Fixed effects regression results
| RISK1 | RISK2 | |||
|---|---|---|---|---|
| NON_EX | 0.00621*** (2.82) | 0.00702*** (3.08) | 0.00535*** (2.64) | 0.00598*** (2.86) |
| FSIZE | −0.00274*** (−3.49) | −0.00269*** (−3.46) | −0.00339*** (−4.27) | −0.00335*** (−4.26) |
| PB | 0.000396 (1.09) | 0.000390 (1.09) | 0.000407 (1.06) | 0.000402 (1.06) |
| STDEBT | −0.00171 (−1.03) | −0.00130 (−0.77) | −0.00150 (−0.91) | −0.00118 (−0.71) |
| CAPEX | 0.00209** (2.14) | 0.00997** (2.39) | 0.00157 (1.54) | 0.00768* (1.95) |
| CASH | 0.00396 (1.45) | 0.00401 (1.47) | 0.00462* (1.67) | 0.00466* (1.68) |
| DIV | −0.0164** (−2.53) | −0.0167*** (−2.62) | −0.0203*** (−3.17) | −0.0205*** (−3.24) |
| NON_EX*CAPEX | −0.0116** (−2.08) | −0.00902* (−1.73) | ||
| Constant | 0.0675*** (6.52) | 0.0659*** (6.35) | 0.0740*** (7.08) | 0.0728*** (6.93) |
| Year fixed | Yes | Yes | Yes | Yes |
| Firm fixed | Yes | Yes | Yes | Yes |
| Model fits | ||||
| Within R2 | 0.2366 | 0.2387 | 0.1263 | 01278 |
| Between R2 | 0.2538 | 0.2482 | 0.3736 | 0.3698 |
| Overall R2 | 0.2439 | 0.2429 | 0.2523 | 0.2511 |
| F-statistics | 17.19*** | 17.60*** | 7.47*** | 7.46*** |
| Hausman test | 0.0003 | 0.0002 | 0.0158 | 0.0097 |
| Obs | 1,360 | 1,360 | 1,360 | 1,360 |
| RISK1 | RISK2 | |||
|---|---|---|---|---|
| NON_EX | 0.00621*** (2.82) | 0.00702*** (3.08) | 0.00535*** (2.64) | 0.00598*** (2.86) |
| FSIZE | −0.00274*** (−3.49) | −0.00269*** (−3.46) | −0.00339*** (−4.27) | −0.00335*** (−4.26) |
| PB | 0.000396 (1.09) | 0.000390 (1.09) | 0.000407 (1.06) | 0.000402 (1.06) |
| STDEBT | −0.00171 (−1.03) | −0.00130 (−0.77) | −0.00150 (−0.91) | −0.00118 (−0.71) |
| CAPEX | 0.00209** (2.14) | 0.00997** (2.39) | 0.00157 (1.54) | 0.00768* (1.95) |
| CASH | 0.00396 (1.45) | 0.00401 (1.47) | 0.00462* (1.67) | 0.00466* (1.68) |
| DIV | −0.0164** (−2.53) | −0.0167*** (−2.62) | −0.0203*** (−3.17) | −0.0205*** (−3.24) |
| NON_EX*CAPEX | −0.0116** (−2.08) | −0.00902* (−1.73) | ||
| Constant | 0.0675*** (6.52) | 0.0659*** (6.35) | 0.0740*** (7.08) | 0.0728*** (6.93) |
| Year fixed | Yes | Yes | Yes | Yes |
| Firm fixed | Yes | Yes | Yes | Yes |
| Within | 0.2366 | 0.2387 | 0.1263 | 01278 |
| Between | 0.2538 | 0.2482 | 0.3736 | 0.3698 |
| Overall | 0.2439 | 0.2429 | 0.2523 | 0.2511 |
| 17.19*** | 17.60*** | 7.47*** | 7.46*** | |
| Hausman test | 0.0003 | 0.0002 | 0.0158 | 0.0097 |
| Obs | 1,360 | 1,360 | 1,360 | 1,360 |
Note(s): Variables are defined the same as in Table 2. Robust t-statistics adjusted for firm-level clustering are reported in parentheses. ***, ** and * denote significance at the 1%, 5% and 10% levels, respectively
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