Table 5

Relationship between ownership and cash holding – GMM method

CASH1CASH2
(1)(2)(3)(4)(5)(6)
L.CASH10.6936***0.6959***0.6948***   
[0.0335][0.0326][0.0332]   
L.CASH2   0.5722***0.5733***0.5755***
   [0.0414][0.0407][0.0407]
FO0.0056* 0.0089*0.0183** 0.0217**
[0.0075] [0.0078][0.0090] [0.0094]
SO 0.0083**0.0092** 0.0084*0.0102*
 [0.0038][0.0040] [0.0055][0.0057]
SIZE0.0013***0.0012***0.0012***0.0024***0.0024***0.0023***
[0.0002][0.0002][0.0002][0.0003][0.0003][0.0003]
GROWTH−0.0077***−0.0069***−0.0071***−0.0416***−0.0404***−0.0408***
[0.0024][0.0023][0.0024][0.0036][0.0034][0.0035]
PROFIT0.1139***0.1068***0.1054***0.1464***0.1422***0.1376***
[0.0165][0.0162][0.0162][0.0162][0.0163][0.0164]
TDA−0.0616***−0.0614***−0.0609***−0.0759***−0.0766***−0.0745***
[0.0085][0.0084][0.0083][0.0112][0.0111][0.0108]
N6,7906,7906,7906,2186,2186,218
AR20.23220.22770.23090.52530.51360.5229
Hansen0.14820.15820.15980.10330.10750.1017

Note(s): Table 5 presents the GMM results for Equation (2). 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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