Pooled OLS regression results in industry details
| INV | FRQ | Size | LEV | FAGE | TANG | FSLACK | PROF | CONS | OBS |
|---|---|---|---|---|---|---|---|---|---|
| BM | 6.44*** (5.3) | 0.45*** (9.2) | −2.83*** (−5.1) | 0.01** (2.3) | −6.10*** (−8.8) | −4.14*** (−4.1) | −4.29*** (−3.3) | −10.25*** (−10.9) | 16,029 |
| CC | 10.79*** (3.8) | 0.28*** (6.1) | −1.66*** (−3.2) | 0.01 (1.1) | −3.64*** (−7.1) | −1.97*** (−3.3) | −2.17*** (−2.8) | −7.55*** (−7.3) | 16,510 |
| CNC | 8.16*** (3.3) | 0.36*** (5.9) | −1.42** (−2.3) | 0.02*** (3.8) | −4.21*** (−5.1) | −3.26*** (−3.2) | −2.78* (−1.9) | −9.65*** (−7.6) | 7,878 |
| EN | 13.41*** (3.1) | 0.57*** (5.7) | −3.15*** (−3.3) | 0.01 (1.4) | −5.79*** (−5.2) | −1.11 (−0.9) | −2.47* (−1.7) | −13.24*** (−6.7) | 3,354 |
| HC | 12.17*** (4.2) | 0.47*** (6.4) | −2.64*** (−3.1) | 0.00 (0.6) | −3.95*** (−4.1) | −2.86*** (−3.2) | −2.33** (−2.4) | −10.79*** (−6.9) | 5,590 |
| IND | 12.78*** (4.1) | 0.18*** (2.8) | −3.18*** (−3.9) | 0.01*** (2.8) | −5.76*** (−9.5) | −2.38*** (−3.7) | −6.64 (−1.6) | −4.38*** (−3.3) | 16,926 |
| RE | 1.91*** (2.8) | 0.020 (0.4) | −1.44* (−1.7) | 0.00 (0.4) | −7.16*** (−6.1) | −1.89** (−2.1) | −4.86*** (−3.7) | −1.36 (−1.2) | 4,446 |
| TEC | 14.96** (2.1) | 0.090 (0.8) | −2.14* (−1.9) | 0.00 (0.5) | −9.47*** (−7.9) | −2.24* (−1.9) | −1.63 (−1.5) | −3.09 (−1.1) | 10,218 |
| UT | 17.72*** (4.2) | 0.41*** (3.7) | −6.52*** (−4.8) | −0.01 (−0.6) | −2.04*** (−2.7) | −4.84* (−1.9) | −5.44*** (−4.6) | −11.47*** (−5.0) | 3,133 |
| INV | FRQ | Size | LEV | FAGE | TANG | FSLACK | PROF | CONS | OBS |
|---|---|---|---|---|---|---|---|---|---|
| BM | 6.44*** ( | 0.45*** ( | −2.83*** ( | 0.01** | −6.10*** ( | −4.14*** ( | −4.29*** ( | −10.25*** ( | 16,029 |
| CC | 10.79*** ( | 0.28*** ( | −1.66*** ( | 0.01 | −3.64*** ( | −1.97*** ( | −2.17*** ( | −7.55*** | 16,510 |
| CNC | 8.16*** ( | 0.36*** ( | −1.42** | 0.02*** ( | −4.21*** ( | −3.26*** ( | −2.78* | −9.65*** ( | 7,878 |
| EN | 13.41*** ( | 0.57*** ( | −3.15*** ( | 0.01 | −5.79*** ( | −1.11 | −2.47* | −13.24*** ( | 3,354 |
| HC | 12.17*** ( | 0.47*** ( | −2.64*** ( | 0.00 | −3.95*** ( | −2.86*** ( | −2.33** | −10.79*** ( | 5,590 |
| IND | 12.78*** ( | 0.18*** ( | −3.18*** ( | 0.01*** ( | −5.76*** ( | −2.38*** ( | −6.64 | −4.38*** ( | 16,926 |
| RE | 1.91*** ( | 0.020 | −1.44* | 0.00 | −7.16*** ( | −1.89** | −4.86*** ( | −1.36 | 4,446 |
| TEC | 14.96** | 0.090 | −2.14* | 0.00 | −9.47*** ( | −2.24* | −1.63 | −3.09 | 10,218 |
| UT | 17.72*** ( | 0.41*** ( | −6.52*** ( | −0.01 | −2.04*** ( | −4.84* | −5.44*** ( | −11.47*** ( | 3,133 |
Note(s): *, **,*** represent the significance level at 10%, 5% and 1%, respectively. t-Values are reported in parentheses
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