Results of investment equations
| Dependent variable: Net investment | ||||||||
|---|---|---|---|---|---|---|---|---|
| Eq. No. | Sales Growth | Cash flow | MB | GDP | FDev | MDev | Growth | F Test |
| 4.1 | −0.0112 (−0.58) | 0.0264* (1.64) | 0.0067* (1.92) | 0.27*** (5.97) | – | – | – | 10.77 (0.00) |
| 4.2 | 0.0009 (0.25) | 0.023** (2.22) | – | – | 0.160** (2.45) | 0.340*** (4.34) | 0.3495*** (3.45) | 4.86 (0.00) |
| 4.3 | 0.0010 (0.27) | 0.023** (2.16) | 0.0170 (1.43) | 0.25*** (6.03) | 0.135** (2.32) | 0.330*** (4.30) | 0.336*** (3.41) | 7.59 (0.00) |
| Dependent variable: Net investment | ||||||||
|---|---|---|---|---|---|---|---|---|
| Eq. No. | Sales Growth | Cash flow | MB | GDP | FDev | MDev | Growth | F Test |
| 4.1 | −0.0112 (−0.58) | 0.0264 | 0.0067 | 0.27 | – | – | – | 10.77 (0.00) |
| 4.2 | 0.0009 (0.25) | 0.023 | – | – | 0.160 | 0.340 | 0.3495 | 4.86 (0.00) |
| 4.3 | 0.0010 (0.27) | 0.023 | 0.0170 (1.43) | 0.25 | 0.135 | 0.330 | 0.336 | 7.59 (0.00) |
Notes:
t-values in parentheses. ***Significant at 1%, **significant at 5%, *significant at 10%. N = 1311
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