Human resource heterogeneity and value of cash
| (1) ΔRet | (2) ΔRet | |||
|---|---|---|---|---|
| Coefficients | t-statistic | Coefficients | t-statistic | |
| Heter | 0.025 | (1.369) | ||
| Heter×ΔC/M | 0.238 | (1.310) | ||
| ΔC/M | 0.251*** | (3.199) | 0.444*** | (2.772) |
| ΔE/M | 0.907*** | (15.593) | 0.906*** | (15.574) |
| ΔNA/M | 0.104*** | (2.941) | 0.103*** | (2.922) |
| ΔRD/M | 3.316*** | (6.851) | 3.344*** | (6.916) |
| ΔDiv/M | 2.575*** | (7.337) | 2.583*** | (7.359) |
| ΔInt/M | −1.185*** | (−2.737) | −1.163*** | (−2.676) |
| Lagged C/M | 0.169*** | (7.606) | 0.169*** | (7.592) |
| Lever | −0.044** | (−2.185) | −0.041** | (−2.058) |
| NF/M | −0.003 | (−0.353) | −0.003 | (−0.426) |
| Lagged C/M×ΔC/M | −0.240 | (−1.214) | −0.260 | (−1.318) |
| Lever×ΔC/M | −0.092 | (−0.496) | −0.119 | (−0.647) |
| Constant | −0.034 | (−1.404) | −0.014 | (−0.490) |
| Industry fixed effects | Yes | Yes | ||
| Year fixed effects | Yes | Yes | ||
| Observations | 22,614 | 22,614 | ||
| Adjusted R-squared | 0.050 | 0.051 | ||
| (1) Δ | (2) Δ | |||
|---|---|---|---|---|
| Coefficients | Coefficients | |||
| 0.025 | (1.369) | |||
| ΔC/M | 0.251*** | (3.199) | 0.444*** | (2.772) |
| Δ | 0.907*** | (15.593) | 0.906*** | (15.574) |
| Δ | 0.104*** | (2.941) | 0.103*** | (2.922) |
| Δ | 3.316*** | (6.851) | 3.344*** | (6.916) |
| Δ | 2.575*** | (7.337) | 2.583*** | (7.359) |
| Δ | −1.185*** | (−2.737) | −1.163*** | (−2.676) |
| 0.169*** | (7.606) | 0.169*** | (7.592) | |
| −0.044** | (−2.185) | −0.041** | (−2.058) | |
| −0.003 | (−0.353) | −0.003 | (−0.426) | |
| −0.240 | (−1.214) | −0.260 | (−1.318) | |
| −0.092 | (−0.496) | −0.119 | (−0.647) | |
| Constant | −0.034 | (−1.404) | −0.014 | (−0.490) |
| Industry fixed effects | Yes | Yes | ||
| Year fixed effects | Yes | Yes | ||
| Observations | 22,614 | 22,614 | ||
| Adjusted | 0.050 | 0.051 | ||
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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