Independent variable | Predation risk | Similarities in operations | ||||
Dependent variable | SDC1 | ECH1 | FF1 | SDC1 | ECH1 | FF1 |
Model | (1) | (2) | (3) | (4) | (5) | (6) |
PMC | −0.002*** (−2.47) | −0.002* (−1.89) | −0.004*** (−3.07) | 0.001 (0.21) | 0.008*** (2.66) | 0.007** (2.04) |
NTC | 0.016*** (11.31) | 0.021*** (14.22) | 0.037*** (18.04) | 0.016*** (11.34) | 0.021*** (14.33) | 0.037*** (18.14) |
Cash flow | 0.053*** (8.69) | 0.025*** (4.10) | 0.078*** (9.01) | 0.052*** (8.64) | 0.025*** (4.02) | 0.077*** (8.92) |
Capex | −0.049*** (−5.49) | −0.131*** (−14.53) | −0.180*** (−14.18) | −0.049*** (−5.49) | −0.132*** (−14.57) | −0.181*** (−14.20) |
Size | −0.006*** (−6.25) | −0.004*** (−3.53) | −0.010*** (−6.89) | −0.006*** (−6.26) | −0.004*** (−3.68) | −0.010*** (−7.00) |
Tang | −0.010*** (−2.69) | −0.187*** (−47.32) | −0.197*** (−35.50) | −0.011*** (−2.72) | −0.188*** (−47.31) | −0.199*** (−35.51) |
Tobin’s Q | −0.004*** (−8.10) | −0.002*** (−3.79) | −0.006*** (−8.38) | −0.004*** (−8.12) | −0.002*** (−3.81) | −0.006*** (−8.41) |
IPO | 0.017*** (8.01) | 0.102*** (47.10) | 0.119*** (39.09) | 0.017*** (7.85) | 0.102*** (47.08) | 0.119*** (38.95) |