The effect of hold-up by employees
| (1) Cash | (2) Cash | (3) Cash | ||||
|---|---|---|---|---|---|---|
| Coefficients | t-statistic | Coefficients | t-statistic | Coefficients | t-statistic | |
| Heter | 0.007 | (0.449) | 0.019* | (1.673) | −0.015 | (−1.002) |
| Heter×Perdis | 0.058*** | (3.486) | 0.050*** | (2.953) | ||
| Perdis | 0.047*** | (3.426) | 0.001 | (0.464) | 0.041*** | (2.917) |
| Heter×Rail | 0.049*** | (3.841) | 0.041*** | (3.160) | ||
| Rail | 0.012*** | (4.078) | 0.051*** | (4.826) | 0.045*** | (4.139) |
| Ocf | 0.204*** | (13.470) | 0.203*** | (13.374) | 0.204*** | (13.464) |
| Sdsale | 0.164*** | (4.220) | 0.165*** | (4.210) | 0.163*** | (4.197) |
| Lev | −0.238*** | (−22.777) | −0.239*** | (−22.764) | −0.239*** | (−22.785) |
| Size | −0.000 | (−0.177) | −0.000 | (−0.080) | −0.000 | (−0.156) |
| Btm | −0.016*** | (−2.819) | −0.016*** | (−2.840) | −0.016*** | (−2.878) |
| Indcomp | −0.196*** | (−5.446) | −0.198*** | (−5.512) | −0.198*** | (−5.506) |
| Dual | 0.007** | (2.364) | 0.007** | (2.278) | 0.007** | (2.307) |
| Firstshr | 0.024** | (2.392) | 0.024** | (2.390) | 0.024** | (2.371) |
| Age | −0.001*** | (−2.821) | −0.001*** | (−2.772) | −0.001*** | (−2.807) |
| Soe | 0.004 | (1.031) | 0.004 | (1.030) | 0.003 | (0.966) |
| Constant | 0.164*** | (4.390) | 0.170*** | (4.561) | 0.146*** | (3.921) |
| Industry fixed effects | Yes | Yes | Yes | |||
| Year fixed effects | Yes | Yes | Yes | |||
| Observations | 26,890 | 26,890 | 26,890 | |||
| Adjusted R-squared | 0.234 | 0.234 | 0.234 | |||
| (1) | (2) | (3) | ||||
|---|---|---|---|---|---|---|
| Coefficients | Coefficients | Coefficients | ||||
| 0.007 | (0.449) | 0.019* | (1.673) | −0.015 | (−1.002) | |
| 0.204*** | (13.470) | 0.203*** | (13.374) | 0.204*** | (13.464) | |
| 0.164*** | (4.220) | 0.165*** | (4.210) | 0.163*** | (4.197) | |
| −0.238*** | (−22.777) | −0.239*** | (−22.764) | −0.239*** | (−22.785) | |
| −0.000 | (−0.177) | −0.000 | (−0.080) | −0.000 | (−0.156) | |
| −0.016*** | (−2.819) | −0.016*** | (−2.840) | −0.016*** | (−2.878) | |
| −0.196*** | (−5.446) | −0.198*** | (−5.512) | −0.198*** | (−5.506) | |
| 0.007** | (2.364) | 0.007** | (2.278) | 0.007** | (2.307) | |
| 0.024** | (2.392) | 0.024** | (2.390) | 0.024** | (2.371) | |
| −0.001*** | (−2.821) | −0.001*** | (−2.772) | −0.001*** | (−2.807) | |
| 0.004 | (1.031) | 0.004 | (1.030) | 0.003 | (0.966) | |
| Constant | 0.164*** | (4.390) | 0.170*** | (4.561) | 0.146*** | (3.921) |
| Industry fixed effects | Yes | Yes | Yes | |||
| Year fixed effects | Yes | Yes | Yes | |||
| Observations | 26,890 | 26,890 | 26,890 | |||
| Adjusted | 0.234 | 0.234 | 0.234 | |||
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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