Calculation basis | On the corporate conditions | On the industry average | ||||
Dependent variable | SDC1 | ECH1 | FF1 | SDC2 | ECH2 | FF2 |
Model | (1) | (2) | (3) | (4) | (5) | (6) |
Log(n) | −0.012*** (−4.65) | −0.013* (−4.57) | −0.025*** (−6.50) | −0.031*** (−10.92) | −0.019** (−5.82) | −0.051*** (−10.73) |
NTC | 0.015*** (10.39) | 0.022*** (14.73) | 0.037*** (17.78) | 0.015*** (9.59) | 0.039*** (22.44) | 0.054*** (21.44) |
Cash flow | 0.044*** (7.34) | 0.026*** (4.13) | 0.069*** (8.06) | 0.067*** (10.47) | 0.126*** (17.33) | 0.194*** (18.44) |
Capex | −0.052*** (−5.85) | −0.153*** (−16.75) | −0.204*** (−16.08) | −0.044*** (−4.61) | −0.283*** (−26.33) | −0.327*** (−21.09) |
Size | −0.004*** (−4.08) | −0.003*** (−2.76) | −0.007*** (−4.81) | −0.026*** (−26.89) | 0.002 (1.57) | −0.027*** (−15.40) |
Tang | −0.011*** (−2.92) | −0.198*** (−49.73) | −0.210*** (−37.70) | −0.052*** (−12.49) | −0.271*** (−57.62) | −0.323*** (−47.63) |
Tobin’s Q | −0.002*** (−5.43) | −0.002*** (−3.96) | −0.004*** (−6.61) | 0.007*** (15.63) | 0.004*** (8.15) | 0.012*** (15.24) |
IPO | 0.015*** (7.74) | 0.107*** (52.40) | 0.122*** (42.96) | 0.026*** (12.41) | 0.126*** (52.71) | 0.153*** (44.18) |