AFI and firm performance – large foreign investors and firm size subsamples
| Qt+1 | Qt+2 | Qt+3 | Qt+4 | Qt+5 | Qt+1 | Qt+2 | Qt+3 | Qt+4 | Qt+5 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Panel A. Firm size | ||||||||||
| Large firms | Small firms | |||||||||
| AFIt | 0.63*** | 0.49** | 0.38* | 0.41* | 0.29 | 0.36 | 0.31 | 0.30 | 0.29 | 0.25 |
| (2.72) | (2.17) | (1.76) | (2.18) | (1.48) | (0.96) | (0.81) | (0.80) | (0.80) | (0.69) | |
| Controlst | yes | yes | yes | yes | yes | yes | yes | yes | yes | yes |
| N | 6,642 | 6,355 | 6,058 | 5,831 | 5,581 | 6,573 | 6,214 | 5,885 | 5,642 | 5,397 |
| Q | Q | Q | Q | Q | Q | Q | Q | Q | Q | |
|---|---|---|---|---|---|---|---|---|---|---|
| Panel A. Firm size | ||||||||||
| Large firms | Small firms | |||||||||
| AFI | 0.63*** | 0.49** | 0.38* | 0.41* | 0.29 | 0.36 | 0.31 | 0.30 | 0.29 | 0.25 |
| (2.72) | (2.17) | (1.76) | (2.18) | (1.48) | (0.96) | (0.81) | (0.80) | (0.80) | (0.69) | |
| Controls | yes | yes | yes | yes | yes | yes | yes | yes | yes | yes |
| 6,642 | 6,355 | 6,058 | 5,831 | 5,581 | 6,573 | 6,214 | 5,885 | 5,642 | 5,397 | |
| Panel B. With large foreign investors | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Firms with large foreign investors | Firms without large foreign investors | |||||||||
| AFIt | 0.21 | 0.30 | 0.00 | 0.02 | −0.11 | 1.00** | 0.97* | 0.75 | 0.71 | 0.73 |
| (0.96) | (0.16) | (0.01) | (0.13) | (−0.56) | (1.97) | (1.90) | (1.55) | (1.48) | (1.53) | |
| Controlst | yes | yes | yes | yes | yes | yes | yes | yes | yes | yes |
| N | 6,077 | 5,814 | 5,552 | 5,355 | 5,139 | 7,138 | 6,755 | 6,391 | 6,118 | 5,839 |
| Panel B. With large foreign investors | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Firms with large foreign investors | Firms without large foreign investors | |||||||||
| AFI | 0.21 | 0.30 | 0.00 | 0.02 | −0.11 | 1.00** | 0.97* | 0.75 | 0.71 | 0.73 |
| (0.96) | (0.16) | (0.01) | (0.13) | (−0.56) | (1.97) | (1.90) | (1.55) | (1.48) | (1.53) | |
| Controls | yes | yes | yes | yes | yes | yes | yes | yes | yes | yes |
| 6,077 | 5,814 | 5,552 | 5,355 | 5,139 | 7,138 | 6,755 | 6,391 | 6,118 | 5,839 | |
Note(s): This table reports the subsample analysis for Equation (2). Firms with large foreign investors are firms whose shares are held by large foreign investors (>5% of total firm shares) at any quarter during the sample period. Large (small) firms are firms in the first (second) half of the sample by firms’ total assets at each quarter. Controls are control variables used in Equation (2). The subscript t indicates the current quarter. Standard errors are clustered at the firm-quarter level. t-statistics in the parentheses. *, ** and *** indicate statistical significance at the 10, 5 and 1% levels, respectively
Source(s): Authors' own work