Regression results for VC from Equation (4)
| Models | EVi,t | EVi,t+1 | EVi,t+2 | EVi,t+3 | EVi,t+4 |
|---|---|---|---|---|---|
| VCi | −0.0523*** (0.0142) | 0.0245* (0.0134) | 0.0430*** (0.0144) | 0.0498*** (0.0165) | 0.0575*** (0.0190) |
| SIZEi,t | 0.860*** (0.00462) | 0.756*** (0.00440) | 0.711*** (0.00474) | 0.678*** (0.00544) | 0.637*** (0.00622) |
| DEBTi,t | −0.0120*** (0.000269) | −0.00909*** (0.000255) | −0.00790*** (0.000272) | −0.00777*** (0.000310) | −0.00763*** (0.000352) |
| β0 | 4.109*** (0.0975) | 6.434*** (0.0926) | 7.459*** (0.0995) | 8.292*** (0.114) | 9.338*** (0.130) |
| αt | Yes | Yes | Yes | Yes | Yes |
| γi | Yes | Yes | Yes | Yes | Yes |
| N | 17,393 | 15,808 | 14,223 | 12,638 | 11,053 |
| Models | |||||
|---|---|---|---|---|---|
| −0.0523*** (0.0142) | 0.0245* (0.0134) | 0.0430*** (0.0144) | 0.0498*** (0.0165) | 0.0575*** (0.0190) | |
| 0.860*** (0.00462) | 0.756*** (0.00440) | 0.711*** (0.00474) | 0.678*** (0.00544) | 0.637*** (0.00622) | |
| −0.0120*** (0.000269) | −0.00909*** (0.000255) | −0.00790*** (0.000272) | −0.00777*** (0.000310) | −0.00763*** (0.000352) | |
| 4.109*** (0.0975) | 6.434*** (0.0926) | 7.459*** (0.0995) | 8.292*** (0.114) | 9.338*** (0.130) | |
| Yes | Yes | Yes | Yes | Yes | |
| Yes | Yes | Yes | Yes | Yes | |
| 17,393 | 15,808 | 14,223 | 12,638 | 11,053 |
Note(s): * significance at 10%; ** significance at 5%; *** significance at 1%
Source(s): Table created by the authors
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