Variable

Benchmark model (1)

GDP (2)

EPU

Prosperity (3)

Recession (4)

CASHR

1.588***

0.413**

0.491

6.146***

EPU_t−1

0.053**

0.900***

−0.260**

CASHR × EPU_t−1

−0.811***

−0.657

0.768***

CFO_i,t−1

3.209***

2.934***

2.384***

1.873***

dCFO_i,t

0.817***

0.726***

0.204

0.412

dCFO_i,t−1

−1.136***

−0.957***

0.065

−1.176***

dNA_i,t

0.048***

0.178***

0.157

1.472***

dNA_i,t−1

−0.455

−0.297

1.012***

−1.666***

I_i,t−1

−1.688***

−1.550***

1.742***

−6.148***

dI_i,t

−2.950***

−2.872***

−1.043***

−6.259***

dI_i,t−1

−2.284***

−2.186***

−2.603***

−0.348

D_i,t−1

−2.077***

−2.001***

−2.821***

−6.417***

dD_i,t

0.047

0.061

−0.067

2.121

dD_i,t−1

1.302***

1.276***

1.204***

4.776***

CAPEX_i,t−1

4.194***

3.711***

4.268***

−2.577***

dCAPEX_i,t

1.254***

0.934***

1.922***

−1.441**

dCAPEX_i,t−1

−1.116***

−1.141***

−2.328***

1.139**

dV_i,t

−0.494***

−0.505***

−0.541***

−0.437***

_con

2.525***

2.374***

1.115***

3.506***

N

25969

25969

6687

7579

R−square

0.2692

0.2218

0.3711

0.3533

F (prob.)

598.79

405.85

220.22

231.04