Human resource heterogeneity and firm investment: a path analysis
| (1) Cash | (2) PPEInv | (3) UnderInv | ||||
|---|---|---|---|---|---|---|
| Coefficients | z-statistic | Coefficients | z-statistic | Coefficients | z-statistic | |
| Cash | −0.033*** | (−13.490) | 0.012*** | (13.785) | ||
| Heter | 0.054*** | (11.063) | −0.002 | (−1.095) | 0.002*** | (2.671) |
| Ocf | 0.203*** | (21.062) | 0.105*** | (27.197) | −0.023*** | (−16.193) |
| Sdsale | 0.168*** | (9.120) | −0.058*** | (−8.004) | 0.003 | (1.124) |
| Lev | −0.241*** | (−48.222) | 0.024*** | (11.820) | 0.000 | (0.366) |
| Size | 0.000 | (0.056) | 0.005*** | (16.146) | −0.001*** | (−7.537) |
| Btm | −0.015*** | (−5.009) | −0.011*** | (−9.338) | 0.002*** | (3.912) |
| Indcomp | −0.199*** | (−10.225) | −0.035*** | (−4.575) | 0.004 | (1.489) |
| Dual | 0.007*** | (4.221) | 0.004*** | (5.493) | −0.000 | (−0.264) |
| Firstshr | 0.025*** | (5.036) | −0.001 | (−0.463) | 0.001 | (0.986) |
| Age | −0.001*** | (−5.920) | −0.002*** | (−31.513) | −0.000*** | (−4.855) |
| Soe | 0.004** | (2.394) | −0.003*** | (−5.039) | −0.001** | (−2.296) |
| var(e. Cash) | 0.012*** | (115.953) | ||||
| var(e. PPEInv) | 0.002*** | (115.953) | ||||
| var(e. UnderInv) | 0.000*** | (115.953) | ||||
| Constant | 0.191*** | −0.046*** | 0.035*** | (14.343) | ||
| Industry fixed effects | Yes | Yes | Yes | |||
| Year fixed effects | Yes | Yes | Yes | |||
| Observations | 26,890 | 26,890 | 26,890 | |||
| (1) | (2) | (3) | ||||
|---|---|---|---|---|---|---|
| Coefficients | Coefficients | Coefficients | ||||
| 0.203*** | (21.062) | 0.105*** | (27.197) | −0.023*** | (−16.193) | |
| 0.168*** | (9.120) | −0.058*** | (−8.004) | 0.003 | (1.124) | |
| −0.241*** | (−48.222) | 0.024*** | (11.820) | 0.000 | (0.366) | |
| 0.000 | (0.056) | 0.005*** | (16.146) | −0.001*** | (−7.537) | |
| −0.015*** | (−5.009) | −0.011*** | (−9.338) | 0.002*** | (3.912) | |
| −0.199*** | (−10.225) | −0.035*** | (−4.575) | 0.004 | (1.489) | |
| 0.007*** | (4.221) | 0.004*** | (5.493) | −0.000 | (−0.264) | |
| 0.025*** | (5.036) | −0.001 | (−0.463) | 0.001 | (0.986) | |
| −0.001*** | (−5.920) | −0.002*** | (−31.513) | −0.000*** | (−4.855) | |
| 0.004** | (2.394) | −0.003*** | (−5.039) | −0.001** | (−2.296) | |
| var(e. | 0.012*** | (115.953) | ||||
| var(e. | 0.002*** | (115.953) | ||||
| var(e. | 0.000*** | (115.953) | ||||
| Constant | 0.191*** | −0.046*** | 0.035*** | (14.343) | ||
| Industry fixed effects | Yes | Yes | Yes | |||
| Year fixed effects | Yes | Yes | Yes | |||
| Observations | 26,890 | 26,890 | 26,890 | |||
Note(s): *, ** and *** represent significance levels of 0.10, 0.05 and 0.01, respectively
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