Table 2. Multiple regression with...

Table 2.

Multiple regression with unbalanced panel data from the investment-cash flow sensitivity model in observations of company-years that contracted and did not contract BNDES loans

Independent variables	General sample (Fixed effects)	Without BNDES (Fixed effects)	With BNDES (Fixed effects)
	INV	INV	INV
Q_t−1	0.0149*** (0.003)	0.0151*** (0.003)	0.0202*** (0.006)
CF	0.1902*** (0.017)	0.1790*** (0.019)	0.2143*** (0.039)
TANG	0.1434*** (0.008)	0.1481*** (0.009)	0.1268*** (0.016)
Fixed effects of firm and time	Yes	Yes	Yes
N	2885	2081	804
R²	0.2864	0.2898	0.3189
F	66.13	45.92	18.82

Independent variables	General sample(Fixed effects)	Without BNDES(Fixed effects)	With BNDES(Fixed effects)
	INV	INV	INV
Q_t−1	0.0149*** (0.003)	0.0151*** (0.003)	0.0202*** (0.006)
CF	0.1902*** (0.017)	0.1790*** (0.019)	0.2143*** (0.039)
TANG	0.1434*** (0.008)	0.1481*** (0.009)	0.1268*** (0.016)
Fixed effects of firm and time	Yes	Yes	Yes
N	2885	2081	804
R²	0.2864	0.2898	0.3189
F	66.13	45.92	18.82

Notes:

The t statistics are in parentheses. The asterisks *, ** and *** represent statistical significance at the 5, 1 and 0.1% levels, respectively

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