Dynamic panel regression results in industry details
| LAG INV | FRQ | Size | LEV | FAGE | TANG | FSLACK | PROF | CONS | OBS | |
|---|---|---|---|---|---|---|---|---|---|---|
| BM | 0.11*** (14.1) | 4.62*** (10.0) | −2.58*** (−8.2) | −9.26*** (−7.8) | 0.3*** (3.2) | −18.93*** (−12.5) | −9.78*** (−5.9) | −5.76*** (−5.5) | 46.1*** (6.9) | 16,029 |
| CC | 0.15*** (20.6) | 9.65*** (20.4) | −2.35*** (−9.2) | 1.270 (1.2) | 0.6*** (8.6) | −10.92*** (−8.1) | −1.540 (−1.2) | −1.43* (−1.8) | 23.08*** (4.1) | 16,510 |
| CNC | 0.06*** (5.7) | 3.96** (2.5) | −0.540 (−1.1) | −1.210 (−0.6) | −0.170 (−1.4) | −5.46** (−2.1) | 0.580 (0.2) | −3.53*** (−3.2) | 15.150 (1.2) | 7,878 |
| EN | 0.13*** (9.2) | 11.86*** (7.8) | −0.91* (−1.8) | −4.58** (−2.1) | −0.020 (−0.2) | −20.88*** (−8.1) | −2.010 (−0.7) | −2.61*** (−2.8) | 24.85** (2.4) | 3,354 |
| HC | 0.09*** (7.4) | 10.43*** (7.8) | −0.98*** (−3.4) | −5.83*** (−3.9) | −0.140 (−1.2) | −15.63*** (−8.1) | −5.25*** (−3.4) | −6.18*** (−5.1) | 26.81*** (4.2) | 5,590 |
| IND | 0.1*** (14.8) | 9.91*** (18.4) | −1.61*** (−6.6) | −2.18** (−2.0) | −0.28*** (−3.6) | −15.31*** (−11.4) | −7.73*** (−6.5) | −9.23*** (−15.1) | 43.33*** (7.2) | 16,926 |
| RE | 0.15*** (10.5) | 2.52*** (6.4) | −0.89*** (−4.1) | −1.810 (−1.4) | −0.15** (−2.0) | −5.05*** (−3.6) | −0.160 (−0.1) | −5.05*** (−4.1) | 21.88*** (4.3) | 4,446 |
| TEC | 0.14*** (16.4) | 13.54*** (15.9) | −0.71** (−2.0) | −2.430 (−1.3) | −0.20 (−1.3) | −13.15*** (−5.6) | −11.24*** (−6.3) | −3.14*** (−3.1) | 21.92** (2.5) | 10,218 |
| UT | 0.020 (1.6) | 21.47*** (6.2) | −1.360 (−1.6) | −32.16*** (−6.7) | −0.070 (−0.2) | −5.980 (−1.3) | 0.720 (0.1) | −5.45** (−2.5) | 35.27** (2.1) | 3,133 |
| LAG INV | FRQ | Size | LEV | FAGE | TANG | FSLACK | PROF | CONS | OBS | |
|---|---|---|---|---|---|---|---|---|---|---|
| BM | 0.11*** (14.1) | 4.62*** (10.0) | −2.58*** (−8.2) | −9.26*** (−7.8) | 0.3*** (3.2) | −18.93*** (−12.5) | −9.78*** (−5.9) | −5.76*** (−5.5) | 46.1*** (6.9) | 16,029 |
| CC | 0.15*** (20.6) | 9.65*** (20.4) | −2.35*** (−9.2) | 1.270 (1.2) | 0.6*** (8.6) | −10.92*** (−8.1) | −1.540 (−1.2) | −1.43* (−1.8) | 23.08*** (4.1) | 16,510 |
| CNC | 0.06*** (5.7) | 3.96** (2.5) | −0.540 (−1.1) | −1.210 (−0.6) | −0.170 (−1.4) | −5.46** (−2.1) | 0.580 (0.2) | −3.53*** (−3.2) | 15.150 (1.2) | 7,878 |
| EN | 0.13*** (9.2) | 11.86*** (7.8) | −0.91* (−1.8) | −4.58** (−2.1) | −0.020 (−0.2) | −20.88*** (−8.1) | −2.010 (−0.7) | −2.61*** (−2.8) | 24.85** (2.4) | 3,354 |
| HC | 0.09*** (7.4) | 10.43*** (7.8) | −0.98*** (−3.4) | −5.83*** (−3.9) | −0.140 (−1.2) | −15.63*** (−8.1) | −5.25*** (−3.4) | −6.18*** (−5.1) | 26.81*** (4.2) | 5,590 |
| IND | 0.1*** (14.8) | 9.91*** (18.4) | −1.61*** (−6.6) | −2.18** (−2.0) | −0.28*** (−3.6) | −15.31*** (−11.4) | −7.73*** (−6.5) | −9.23*** (−15.1) | 43.33*** (7.2) | 16,926 |
| RE | 0.15*** (10.5) | 2.52*** (6.4) | −0.89*** (−4.1) | −1.810 (−1.4) | −0.15** (−2.0) | −5.05*** (−3.6) | −0.160 (−0.1) | −5.05*** (−4.1) | 21.88*** (4.3) | 4,446 |
| TEC | 0.14*** (16.4) | 13.54*** (15.9) | −0.71** (−2.0) | −2.430 (−1.3) | −0.20 (−1.3) | −13.15*** (−5.6) | −11.24*** (−6.3) | −3.14*** (−3.1) | 21.92** (2.5) | 10,218 |
| UT | 0.020 (1.6) | 21.47*** (6.2) | −1.360 (−1.6) | −32.16*** (−6.7) | −0.070 (−0.2) | −5.980 (−1.3) | 0.720 (0.1) | −5.45** (−2.5) | 35.27** (2.1) | 3,133 |
Note(s): *, **,*** represent the significance level at 10%, 5% and 1%, respectively. t-Values are reported in parentheses
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