| Independent variable | CASH1 | CASH2 | ||||||
| Result 1 | Result 2 | Result 3 | Result 4 | Result 5 | Result 6 | Result 7 | Result 8 | |
| CONSTANT | 0.963*** (21.96) | 1.172*** (29.82) | 0.896*** (21.68) | 1.129*** (28.65) | 1.859*** (21.11) | 2.227*** (28.22) | 1.686*** (20.34) | 2.145*** (27.10) |
| ONESHARE | 0.237*** (4.31) |
|
|
| 0.338*** (3.07) |
|
|
|
| ONESHARESQ | −0.141** (−2.06) |
|
|
| −0.129 (−0.94) |
|
|
|
| OTHERSHARE |
| 0.143*** (12.02) |
|
|
| 0.271*** (11.33) |
|
|
| MSHARE |
|
| −0.042* (−1.31) |
|
|
| −0.167*** (−2.61) |
|
| MSHARESQ |
|
| 0.380*** (7.59) |
|
|
| 0.882*** (8.77) |
|
| GSHARE |
|
|
| 0.045*** (4.51) |
|
|
| 0.076*** (3.76) |
| LNSIZE | −0.023*** (−12.96) | −0.032*** (−18.36) | −0.018*** (−10.07) | −0.028*** (−16.33) | −0.048*** (−13.54) | −0.064*** (−18.57) | −0.037*** (−10.48) | −0.057*** (−16.65) |
| DMS | −0.112*** (−14.50) | −0.111*** (−14.44) | −0.112*** (−14.72) | −0.111*** (−14.34) | −0.202*** (−13.05) | −0.200*** (−12.95) | −0.202*** (−13.22) | −0.200*** (−12.87) |
| LEV | −0.500*** (−43.64) | −0.465*** (−39.86) | −0.486*** (−42.90) | −0.490*** (−42.43) | −0.919*** (−39.95) | −0.853*** (−36.40) | −0.891*** (−39.24) | −0.901*** (−38.89) |
| BANKDEBT | −0.080*** (−12.54) | −0.081*** (−12.67) | −0.079*** (−12.52) | −0.080*** (−12.46) | −0.163*** (−12.68) | −0.164** (−12.80) | −0.160*** (−12.64) | −0.163*** (−12.60) |
| NWC | −0.384*** (−38.64) | −0.378*** (−38.20) | −0.384*** (−39.10) | −0.380*** (−38.04) | −0.747*** (−37.40) | −0.736*** (−36.99) | −0.747*** (−37.89) | −0.739*** (−36.87) |
| DIV | 0.009*** (3.80) | 0.009*** (4.15) | 0.009*** (4.02) | 0.009*** (4.16) | 0.011*** (2.41) | 0.012*** (2.72) | 0.012*** (2.62) | 0.013*** (2.74) |
| MB | −0.005*** (−6.97) | −0.005*** (−7.55) | −0.004*** (−5.86) | −0.005*** (−7.27) | −0.011*** (−8.58) | −0.012*** (−9.13) | −0.010*** (−7.44) | −0.013*** (−8.86) |
| STATE | −0.001** (−0.27) | −0.004** (−0.85) | −0.002** (−0.48) | −0.004*** (−0.78) | −0.001* (−0.08) | −0.005* (−0.44) | −0.001*** (−0.10) | −0.004*** (−0.36) |
| Adjusted R2 | 0.177 | 0.176 | 0.185 | 0.175 | 0.172 | 0.170 | 0.182 | 0.170 |
| F-value | 354.13 | 404.07 | 381.38 | 384.23 | 351.99 | 360.90 | 344.70 | 343.23 |
| Prob. > F | 0. 000 | 0. 000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 |
| N | 10,433 | 10,433 | 10,433 | 10,433 | 10,433 | 10,433 | 10,433 | 10,433 |