Table 5. Regression results of cash... | Emerald Publishing

Table 5.

Regression results of cash holdings and expected equity return

	Model 1		Model 2		Model 3		Model 4		Model 5
(Intercept)	−0.050	^***	−0.050	^***	−0.060	^***	−0.050	^***	−0.060	^***
	(0.010)		(0.010)		(0.020)		(0.010)		(0.020)
MKT	0.030	^***	0.030	^**	0.020	^*	0.030	^**	0.020	^*
	(0.010)		(0.010)		(0.010)		(0.010)		(0.010)
SMB	0.030	^*	0.030	^**	0.040	^***	0.030	^**	0.040	^***
	(0.010)		(0.010)		(0.010)		(0.010)		(0.010)
HML	−0.130	^***	−0.130	^***	−0.110	^***	−0.130	^***	−0.110	^***
	(0.020)		(0.020)		(0.020)		(0.020)		(0.020)
CH			0.030	^**	0.040	^**			0.040	^**
			(0.020)		(0.020)				(0.020)
CHNA							0.020	^*
							(0.010)
CFA_ DEV									−0.040
									(0.100)
R^2	0.010		0.010		0.020		0.010		0.020
Adj. R^2	0.010		0.010		0.020		0.010		0.020
Industry dummy	No		No		Yes		No		Yes
Observations	3.361		3.302		3.302		3.302		3.302

	Model 1		Model 2		Model 3		Model 4		Model 5
(Intercept)	−0.050	^***	−0.050	^***	−0.060	^***	−0.050	^***	−0.060	^***
	(0.010)		(0.010)		(0.020)		(0.010)		(0.020)
MKT	0.030	^***	0.030	^**	0.020	^*	0.030	^**	0.020	^*
	(0.010)		(0.010)		(0.010)		(0.010)		(0.010)
SMB	0.030	^*	0.030	^**	0.040	^***	0.030	^**	0.040	^***
	(0.010)		(0.010)		(0.010)		(0.010)		(0.010)
HML	−0.130	^***	−0.130	^***	−0.110	^***	−0.130	^***	−0.110	^***
	(0.020)		(0.020)		(0.020)		(0.020)		(0.020)
CH			0.030	^**	0.040	^**			0.040	^**
			(0.020)		(0.020)				(0.020)
CHNA							0.020	^*
							(0.010)
CFA_ DEV									−0.040
									(0.100)
R^2	0.010		0.010		0.020		0.010		0.020
Adj. R^2	0.010		0.010		0.020		0.010		0.020
Industry dummy	No		No		Yes		No		Yes
Observations	3.361		3.302		3.302		3.302		3.302

Notes:

*

10% significance level,

**

5% significance level,

***

1% significance level

Source: Own elaboration