Table 4 Relationship between ownership...

Table 4

Relationship between ownership and cash holding – test for different periods

	Noncrisis		GFC		COVID-19
	CASH1	CASH2	CASH1	CASH2	CASH1	CASH2
	(1)	(2)	(3)	(4)	(5)	(6)
FO	0.0843***	0.0993***	0.0018	0.0483	0.0764***	0.0764***
FO	[0.0228]	[0.0235]	[0.0698]	[0.0528]	[0.0286]	[0.0220]
SO	0.0291**	0.0325***	0.0127	0.0121	0.0206	0.0236*
SO	[0.0115]	[0.0116]	[0.0306]	[0.0256]	[0.0139]	[0.0122]
SIZE	−0.0012	−0.0037*	0.003	−0.0019	−0.0018	−0.003
SIZE	[0.0023]	[0.0022]	[0.0059]	[0.0048]	[0.0021]	[0.0019]
GROWTH	−0.0236***	−0.0789***	0.0022	−0.0524***	−0.0141**	−0.0436***
GROWTH	[0.0072]	[0.0056]	[0.0156]	[0.0126]	[0.0063]	[0.0046]
PROFIT	0.2471***	0.1768***	0.0673	−0.0152	0.1785***	0.1024***
PROFIT	[0.0392]	[0.0333]	[0.0958]	[0.0646]	[0.0422]	[0.0375]
TDA	−0.1801***	−0.1716***	−0.1727***	−0.1291***	−0.1409***	−0.1231***
TDA	[0.0173]	[0.0166]	[0.0407]	[0.0372]	[0.0180]	[0.0162]
Constant	0.1576**	0.2647***	0.0771	0.2324*	0.1407**	0.2008***
Constant	[0.0611]	[0.0594]	[0.1522]	[0.1191]	[0.0581]	[0.0530]
N	5,140	5140	489	489	1,197	1,197
R²	0.2327	0.2712	0.1597	0.1846	0.1768	0.2394

	Noncrisis		GFC		COVID-19
	CASH1	CASH2	CASH1	CASH2	CASH1	CASH2
	(1)	(2)	(3)	(4)	(5)	(6)
FO	0.0843***	0.0993***	0.0018	0.0483	0.0764***	0.0764***
FO	[0.0228]	[0.0235]	[0.0698]	[0.0528]	[0.0286]	[0.0220]
SO	0.0291**	0.0325***	0.0127	0.0121	0.0206	0.0236*
SO	[0.0115]	[0.0116]	[0.0306]	[0.0256]	[0.0139]	[0.0122]
SIZE	−0.0012	−0.0037*	0.003	−0.0019	−0.0018	−0.003
SIZE	[0.0023]	[0.0022]	[0.0059]	[0.0048]	[0.0021]	[0.0019]
GROWTH	−0.0236***	−0.0789***	0.0022	−0.0524***	−0.0141**	−0.0436***
GROWTH	[0.0072]	[0.0056]	[0.0156]	[0.0126]	[0.0063]	[0.0046]
PROFIT	0.2471***	0.1768***	0.0673	−0.0152	0.1785***	0.1024***
PROFIT	[0.0392]	[0.0333]	[0.0958]	[0.0646]	[0.0422]	[0.0375]
TDA	−0.1801***	−0.1716***	−0.1727***	−0.1291***	−0.1409***	−0.1231***
TDA	[0.0173]	[0.0166]	[0.0407]	[0.0372]	[0.0180]	[0.0162]
Constant	0.1576**	0.2647***	0.0771	0.2324*	0.1407**	0.2008***
Constant	[0.0611]	[0.0594]	[0.1522]	[0.1191]	[0.0581]	[0.0530]
N	5,140	5140	489	489	1,197	1,197
R²	0.2327	0.2712	0.1597	0.1846	0.1768	0.2394

Note(s): The table presents the POLS results of the relationship between ownership and cash holding of Vietnamese listed firms over (1) a noncrisis period, (2) GFC and (3) COVID-19. 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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