Table 5 Regression results (using an...

Table 5

Regression results (using an alternate measure of cash holdings)

Variables	NETCASH	t-statistic	NETCASH	t-statistic
IFRS9	−0.052***	[−3.73]	−0.057***	[−4.08]
ISLAMIC			−0.019	[−1.50]
ISLAMIC × IFRS9			−0.001	[−0.07]
FIRMSIZE	0.006	[0.39]	0.005	[0.29]
DEBT	0.211***	[4.01]	0.279***	[4.48]
CAPEX	0.639*	[1.69]	0.612	[1.61]
LOANS2TA	0.007	[0.82]	−0.001	[−0.11]
DEPOSIT2TA	0.062***	[3.63]	0.076***	[3.74]
TIER1	−0.17	[−0.78]	−0.085	[−0.40]
TIER2	0.224	[0.46]	−0.004	[−0.01]
ROA	−0.498	[−0.55]	−1.119	[−1.13]
GOODWILL	−7.997**	[−2.58]	−6.926**	[−2.06]
SIZE_BOARD	−0.001	[−0.91]	0	[−0.34]
INDBOD	0.003	[0.71]	0.004	[0.89]
SIZE_AC	0.003	[0.98]	0.004	[1.43]
INDIRAC	0	[−0.02]	−0.001	[−0.10]
DIVIDEND	0.006	[0.64]	0.005	[0.57]
OCF	0.128	[1.08]	0.118	[1.04]
LNAGE	0.008	[0.83]	0.008	[0.80]
ZSCORE	−0.06	[−1.40]	−0.100**	[−2.18]
PPE	0.024	[0.05]	−0.318	[−0.57]
CONSTANT	−0.09	[0.32]	−0.061	[−0.21]
Observations	232			232
R-squared	0.32			0.34
Adj. R-squared	0.24			0.25

Variables	NETCASH	t-statistic	NETCASH	t-statistic
IFRS9	−0.052***	[−3.73]	−0.057***	[−4.08]
ISLAMIC			−0.019	[−1.50]
ISLAMIC × IFRS9			−0.001	[−0.07]
FIRMSIZE	0.006	[0.39]	0.005	[0.29]
DEBT	0.211***	[4.01]	0.279***	[4.48]
CAPEX	0.639*	[1.69]	0.612	[1.61]
LOANS2TA	0.007	[0.82]	−0.001	[−0.11]
DEPOSIT2TA	0.062***	[3.63]	0.076***	[3.74]
TIER1	−0.17	[−0.78]	−0.085	[−0.40]
TIER2	0.224	[0.46]	−0.004	[−0.01]
ROA	−0.498	[−0.55]	−1.119	[−1.13]
GOODWILL	−7.997**	[−2.58]	−6.926**	[−2.06]
SIZE_BOARD	−0.001	[−0.91]	0	[−0.34]
INDBOD	0.003	[0.71]	0.004	[0.89]
SIZE_AC	0.003	[0.98]	0.004	[1.43]
INDIRAC	0	[−0.02]	−0.001	[−0.10]
DIVIDEND	0.006	[0.64]	0.005	[0.57]
OCF	0.128	[1.08]	0.118	[1.04]
LNAGE	0.008	[0.83]	0.008	[0.80]
ZSCORE	−0.06	[−1.40]	−0.100**	[−2.18]
PPE	0.024	[0.05]	−0.318	[−0.57]
CONSTANT	−0.09	[0.32]	−0.061	[−0.21]
Observations	232			232
R-squared	0.32			0.34
Adj. R-squared	0.24			0.25

Note(s): *, **, and *** indicates coefficients are statistically significant at 10 percent, 5 percent and 1 percent respectively

Source(s): Authors’ own creation

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