Table A2

POLS with lagged explanatory variables

CASH1CASH2
(1)(2)(3)(4)(5)(6)
L.FO0.0635*** 0.0737***0.0749*** 0.0863***
[0.0209] [0.0210][0.0206] [0.0207]
L.SO 0.0213*0.0278** 0.0236**0.0313***
 [0.0109][0.0109] [0.0110][0.0109]
L.SIZE−0.00180.0002−0.0023−0.0042**−0.0018−0.0048**
[0.0022][0.0020][0.0021][0.0020][0.0018][0.0020]
L.GROWTH−0.0158**−0.0132**−0.0147**−0.0533***−0.0504***−0.0522***
[0.0062][0.0060][0.0061][0.0046][0.0044][0.0044]
L.PROFIT0.2191***0.2152***0.2017***0.1259***0.1221***0.1063***
[0.0353][0.0358][0.0359][0.0296][0.0302][0.0299]
L.TDA−0.1710***−0.1793***−0.1680***−0.1627***−0.1725***−0.1593***
[0.0163][0.0161][0.0161][0.0157][0.0155][0.0153]
Constant0.1880***0.1307**0.1945***0.2908***0.2234***0.2981***
[0.0576][0.0536][0.0571][0.0545][0.0492][0.0542]
N6,1306,1306,1306,1306,1306,130
R20.20920.20650.21310.22370.21980.2283

Source(s): Authors' own calculation

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