Sensitivity analyses
| Firm size | Industrial analyses | Market power | |||||
|---|---|---|---|---|---|---|---|
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | |
| Manufacturing | Services | Others | |||||
| Variables | Large firms | Small firms | SIC 2000–3999 | SIC 7000–8900 | SIC 1000,4000–5900 | High power | Low power |
| PostIFRS-9 | 0.009*** | 0.006** | 0.032*** | 0.026*** | 0.011** | 0.009* | 0.026** |
| (2.815) | (2.510) | (3.173) | (3.047) | (2.392) | (2.451) | (2.364) | |
| Post | −0.008 | −0.009 | −0.029* | −0.023 | −0.019 | −0.011 | −0.039 |
| (−1.213) | (−1.314) | (−1.900) | (−1.353) | (−0.983) | (−0.951) | (−1.641) | |
| IFRS-9 | −0.043*** | −0.037** | −0.046** | −0.072*** | 0.004** | −0.076** | −0.006** |
| (−3.356) | (−2.296) | (−2.710) | (−3.625) | (2.401) | (−2.323) | (−2.034) | |
| Constant | 0.119* | 0.097** | 0.145*** | 0.135*** | −0.017** | 0.112* | −0.049** |
| (1.796) | (2.073) | (2.674) | (2.590) | (−2.146) | (1.837) | (−2.348) | |
| Controls | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Industry effect | Yes | Yes | Yes | Yes | |||
| Year effect | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| R-squared | 0.238 | 0.187 | 0.152 | 0.139 | 0.147 | 0.162 | 0.183 |
| Firm size | Industrial analyses | Market power | |||||
|---|---|---|---|---|---|---|---|
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | |
| Manufacturing | Services | Others | |||||
| Variables | Large firms | Small firms | SIC 2000–3999 | SIC 7000–8900 | SIC 1000,4000–5900 | High power | Low power |
| PostIFRS-9 | 0.009 | 0.006 | 0.032 | 0.026 | 0.011 | 0.009 | 0.026 |
| (2.815) | (2.510) | (3.173) | (3.047) | (2.392) | (2.451) | (2.364) | |
| Post | −0.008 | −0.009 | −0.029 | −0.023 | −0.019 | −0.011 | −0.039 |
| (−1.213) | (−1.314) | (−1.900) | (−1.353) | (−0.983) | (−0.951) | (−1.641) | |
| IFRS-9 | −0.043 | −0.037 | −0.046 | −0.072 | 0.004 | −0.076 | −0.006 |
| (−3.356) | (−2.296) | (−2.710) | (−3.625) | (2.401) | (−2.323) | (−2.034) | |
| Constant | 0.119 | 0.097 | 0.145 | 0.135 | −0.017 | 0.112 | −0.049 |
| (1.796) | (2.073) | (2.674) | (2.590) | (−2.146) | (1.837) | (−2.348) | |
| Controls | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Industry effect | Yes | Yes | Yes | Yes | |||
| Year effect | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| R-squared | 0.238 | 0.187 | 0.152 | 0.139 | 0.147 | 0.162 | 0.183 |
Note(s):
This table presents the results of sensitivity analysis based on firm size, industry and market power. The depend variable in is Cash holding measured as the ratio of total cash and cash equivalent to total tangible assets. Robust t-statistics in parentheses ***p < 0.01; **p < 0.05; *p < 0.1
Source(s): Created by author