Pooled OLS regression results for the whole sample and in country details
| INV | FRQ | Size | LEV | FAGE | TANG | FSLACK | PROF | CONS | OBS |
|---|---|---|---|---|---|---|---|---|---|
| All | 9.68*** (7.4) | 0.26*** (10.3) | −2.49*** (−9.1) | 0.02*** (6.1) | −5.8*** (−22.2) | −2.87*** (−8.7) | −3.33*** (−4.3) | −6.82*** (−11.6) | 84,084 |
| BR | 9.78*** (8.3) | −0.04 (−0.5) | 0.29 (0.4) | 0.01 (1.1) | −1.5** (−2.1) | 3.24** (2.3) | −4.75*** (−4.1) | −2.92 (−1.5) | 2,444 |
| CH | 10.47*** (30.1) | 0.43*** (9.7) | −3.29*** (−8.3) | −0.01 (−1.1) | −7.98*** (−23.7) | −4.72*** (−9.9) | −4.5*** (−11.3) | −8.42*** (−8.9) | 27,859 |
| EG | 8.61*** (2.9) | −0.13 (−0.4) | −6.66** (−1.9) | −0.06** (−2.1) | −7.68*** (−3.4) | −5.14 (−1.2) | 7.85 (1.2) | 4.50 (0.7) | 1,092 |
| IN | 8.45*** (18.5) | 0.11*** (2.9) | −1.82*** (−5.4) | 0.02*** (5.3) | −5.11*** (−15.6) | −0.61 (−1.0) | −2.24*** (−3.9) | −4.83*** (−7.5) | 16,679 |
| INDO | 13.27*** (11.7) | 0.35*** (4.3) | −0.79 (−1.1) | 0.04*** (3.7) | −5.05*** (−8.1) | −3.65*** (−2.9) | −1.72** (−2.5) | −9.65*** (−6.1) | 3,406 |
| S.KR | 16.29*** (29.9) | 0.38*** (9.6) | −2.41*** (−6.2) | 0.01*** (3.2) | −4.52*** (−13.3) | −1.33*** (−2.9) | −2.18*** (−4.4) | −9.32*** (−12.5) | 15,964 |
| MX | 17.48*** (9.5) | 0.27*** (2.6) | −2.93*** (−3.1) | 0.02** (2.6) | −3.46*** (−4.4) | −1.99 (−0.9) | −5.52*** (−2.9) | −6.83*** (−3.2) | 975 |
| NG | 2.69 (0.7) | 0.13 (0.6) | −2.14 (−1.4) | 0.02 (1.2) | −6.32*** (−3.3) | −2.34 (−0.7) | −12.66*** (−2.8) | −4.14 (−1.0) | 351 |
| PK | 3.65* (1.7) | −0.26** −2.1) | −1.19 (−1.3) | 0.02 (1.6) | −5.42*** (−5.6) | 0.41 (0.2) | −1.84 (−0.9) | 1.38 (0.6) | 2,080 |
| PH | 1.91 (0.6) | 0.28 (0.9) | −1.24 (−0.3) | 0.02 (1.1) | −4.75** (−2.0) | −3.64 (−1.1) | −22.12*** (−4.0) | −8.13 (−1.5) | 1,404 |
| RS | 6.11*** (5.5) | 0.19*** (2.8) | −1.37** (−2.2) | 0.14** (2.5) | −3.14*** (−5.6) | −4.48*** (−3.6) | −1.71** (−2.1) | −8.96*** (−5.5) | 3,549 |
| SA | 2.39*** (3.7) | 0.16** (2.6) | −2.64*** (−3.7) | 0.01*** (2.7) | −3.08*** (−5.9) | −1.37 (−1.3) | −3.68*** (−3.0) | −5.39*** (−4.4) | 1,586 |
| TR | 3.52*** (4.4) | 0.20** (2.3) | −3.4*** (−4.9) | 0.02* (1.8) | −3.63*** (−5.4) | −1.52 (−1.3) | −1.62 (−1.2) | −6.83*** (−4.1) | 2,405 |
| VN | 6.32*** (6.5) | 0.37*** (4.3) | −3.46*** (−4.6) | 0.03* (1.8) | −10.27*** (−16.1) | −2.65*** (−2.8) | −4.24*** (−3.9) | −8.12*** (−5.3) | 4,290 |
| INV | FRQ | Size | LEV | FAGE | TANG | FSLACK | PROF | CONS | OBS |
|---|---|---|---|---|---|---|---|---|---|
| All | 9.68*** ( | 0.26*** ( | −2.49*** ( | 0.02*** ( | −5.8*** ( | −2.87*** ( | −3.33*** ( | −6.82*** ( | 84,084 |
| BR | 9.78*** ( | −0.04 | 0.29 | 0.01 | −1.5** | 3.24** | −4.75*** ( | −2.92 | 2,444 |
| CH | 10.47*** ( | 0.43*** | −3.29*** ( | −0.01 | −7.98*** ( | −4.72*** ( | −4.5*** ( | −8.42*** ( | 27,859 |
| EG | 8.61*** | −0.13 | −6.66** | −0.06** | −7.68*** | −5.14 | 7.85 | 4.50 | 1,092 |
| IN | 8.45*** ( | 0.11*** | −1.82*** ( | 0.02*** ( | −5.11*** | −0.61 | −2.24*** ( | −4.83*** ( | 16,679 |
| INDO | 13.27*** ( | 0.35*** | −0.79 | 0.04*** ( | −5.05*** | −3.65*** | −1.72** ( | −9.65*** ( | 3,406 |
| S.KR | 16.29*** ( | 0.38*** | −2.41*** ( | 0.01*** ( | −4.52*** ( | −1.33*** | −2.18*** ( | −9.32*** ( | 15,964 |
| MX | 17.48*** ( | 0.27*** ( | −2.93*** ( | 0.02** | −3.46*** | −1.99 | −5.52*** ( | −6.83*** ( | 975 |
| NG | 2.69 | 0.13 | −2.14 | 0.02 | −6.32*** | −2.34 | −12.66*** ( | −4.14 | 351 |
| PK | 3.65* (1.7) | −0.26** | −1.19 | 0.02 | −5.42*** | 0.41 | −1.84 | 1.38 | 2,080 |
| PH | 1.91 | 0.28 | −1.24 | 0.02 | −4.75** | −3.64 | −22.12*** ( | −8.13 | 1,404 |
| RS | 6.11*** | 0.19*** | −1.37** | 0.14** | −3.14*** ( | −4.48*** ( | −1.71** ( | −8.96*** ( | 3,549 |
| SA | 2.39*** | 0.16** | −2.64*** | 0.01*** ( | −3.08*** ( | −1.37 | −3.68*** ( | −5.39*** ( | 1,586 |
| TR | 3.52*** | 0.20** | −3.4*** | 0.02* | −3.63*** ( | −1.52 | −1.62 | −6.83*** ( | 2,405 |
| VN | 6.32*** | 0.37*** ( | −3.46*** ( | 0.03* | −10.27*** ( | −2.65*** ( | −4.24*** ( | −8.12*** ( | 4,290 |
Note(s): *, **,*** represent the significance level at 10%, 5% and 1%, respectively. t-Values are reported in parentheses
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