(a) Cash2

(b) Cash1

Coefficient

t

Coefficient

t

relationship

0.012^***

6.43

0.0118^***

6.60

size

−0.020^***

−30.28

−0.020^***

−30.77

nwc

0.034^**

1.98

0.034^**

1.98

growth

0.000

0.21

0.000

0.04

dummydiv

0.062^***

33.08

0.062^***

33.26

cf

0.046

1.59

0.047

1.59

leverage

0.031

6.43

0.030

1.93

capexpdm

0.000

−30.28

0.000

1.69

Year fixed effect

yes

yes

Industry fixed effect

yes

yes

F

105.40

103.07

P > F

0.000

0.0000

R²

0.231

0.225

obs

33,740

33,740