Panel regression results in industry details
| INV | FRQ | Size | LEV | TANG | FSLACK | PROF | CONS | OBS |
|---|---|---|---|---|---|---|---|---|
| BM | 5.55*** (12.1) | 0.10 (0.6) | −4.97*** (−7.4) | −11.33*** (−12.4) | −5.81*** (−5.5) | −7.01*** (−8.4) | −0.07 (−0.0) | 16,029 |
| CC | 9.76*** (23.9) | 0.05 (0.4) | −1.37*** (−2.7) | −7.30*** (−10.2) | −2.60*** (−3.5) | −2.88*** (−6.9) | −1.68 (−0.7) | 16,510 |
| CNC | 5.8*** (4.7) | 0.84*** (3.3) | −0.020 (−0.0) | −5.49*** (−3.9) | −6.02*** (−4.4) | −3.28*** (−3.9) | −17.74*** (−3.6) | 7,878 |
| EN | 13.28*** (9.7) | 0.38 (1.3) | −4.53*** (−3.4) | −10.73*** (−7.1) | −1.60 (−0.9) | −3.01*** (−3.7) | −6.56 (−1.2) | 3,354 |
| HC | 11.41*** (9.7) | 0.53*** (3.2) | −3.68*** (−4.3) | −7.82*** (−7.3) | −5.67*** (−6.3) | −4.54*** (−4.8) | −10.01*** (−3.1) | 5,590 |
| IND | 11.94*** (25.6) | 0.41*** (3.4) | −1.63*** (−2.7) | −7.52*** (−10.3) | −4.22*** (−5.9) | −7.86*** (−15.1) | −8.12*** (−3.5) | 16,926 |
| RE | 1.95*** (5.6) | 0.20* (1.7) | −0.820 (−1.2) | −5.08*** (−6.6) | −0.42 (−0.5) | −4.86*** (−5.4) | −5.27** (−2.2) | 4,446 |
| TEC | 14.10*** (19.3) | 0.61*** (3.4) | −2.89*** (−2.8) | −8.10*** (−6.3) | −3.81*** (−3.7) | −2.69*** (−3.4) | −12.79*** (−3.6) | 10,218 |
| UT | 19.31*** (6.6) | 0.080 (0.1) | −7.66*** (−2.9) | −3.29 (−1.3) | −0.26 (−0.1) | −5.78*** (−3.1) | −4.42 (−0.4) | 3,133 |
| INV | FRQ | Size | LEV | TANG | FSLACK | PROF | CONS | OBS |
|---|---|---|---|---|---|---|---|---|
| BM | 5.55*** ( | 0.10 | −4.97*** ( | −11.33*** ( | −5.81*** ( | −7.01*** ( | −0.07 | 16,029 |
| CC | 9.76*** ( | 0.05 | −1.37*** ( | −7.30*** ( | −2.60*** ( | −2.88*** ( | −1.68 | 16,510 |
| CNC | 5.8*** | 0.84*** ( | −0.020 | −5.49*** ( | −6.02*** ( | −3.28*** ( | −17.74*** ( | 7,878 |
| EN | 13.28*** ( | 0.38 | −4.53*** ( | −10.73*** ( | −1.60 | −3.01*** ( | −6.56 | 3,354 |
| HC | 11.41*** ( | 0.53*** ( | −3.68*** ( | −7.82*** ( | −5.67*** ( | −4.54*** ( | −10.01*** ( | 5,590 |
| IND | 11.94*** ( | 0.41*** ( | −1.63*** ( | −7.52*** ( | −4.22*** ( | −7.86*** ( | −8.12*** ( | 16,926 |
| RE | 1.95*** | 0.20* | −0.820 | −5.08*** ( | −0.42 | −4.86*** ( | −5.27** | 4,446 |
| TEC | 14.10*** | 0.61*** ( | −2.89*** ( | −8.10*** ( | −3.81*** ( | −2.69*** ( | −12.79*** ( | 10,218 |
| UT | 19.31*** | 0.080 | −7.66*** ( | −3.29 | −0.26 | −5.78*** ( | −4.42 | 3,133 |
Note(s): *, **,*** represent the significance level at 10%, 5% and 1%, respectively. t-Values are reported in parentheses
Sharing content requires targeting cookies to be enabled. Please update your cookie preferences to use this feature.