Multiple regression, comparing the base investment-cash flow sensitivity model with the inclusion of variables of loan form and modality, in an unbalanced data panel, in the observations of company-years that contracted BNDES loans
| Independent variables | Direct form (Fixed effects) | Indirect form (Fixed effects) | Automatic modality (Fixed effects) | Nonautomatic Modality (Fixed effects) |
|---|---|---|---|---|
| INV | INV | INV | INV | |
| Qt−1 | 0.0195 (0.011) | 0.0193* (0.008) | 0.0185* (0.007) | 0.0272* (0.013) |
| CF | 0.3476*** (0.077) | 0.1544** (0.056) | 0.1894*** (0.049) | 0.3632*** (0.097) |
| TANG | 0.0394 (0.024) | 0.2100*** (0.027) | 0.2208*** (0.026) | 0.0298 (0.028) |
| SIZ | −0.0495** (0.016) | 0.0003 (0.017) | −0.0095 (0.015) | −0.0537** (0.019) |
| SC | 0.0242* (0.011) | −0.0079 (0.012) | −0.0031 (0.010) | 0.0183 (0.015) |
| DBT | 0.0136 (0.008) | 0.0082 (0.004) | 0.0095* (0.004) | 0.0084 (0.011) |
| Fixed effects of firm and time | Yes | Yes | Yes | Yes |
| N | 316 | 485 | 540 | 261 |
| R2 | 0.3356 | 0.3504 | 0.3797 | 0.3472 |
| F | 5.22 | 9.74 | 13.02 | 4.17 |
| Independent variables | Direct form | Indirect form | Automatic modality | Nonautomatic Modality |
|---|---|---|---|---|
| 0.0195 (0.011) | 0.0193 | 0.0185 | 0.0272 | |
| 0.3476 | 0.1544 | 0.1894 | 0.3632 | |
| 0.0394 (0.024) | 0.2100 | 0.2208 | 0.0298 (0.028) | |
| −0.0495 | 0.0003 (0.017) | −0.0095 (0.015) | −0.0537 | |
| 0.0242 | −0.0079 (0.012) | −0.0031 (0.010) | 0.0183 (0.015) | |
| 0.0136 (0.008) | 0.0082 (0.004) | 0.0095 | 0.0084 (0.011) | |
| Fixed effects of firm and time | Yes | Yes | Yes | Yes |
| 316 | 485 | 540 | 261 | |
| 0.3356 | 0.3504 | 0.3797 | 0.3472 | |
| 5.22 | 9.74 | 13.02 | 4.17 |
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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