Independent variable | Predation risk | Similarities in operations | ||||
Dependent variable | SDC1 | ECH1 | FF1 | SDC1 | ECH1 | FF1 |
Model | (1) | (2) | (3) | (4) | (5) | (6) |
PMC | −0.003*** (−3.90) | −0.000 (−0.22) | −0.004*** (−2.84) | −0.002 (−0.62) | 0.010** (3.53) | 0.008** (2.12) |
NTC | 0.018*** (13.13) | 0.019*** (13.91) | 0.037*** (19.00) | 0.018*** (13.14) | 0.020*** (14.05) | 0.038*** (19.11) |
Cash flow | 0.061*** (10.27) | 0.029*** (4.78) | 0.088*** (10.44) | 0.061*** (10.23) | 0.028*** (4.71) | 0.088*** (10.36) |
Capex | −0.065*** (−7.62) | −0.128*** (−14.71) | −0.192*** (−15.66) | −0.065*** (−7.60) | −0.129*** (−14.79) | −0.193*** (−15.71) |
Size | 0.001 (0.99) | −0.010*** (−11.04) | −0.009*** (−7.54) | 0.001 (1.14) | −0.010*** (−11.22) | −0.010*** (−7.55) |
Tang | −0.020*** (−5.47) | −0.203*** (−54.85) | −0.221*** (−42.37) | −0.020*** (−5.37) | −0.204*** (−54.90) | −0.222*** (−42.34) |
Tobin’s Q | −0.003*** (−6.21) | −0.001** (−2.02) | −0.004*** (−6.01) | −0.003*** (−6.23) | −0.001** (−2.05) | −0.004*** (−6.05) |
IPO | 0.017*** (8.27) | 0.104*** (48.85) | 0.121*** (40.54) | 0.017*** (8.01) | 0.103*** (48.94) | 0.120*** (40.42) |
Inst | −0.002 (−0.81) | −0.006** (−2.21) | −0.009** (−2.15) | −0.002 (−0.56) | −0.006** (−2.17) | −0.008* (−1.94) |
State | 0.023*** (8.44) | −0.002 (−0.74) | 0.021*** (5.26) | 0.023*** (8.48) | −0.002 (−0.66) | 0.021*** (5.35) |
Year Effect | Yes | Yes | Yes | Yes | Yes | Yes |
N | 18,785 | 18,785 | 18,785 | 18,785 | 18,785 | 18,785 |
Wald x2(n) | 616.21 | 7086.69 | 4656.75 | 600.93 | 7105.03 | 4652.85 |
Rho | 0.544 | 0.567 | 0.584 | 0.545 | 0.566 | 0.584 |