Multiple regression, comparing the base investment-cash flow sensitivity model with the inclusion of interaction variables, in an unbalanced data panel, in the observations of company-years that contracted and did not contract BNDES loans
| Independent variables | General sample (Fixed effects) | General sample (Fixed effects) |
|---|---|---|
| INV | INV | |
| Qt−1 | 0.0182*** (0.003) | 0.0176*** (0.003) |
| CF | 0.2024*** (0.019) | 0.1880*** (0.020) |
| TANG | 0.1299*** (0.009) | 0.1285*** (0.009) |
| SIZ | −0.0138*** (0.004) | −0.0147*** (0.004) |
| SC | −0.0055 (0.004) | −0.0045 (0.004) |
| DBT | 0.0034* (0.002) | 0.0034* (0.002) |
| CF * BNDES | 0.0818*** (0.023) | |
| Fixed effects of firm and time | Yes | Yes |
| N | 2530 | 2530 |
| R2 | 0.2860 | 0.2902 |
| F | 47.63 | 46.06 |
| Independent variables | General sample (Fixed effects) | General sample (Fixed effects) |
|---|---|---|
| 0.0182 | 0.0176 | |
| 0.2024 | 0.1880 | |
| 0.1299 | 0.1285 | |
| −0.0138 | −0.0147 | |
| −0.0055 (0.004) | −0.0045 (0.004) | |
| 0.0034* (0.002) | 0.0034* (0.002) | |
| 0.0818 | ||
| Fixed effects of firm and time | Yes | Yes |
| 2530 | 2530 | |
| 0.2860 | 0.2902 | |
| 47.63 | 46.06 |
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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