Table 4. Investor horizon and market... | Emerald Publishing

Table 4.

Investor horizon and market valuation–investment link

Dependent variable: Net investment
S. No.	Quartiles	Sales growth	Cashflow	FDev	MDev	Growth	F Test
1	Top quartile (N = 327)	−0.0196 (−1.18)	0.042* (1.81)	0.2193 (1.20)	0.155** (2.62)	−0.1930 (−0.38)	1.92 (0.08)
2	2nd quartile (N = 327)	−0.0558 (−0.19)	0.025** (2.19)	0.1151 (1.11)	0.239*** (3.25)	0.264* (1.65)	2.62 (0.02)
3	3rd quartile (N = 327)	0.0033 (1.09)	0.0210 (0.82)	0.2511 (1.67)	0.416** (2.03)	0.7454 (1.29)	2.5 ( 0.02)
4	Bottom quartile (N = 327)	−0.0163 (−1.54)	0.045* (1.88)	0.2632 (1.75)	0.357** (2.81)	0.345** (2.63)	12.17 (0.03)

Dependent variable: Net investment
S. No.	Quartiles	Sales growth	Cashflow	FDev	MDev	Growth	F Test
1	Top quartile (N = 327)	−0.0196 (−1.18)	0.042* (1.81)	0.2193 (1.20)	0.155** (2.62)	−0.1930 (−0.38)	1.92 (0.08)
2	2nd quartile (N = 327)	−0.0558 (−0.19)	0.025** (2.19)	0.1151 (1.11)	0.239*** (3.25)	0.264* (1.65)	2.62 (0.02)
3	3rd quartile (N = 327)	0.0033 (1.09)	0.0210 (0.82)	0.2511 (1.67)	0.416** (2.03)	0.7454 (1.29)	2.5 ( 0.02)
4	Bottom quartile (N = 327)	−0.0163 (−1.54)	0.045* (1.88)	0.2632 (1.75)	0.357** (2.81)	0.345** (2.63)	12.17 (0.03)

Notes:

t-values in parentheses. ***Significant at 1%, **significant at 5%, *significant at 10%

Source: Author’s estimation