Standard errors in parentheses: ***p < 0.01, **p < 0.05, *p < 0.1
Source(s): Authors’ own work
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