Table 3

Relationship between ownership and cash holding

CASH1CASH2
(1)(2)(3)(4)(5)(6)
FO0.0715*** 0.0806***0.0816*** 0.0917***
[0.0199] [0.0200][0.0199] [0.0201]
SO 0.0191*0.0260** 0.0208**0.0286***
 [0.0106][0.0106] [0.0105][0.0105]
SIZE−0.00060.0016−0.0011−0.0027−0.0001−0.0032*
[0.0021][0.0019][0.0020][0.0019][0.0017][0.0019]
GROWTH−0.0210***−0.0184***−0.0199***−0.0692***−0.0662***−0.0680***
[0.0060][0.0058][0.0059][0.0047][0.0045][0.0046]
PROFIT0.2441***0.2419***0.2276***0.1668***0.1649***0.1486***
[0.0325][0.0330][0.0330][0.0280][0.0284][0.0282]
TDA−0.1763***−0.1853***−0.1732***−0.1668***−0.1772***−0.1634***
[0.0160][0.0160][0.0157][0.0151][0.0151][0.0147]
Constant0.1656***0.1036**0.1701***0.2575***0.1868***0.2624***
[0.0541][0.0512][0.0536][0.0514][0.0468][0.0510]
N6,8266,8266,8266,8266,8266,826
R20.21760.21310.22090.25890.25310.2628

Note(s): The table presents the POLS results for Equation (1). Standard errors are in parentheses. The superscripts *, ** and *** indicate significance at the 5, 1 and 0.1% levels, respectively

Source(s): Authors' own calculation

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