Table 6. Regression results of cash... | Emerald Publishing

Table 6.

Regression results of cash holdings and expected equity return in larger firms. Fixed effects estimation

	Model 1		Model 2		Model 3		Model 4		Model 5
(Intercept)

MKT	0.080	^***	0.070	^***	0.070	^***	0.070	^***	0.070	^***
	(0.010)		(0.010)		(0.010)		(0.010)		(0.010)
SMB	0.020		0.020		0.020		0.010		0.020
	(0.030)		(0.030)		(0.030)		(0.030)		(0.030)
HML	−0.230	^***	−0.220	^***	−0.200	^***	−0.220	^***	−0.200	^***
	(0.030)		(0.030)		(0.030)		(0.030)		(0.030)
CH			0.030	^*	0.030	^*			−0.010
			(0.020)		(0.020)				(0.030)
CHNA							0.010
							(0.010)
CFA_ DEV									1.030
									(0.720)
R^2	0.02		0.02		0.02		0.02		0.03
Adj. R^2	0.01		0.01		0.01		0.01		0.01
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)

MKT	0.080	^***	0.070	^***	0.070	^***	0.070	^***	0.070	^***
	(0.010)		(0.010)		(0.010)		(0.010)		(0.010)
SMB	0.020		0.020		0.020		0.010		0.020
	(0.030)		(0.030)		(0.030)		(0.030)		(0.030)
HML	−0.230	^***	−0.220	^***	−0.200	^***	−0.220	^***	−0.200	^***
	(0.030)		(0.030)		(0.030)		(0.030)		(0.030)
CH			0.030	^*	0.030	^*			−0.010
			(0.020)		(0.020)				(0.030)
CHNA							0.010
							(0.010)
CFA_ DEV									1.030
									(0.720)
R^2	0.02		0.02		0.02		0.02		0.03
Adj. R^2	0.01		0.01		0.01		0.01		0.01
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