Robustness check – smoothed instrumental variable quantile regression estimations
| 10th quant (Q10) | 25th quant (Q25) | 50th quant (Q50) | 75th quant (Q75) | 90th quant (Q90) | |
|---|---|---|---|---|---|
| PIA | 0.0931 | 0.1628 | 0.4306*** | 0.9085*** | 0.9285*** |
| (0.1824) | (0.1473) | (0.1307) | (0.1388) | (0.3094) | |
| SIZE | 0.0000 | −0.0059 | −0.0213** | −0.0943*** | −0.2473*** |
| (0.0068) | (0.0077) | (0.0092) | (0.0225) | (0.0781) | |
| CR | 0.0032 | 0.0083* | 0.0294*** | 0.0834*** | 0.2657*** |
| (0.0073) | (0.0045) | (0.0080) | (0.0207) | (0.0303) | |
| SGR | −0.0000 | −0.0001 | −0.0001 | −0.0002 | 0.0008 |
| (0.0002) | (0.0003) | (0.0003) | (0.0002) | (0.0008) | |
| ZS | 0.0076 | 0.0144*** | 0.0263*** | 0.0522*** | 0.0126 |
| (0.0097) | (0.0051) | (0.0069) | (0.0163) | (0.0891) | |
| LEV | −0.0036 | −0.0050 | −0.0079* | −0.0096** | 0.0044 |
| (0.0036) | (0.0056) | (0.0047) | (0.0038) | (0.0096) | |
| ROA | 0.0079*** | 0.0153*** | 0.0196*** | 0.0183*** | 0.0268*** |
| (0.0018) | (0.0024) | (0.0023) | (0.0018) | (0.0097) | |
| GFC | 0.0100 | −0.0172 | −0.0612 | −0.0441 | −0.1506 |
| (0.0558) | (0.0630) | (0.0766) | (0.1068) | (0.2055) | |
| CoC | 0.0707** | 0.1379*** | 0.1814*** | 0.2120*** | 0.4691*** |
| (0.0347) | (0.0400) | (0.0562) | (0.0798) | (0.1217) | |
| Constant | 0.0947 | 0.2852*** | 0.6312*** | 1.8129*** | 4.3129*** |
| (0.0973) | (0.0942) | (0.0945) | (0.2516) | (0.9308) | |
| N. of obs | 1,301 | 1,301 | 1,301 | 1,301 | 1,301 |
| 10th quant (Q10) | 25th quant (Q25) | 50th quant (Q50) | 75th quant (Q75) | 90th quant (Q90) | |
|---|---|---|---|---|---|
| PIA | 0.0931 | 0.1628 | 0.4306*** | 0.9085*** | 0.9285*** |
| (0.1824) | (0.1473) | (0.1307) | (0.1388) | (0.3094) | |
| SIZE | 0.0000 | −0.0059 | −0.0213** | −0.0943*** | −0.2473*** |
| (0.0068) | (0.0077) | (0.0092) | (0.0225) | (0.0781) | |
| CR | 0.0032 | 0.0083* | 0.0294*** | 0.0834*** | 0.2657*** |
| (0.0073) | (0.0045) | (0.0080) | (0.0207) | (0.0303) | |
| SGR | −0.0000 | −0.0001 | −0.0001 | −0.0002 | 0.0008 |
| (0.0002) | (0.0003) | (0.0003) | (0.0002) | (0.0008) | |
| ZS | 0.0076 | 0.0144*** | 0.0263*** | 0.0522*** | 0.0126 |
| (0.0097) | (0.0051) | (0.0069) | (0.0163) | (0.0891) | |
| LEV | −0.0036 | −0.0050 | −0.0079* | −0.0096** | 0.0044 |
| (0.0036) | (0.0056) | (0.0047) | (0.0038) | (0.0096) | |
| ROA | 0.0079*** | 0.0153*** | 0.0196*** | 0.0183*** | 0.0268*** |
| (0.0018) | (0.0024) | (0.0023) | (0.0018) | (0.0097) | |
| GFC | 0.0100 | −0.0172 | −0.0612 | −0.0441 | −0.1506 |
| (0.0558) | (0.0630) | (0.0766) | (0.1068) | (0.2055) | |
| CoC | 0.0707** | 0.1379*** | 0.1814*** | 0.2120*** | 0.4691*** |
| (0.0347) | (0.0400) | (0.0562) | (0.0798) | (0.1217) | |
| Constant | 0.0947 | 0.2852*** | 0.6312*** | 1.8129*** | 4.3129*** |
| (0.0973) | (0.0942) | (0.0945) | (0.2516) | (0.9308) | |
| N. of obs | 1,301 | 1,301 | 1,301 | 1,301 | 1,301 |
Note(s): The dependent variable is the firm value (TobinsQ). ***, ** and * stand for significance levels at 1%, 5%, and 10%. The numbers in parentheses are bootstrapped standard errors (BSEs)
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