Multiple regression, with the inclusion of control variables in an unbalanced data panel, 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 | |
| Qt−1 | 0.0182*** (0.003) | 0.0197*** (0.004) | 0.0210*** (0.006) |
| CF | 0.2024*** (0.019) | 0.1867*** (0.023) | 0.2488*** (0.042) |
| TANG | 0.1299*** (0.009) | 0.1342*** (0.011) | 0.1195*** (0.016) |
| SIZ | −0.0138*** (0.004) | −0.0135** (0.004) | −0.0248* (0.011) |
| SC | −0.0055 (0.004) | −0.0043 (0.004) | 0.0012 (0.007) |
| DBT | 0.0034* (0.002) | 0.0012 (0.002) | 0.0085* (0.004) |
| Fixed effects of firm and time | Yes | Yes | Yes |
| N | 2530 | 1729 | 801 |
| R2 | 0.2860 | 0.2886 | 0.3291 |
| F | 47.63 | 30.77 | 16.30 |
| Independent variables | General sample | Without BNDES | With BNDES |
|---|---|---|---|
| 0.0182 | 0.0197 | 0.0210 | |
| 0.2024 | 0.1867 | 0.2488 | |
| 0.1299 | 0.1342 | 0.1195 | |
| −0.0138 | −0.0135 | −0.0248 | |
| −0.0055 (0.004) | −0.0043 (0.004) | 0.0012 (0.007) | |
| 0.0034 | 0.0012 (0.002) | 0.0085 | |
| Fixed effects of firm and time | Yes | Yes | Yes |
| 2530 | 1729 | 801 | |
| 0.2860 | 0.2886 | 0.3291 | |
| 47.63 | 30.77 | 16.30 |
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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