Table 6 Dynamic panel data estimation... | Emerald Publishing

Table 6

Dynamic panel data estimation hedging and return stability

Variables	Description	Model 7	Model 8
Variables	Description	Stability	Stability
$γ$	Lagged-dependent	0.925***	0.412***
$γ$	Lagged-dependent	(0.0150)	(0.0071)
$β$	Derivatives-use Dummy		0.0143**
$β$	Derivatives-use Dummy		(0.0066)
$β$	Hedging-extent	−5.718***
$β$	Hedging-extent	(0.7020)
$ϑ$	Leverage	−0.00155***	−0.00258***
$ϑ$	Leverage	(0.0005)	(0.0003)
$ϕ$	Cashflows	0.0960***	0.0732***
$ϕ$	Cashflows	(0.0070)	(0.0104)
$π$	Tangibility	0.658***	0.0574
$π$	Tangibility	(0.0221)	(0.0436)
$λ$	Size	−0.00445	−0.00615*
$λ$	Size	(0.0096)	(0.0031)
$ϑ$	Liquidity	−0.0859***	−0.0411***
$ϑ$	Liquidity	(0.0140)	(0.0038)
AR(2)		0.81	0.82
Hansen-test		0.42	0.46

Variables	Description	Model 7	Model 8
Variables	Description	Stability	Stability
$γ$	Lagged-dependent	0.925***	0.412***
$γ$	Lagged-dependent	(0.0150)	(0.0071)
$β$	Derivatives-use Dummy		0.0143**
$β$	Derivatives-use Dummy		(0.0066)
$β$	Hedging-extent	−5.718***
$β$	Hedging-extent	(0.7020)
$ϑ$	Leverage	−0.00155***	−0.00258***
$ϑ$	Leverage	(0.0005)	(0.0003)
$ϕ$	Cashflows	0.0960***	0.0732***
$ϕ$	Cashflows	(0.0070)	(0.0104)
$π$	Tangibility	0.658***	0.0574
$π$	Tangibility	(0.0221)	(0.0436)
$λ$	Size	−0.00445	−0.00615*
$λ$	Size	(0.0096)	(0.0031)
$ϑ$	Liquidity	−0.0859***	−0.0411***
$ϑ$	Liquidity	(0.0140)	(0.0038)
AR(2)		0.81	0.82
Hansen-test		0.42	0.46

Note(s): ***p < 0.01, **p < 0.05,*p < 0.1 significant at 1%, 5% and 10% level respectively

Source(s): Author’s compilation from raw data