Robustness alternative groups and modelling
| (1) | (2) | |
|---|---|---|
| Variables | Excluding large sample | Change analyses |
| PostIFRS-9 | 0.093** (2.130) | |
| Post | −0.068** (−2.271) | 0.004** (2.185) |
| IFRS-9 | −0.087*** (−3.177) | |
| Sales | −0.048** (−2.366) | −0.002* (1.77) |
| Trade receivables | 0.011** (2.301) | 0.008*** (3.348) |
| Trade payables | 0.000 (1.540) | 0.000 (0.976) |
| Growth opportunities | 0.074*** (2.767) | 0.001** (2.318) |
| Leverage | 0.111** (2.488) | 0.007** (2.624) |
| Profitability | −0.014 (−1.264) | −0.003 (-0.976) |
| Finance cost | −0.429*** (−7.160) | −0.018*** (−3.192) |
| Firm size | 1.107*** (5.618) | 0.013*** (2.537) |
| Domestic credit (credit) | −0.006** (2.17) | −0.011* (1.65) |
| Real interest rate (RIR) | 0.009 (0.88) | 0.031 (1.21) |
| GDP growth rate | 0.001 (1.45) | 0.004 1.48) |
| GDP per capita | 0.046* (1.88) | 0.042 (1.06) |
| Constant | 5.813** (2.262) | 0.095** (2.421) |
| Industry effect | Yes | Yes |
| Year effect | Yes | Yes |
| Observations | 19992 | 18668 |
| R-squared | 0.363 | 0.492 |
| (1) | (2) | |
|---|---|---|
| Variables | Excluding large sample | Change analyses |
| PostIFRS-9 | 0.093 | |
| Post | −0.068 | 0.004 |
| IFRS-9 | −0.087 | |
| Sales | −0.048 | −0.002 |
| Trade receivables | 0.011 | 0.008 |
| Trade payables | 0.000 (1.540) | 0.000 (0.976) |
| Growth opportunities | 0.074 | 0.001 |
| Leverage | 0.111 | 0.007 |
| Profitability | −0.014 (−1.264) | −0.003 (-0.976) |
| Finance cost | −0.429 | −0.018 |
| Firm size | 1.107 | 0.013 |
| Domestic credit (credit) | −0.006 | −0.011 |
| Real interest rate (RIR) | 0.009 (0.88) | 0.031 (1.21) |
| GDP growth rate | 0.001 (1.45) | 0.004 1.48) |
| GDP per capita | 0.046 | 0.042 (1.06) |
| Constant | 5.813 | 0.095 |
| Industry effect | Yes | Yes |
| Year effect | Yes | Yes |
| Observations | 19992 | 18668 |
| R-squared | 0.363 | 0.492 |
Note(s): This table presents the results of excluding US firms and change analysis. The dependable variable in column 1 is Cash holding measured as the ratio of total cash and cash equivalent to total tangible assets. The dependent variable in column 2 is annual changes in cash holdings. Robust t-statistics in parentheses ***p < 0.01; **p < 0.05; *p < 0.1
Source(s): Created by author