Table 3 Baseline results (1) (2) (3) (4)...

Table 3

Baseline results

	(1)	(2)	(3)	(4)
Variable	${L i q u i d i t y}_{t + 1}$
${E s g D i s 1}_{t}$	0.213***		0.217***
${E s g D i s 1}_{t}$	(5.124)		(5.210)
${E s g D i s 2}_{t}$		0.238***		0.242***
${E s g D i s 2}_{t}$		(5.970)		(6.065)
${S i z e}_{t}$	0.595***	0.593***	0.593***	0.592***
${S i z e}_{t}$	(70.779)	(70.568)	(70.149)	(69.946)
${L e v e r a g e}_{t}$	−0.610***	−0.609***	−0.604***	−0.603***
${L e v e r a g e}_{t}$	(−16.098)	(−16.072)	(−16.024)	(−15.998)
${F i r m A g e}_{t}$	−0.009***	−0.009***	−0.009***	−0.009***
${F i r m A g e}_{t}$	(−6.678)	(−6.685)	(−6.502)	(−6.510)
${C a s h}_{t}$	0.004	0.004	0.005	0.005
${C a s h}_{t}$	(1.192)	(1.184)	(1.234)	(1.226)
${R O A}_{t}$	1.773***	1.775***	1.785***	1.787***
${R O A}_{t}$	(19.537)	(19.574)	(19.618)	(19.657)
${M B}_{t}$	0.170***	0.170***	0.169***	0.169***
${M B}_{t}$	(32.592)	(32.552)	(32.461)	(32.420)
${B o a r d}_{t}$	−0.006***	−0.006***	−0.006***	−0.006***
${B o a r d}_{t}$	(−3.005)	(−2.999)	(−3.065)	(−3.059)
${N u m I n d e p}_{t}$	0.003	0.002	0.001	−0.001
${N u m I n d e p}_{t}$	(0.041)	(0.034)	(−0.004)	(−0.011)
${D u a l}_{t}$	0.025**	0.025**	0.027**	0.027**
${D u a l}_{t}$	(2.128)	(2.131)	(2.315)	(2.316)
${S a l a r y}_{t}$	0.097***	0.096***	0.097***	0.096***
${S a l a r y}_{t}$	(9.184)	(9.154)	(8.970)	(8.938)
${I O}_{t}$	−1.368***	−1.369***	−1.356***	−1.358***
${I O}_{t}$	(−21.696)	(−21.733)	(−21.563)	(−21.601)
${B i g 4}_{t}$	−0.096***	−0.096***	−0.096***	−0.096***
${B i g 4}_{t}$	(−2.824)	(−2.833)	(−2.802)	(−2.812)
${R e t}_{t}$	1.891*	1.888*	1.897*	1.895*
${R e t}_{t}$	(1.732)	(1.729)	(1.739)	(1.736)
${S i g m a}_{t}$	0.349	0.351	0.345	0.347
${S i g m a}_{t}$	(0.786)	(0.790)	(0.781)	(0.785)
${G d p G r o w t h}_{t}$	0.537***	0.536***	0.491***	0.491***
${G d p G r o w t h}_{t}$	(4.953)	(4.944)	(4.372)	(4.369)
Constant	−10.498***	−10.462***	−10.431***	−10.394***
Constant	(−52.099)	(−51.923)	(−50.835)	(−50.669)
Year FE	Yes	Yes	Yes	Yes
Industry FE	Yes	Yes	Yes	Yes
Province FE	No	No	Yes	Yes
Obs	29,578	29,578	29,578	29,578
R-squared	0.729	0.730	0.734	0.734

	(1)	(2)	(3)	(4)
Variable	${L i q u i d i t y}_{t + 1}$
${E s g D i s 1}_{t}$	0.213***		0.217***
${E s g D i s 1}_{t}$	(5.124)		(5.210)
${E s g D i s 2}_{t}$		0.238***		0.242***
${E s g D i s 2}_{t}$		(5.970)		(6.065)
${S i z e}_{t}$	0.595***	0.593***	0.593***	0.592***
${S i z e}_{t}$	(70.779)	(70.568)	(70.149)	(69.946)
${L e v e r a g e}_{t}$	−0.610***	−0.609***	−0.604***	−0.603***
${L e v e r a g e}_{t}$	(−16.098)	(−16.072)	(−16.024)	(−15.998)
${F i r m A g e}_{t}$	−0.009***	−0.009***	−0.009***	−0.009***
${F i r m A g e}_{t}$	(−6.678)	(−6.685)	(−6.502)	(−6.510)
${C a s h}_{t}$	0.004	0.004	0.005	0.005
${C a s h}_{t}$	(1.192)	(1.184)	(1.234)	(1.226)
${R O A}_{t}$	1.773***	1.775***	1.785***	1.787***
${R O A}_{t}$	(19.537)	(19.574)	(19.618)	(19.657)
${M B}_{t}$	0.170***	0.170***	0.169***	0.169***
${M B}_{t}$	(32.592)	(32.552)	(32.461)	(32.420)
${B o a r d}_{t}$	−0.006***	−0.006***	−0.006***	−0.006***
${B o a r d}_{t}$	(−3.005)	(−2.999)	(−3.065)	(−3.059)
${N u m I n d e p}_{t}$	0.003	0.002	0.001	−0.001
${N u m I n d e p}_{t}$	(0.041)	(0.034)	(−0.004)	(−0.011)
${D u a l}_{t}$	0.025**	0.025**	0.027**	0.027**
${D u a l}_{t}$	(2.128)	(2.131)	(2.315)	(2.316)
${S a l a r y}_{t}$	0.097***	0.096***	0.097***	0.096***
${S a l a r y}_{t}$	(9.184)	(9.154)	(8.970)	(8.938)
${I O}_{t}$	−1.368***	−1.369***	−1.356***	−1.358***
${I O}_{t}$	(−21.696)	(−21.733)	(−21.563)	(−21.601)
${B i g 4}_{t}$	−0.096***	−0.096***	−0.096***	−0.096***
${B i g 4}_{t}$	(−2.824)	(−2.833)	(−2.802)	(−2.812)
${R e t}_{t}$	1.891*	1.888*	1.897*	1.895*
${R e t}_{t}$	(1.732)	(1.729)	(1.739)	(1.736)
${S i g m a}_{t}$	0.349	0.351	0.345	0.347
${S i g m a}_{t}$	(0.786)	(0.790)	(0.781)	(0.785)
${G d p G r o w t h}_{t}$	0.537***	0.536***	0.491***	0.491***
${G d p G r o w t h}_{t}$	(4.953)	(4.944)	(4.372)	(4.369)
Constant	−10.498***	−10.462***	−10.431***	−10.394***
Constant	(−52.099)	(−51.923)	(−50.835)	(−50.669)
Year FE	Yes	Yes	Yes	Yes
Industry FE	Yes	Yes	Yes	Yes
Province FE	No	No	Yes	Yes
Obs	29,578	29,578	29,578	29,578
R-squared	0.729	0.730	0.734	0.734

Note(s): All continuous variables are winsorized at the 1st and 99th percentile. Year, industry and province fixed effects are included. T values are reported in parentheses under coefficients. *, **, and *** indicate significance at the 10%, 5%, and 1% levels, respectively. Variable definitions are presented in Appendix A

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