Panel regression results for the whole sample and in country details
| INV | FRQ | Size | LEV | TANG | FSLACK | PROF | CONS | OBS |
|---|---|---|---|---|---|---|---|---|
| All | 8.78*** (6.6) | 0.32** (2.5) | −2.60*** (−5.3) | −7.97*** (−11.7) | −3.99*** (−6.3) | −4.51*** (−4.6) | −6.71** (−2.5) | 84,084 |
| BR | 10.43*** (8.4) | −2.17*** (−6.0) | 2.56** (2.1) | −6.82*** (−3.6) | 0.57 (0.2) | −4.21*** (−3.3) | 42.5*** (5.6) | 2,444 |
| CH | 9.70*** (26.8) | 0.55*** (5.8) | −3.4*** (−5.6) | −9.45*** (−12.6) | −7.27*** (−11.7) | −5.07*** (−12.2) | −10.26*** (−5.2) | 27,859 |
| EG | 8.65*** (2.9) | −3.62*** (−2.8) | −22.18*** (−3.8) | −26.67*** (−4.3) | 6.59 (1.0) | 4.06 (0.5) | 73.71*** (3.1) | 1,092 |
| IN | 7.32*** (15.6) | 0.09 (0.6) | −1.68*** (−3.2) | −7.56*** (−10.4) | −0.42 (−0.5) | −3.53*** (−5.6) | −3.11 (−1.0) | 16,679 |
| INDO | 12.57*** (10.7) | −0.54* (−1.9) | 0.46 (0.4) | −3.75*** (−2.7) | −4.33** (−2.1) | −1.70** (−2.4) | 8.24 (1.5) | 3,406 |
| S.KR | 14.67*** (25.8) | 0.93*** (6.8) | −3.66*** (−5.9) | −5.51*** (−7.9) | −1.54** (−2.3) | −4.38*** (−7.9) | −18.92*** (−7.2) | 15,964 |
| MX | 19.97*** (10.1) | 0.31 (0.7) | −5.14*** (−3.8) | 2.90 (1.3) | −1.40 (−0.5) | −4.41** (−2.2) | −8.64 (−0.9) | 975 |
| NG | 1.54 (0.4) | 1.21 (1.3) | 1.10 (0.5) | −8.86** (−2.6) | −1.86 (−0.4) | −11.85** (−2.2) | −23.58 (−1.4) | 351 |
| PK | 4.62** (2.1) | −2.11*** (−4.0) | −2.39 (−1.5) | −14.16*** (−6.2) | −2.48 (−0.9) | −3.23 (−1.4) | 40.83*** (4.3) | 2,080 |
| PH | −1.37 (−0.4) | 0.32 (0.3) | 11.41 (1.6) | −5.05 (−1.0) | −2.07 (−0.3) | −26.8*** (−4.4) | −10.57 (−0.6) | 1,404 |
| RS | 5.53*** (4.7) | −2.48*** (−7.3) | −1.19 (−1.1) | −4.29*** (−3.0) | −1.38 (−0.8) | −1.50 (−1.6) | 44.43*** (6.8) | 3,549 |
| SA | 1.38** (2.1) | −0.11 (−0.4) | −2.96*** (−2.8) | −5.11*** (−3.5) | −0.82 (−0.5) | −6.38*** (−4.5) | 1.29 (0.3) | 1,586 |
| TR | 3.27*** (3.9) | −1.57*** (−4.2) | −0.47 (−0.4) | −4.81*** (−3.4) | −1.57 (−0.9) | −2.67* (−1.7) | 27.27*** (3.8) | 2,405 |
| VN | 5.89*** (5.7) | 0.69** (2.4) | −8.21*** (−6.9) | −10.79*** (−8.1) | −2.33* (−1.7) | −5.82*** (−4.8) | −11.68** (−2.4) | 4,290 |
| INV | FRQ | Size | LEV | TANG | FSLACK | PROF | CONS | OBS |
|---|---|---|---|---|---|---|---|---|
| All | 8.78*** ( | 0.32** | −2.60*** ( | −7.97*** ( | −3.99*** ( | −4.51*** ( | −6.71** | 84,084 |
| BR | 10.43*** ( | −2.17*** ( | 2.56** | −6.82*** ( | 0.57 | −4.21*** ( | 42.5*** ( | 2,444 |
| CH | 9.70*** ( | 0.55*** ( | −3.4*** | −9.45*** ( | −7.27*** ( | −5.07*** ( | −10.26*** ( | 27,859 |
| EG | 8.65*** | −3.62*** ( | −22.18*** ( | −26.67*** ( | 6.59 | 4.06 | 73.71*** ( | 1,092 |
| IN | 7.32*** ( | 0.09 | −1.68*** | −7.56*** ( | −0.42 | −3.53*** | −3.11 | 16,679 |
| INDO | 12.57*** ( | −0.54* | 0.46 | −3.75*** ( | −4.33** | −1.70** | 8.24 | 3,406 |
| S.KR | 14.67*** ( | 0.93*** | −3.66*** ( | −5.51*** ( | −1.54** | −4.38*** ( | −18.92*** ( | 15,964 |
| MX | 19.97*** ( | 0.31 | −5.14*** ( | 2.90 | −1.40 | −4.41** ( | −8.64 | 975 |
| NG | 1.54 | 1.21 | 1.10 | −8.86** | −1.86 | −11.85** ( | −23.58 | 351 |
| PK | 4.62** | −2.11*** ( | −2.39 | −14.16*** ( | −2.48 | −3.23 | 40.83*** ( | 2,080 |
| PH | −1.37 | 0.32 | 11.41 | −5.05 | −2.07 | −26.8*** ( | −10.57 | 1,404 |
| RS | 5.53*** ( | −2.48*** ( | −1.19 | −4.29*** ( | −1.38 | −1.50 | 44.43*** ( | 3,549 |
| SA | 1.38** | −0.11 | −2.96*** ( | −5.11*** ( | −0.82 | −6.38*** ( | 1.29 | 1,586 |
| TR | 3.27*** ( | −1.57*** ( | −0.47 | −4.81*** ( | −1.57 | −2.67* | 27.27*** ( | 2,405 |
| VN | 5.89*** ( | 0.69** | −8.21*** ( | −10.79*** ( | −2.33* | −5.82*** ( | −11.68** ( | 4,290 |
Note(s): *, **,*** represent the significance level at 10%, 5% and 1%, respectively. t-Values are reported in parentheses
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