Inventory

lnturnover

Inventory

lnturnover

(1)

(2)

(3)

(4)

Constant

0.7159***

14.0242**

0.7154***

14.4686**

(4.85)

(2.40)

(4.87)

(2.52)

CGP1

−0.0176**

1.0731***

(−2.12)

(2.93)

CGP2

−0.0225***

0.7711***

(−2.75)

(2.73)

Ownership

0.0181

−1.2221**

0.0185

−1.2325**

(1.47)

(−2.04)

(1.52)

(−2.06)

CHHI

−0.0160

2.1642*

−0.0167

2.2839*

(−0.38)

(1.83)

(−0.40)

(1.90)

Gross

−0.0979***

−5.4127***

−0.1023***

−5.2953***

(−2.90)

(−3.79)

(−3.03)

(−3.73)

Growth

−0.0012

1.0959***

−0.0012

1.0904***

(−0.37)

(6.21)

(−0.38)

(6.19)

Sales volatility

−0.0188**

1.9731**

−0.0189**

1.9469**

(−2.05)

(2.23)

(−2.06)

(2.19)

CI

−0.0422***

−0.9713***

−0.0428***

−0.9412***

(−4.30)

(−2.65)

(−4.39)

(−2.60)

Firm age

0.0361***

−0.3527

0.0367***

−0.3711

(4.11)

(−1.03)

(4.20)

(−1.08)

leverage

0.0603***

−1.0479

0.0605***

−1.0385

(3.23)

(−1.58)

(3.25)

(−1.56)

ROA

0.0218

1.8066

0.0236

1.7970

(0.48)

(1.00)

(0.52)

(1.00)

Loss

0.0041

−0.0163

0.0041

−0.0116

(1.07)

(−0.10)

(1.07)

(−0.07)

Size

−0.0304***

−0.3253

−0.0302***

−0.3461

(−4.56)

(−1.25)

(−4.55)

(−1.35)

Firm

Control

Control

Control

Control

Year

Control

Control

Control

Control

N

3521

3521

3521

3521

Adjusted R2

0.169

0.152

0.174

0.151