Human resource heterogeneity and cash holdings
| Cash | ||
|---|---|---|
| Coefficients | t-statistic | |
| Heter | 0.054*** | (5.482) |
| Ocf | 0.203*** | (13.376) |
| Sdsale | 0.168*** | (4.307) |
| Lev | −0.241*** | (−23.005) |
| Size | 0.000 | (0.025) |
| Btm | −0.015*** | (−2.753) |
| Indcomp | −0.199*** | (−5.530) |
| Dual | 0.007** | (2.428) |
| Firstshr | 0.025** | (2.490) |
| Age | −0.001*** | (−2.802) |
| Soe | 0.004 | (1.187) |
| Constant | 0.191*** | (5.146) |
| Industry fixed effects | Yes | |
| Year fixed effects | Yes | |
| Observations | 26,890 | |
| Adjusted R-squared | 0.231 | |
| Coefficients | ||
|---|---|---|
| 0.203*** | (13.376) | |
| 0.168*** | (4.307) | |
| −0.241*** | (−23.005) | |
| 0.000 | (0.025) | |
| −0.015*** | (−2.753) | |
| −0.199*** | (−5.530) | |
| 0.007** | (2.428) | |
| 0.025** | (2.490) | |
| −0.001*** | (−2.802) | |
| 0.004 | (1.187) | |
| Constant | 0.191*** | (5.146) |
| Industry fixed effects | Yes | |
| Year fixed effects | Yes | |
| Observations | 26,890 | |
| Adjusted | 0.231 | |
Note(s): *, ** and *** represent significance levels of 0.10, 0.05 and 0.01, respectively. OLS regression is adopted and standard errors are clustered at firm level
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