Table 8.
Robustness test: the effects of EID on Tobin's Q.
|
VARIABLES |
(1) |
(2) |
(3) |
(4) |
|---|---|---|---|---|
| Tobin's Q | Tobin's Q | Tobin's Q HP |
Tobin's Q NHP |
|
| EID | 0.0103*** | 0.0121*** | 0.0081** | 0.0152*** |
| (4.6215) | (5.4663) | (2.1210) | (5.6104) | |
| State | −0.4183*** | −0.2014 | −0.5227*** | |
| (-2.9894) | (-1.0166) | (-2.8657) | ||
| Leverage | 0.2339 | −0.0779 | 0.4047* | |
| (1.3234) | (-0.2338) | (1.9061) | ||
| Size | −0.2915*** | −0.1732** | −0.3248*** | |
| (-6.1816) | (-2.1448) | (-5.3228) | ||
| Growth | 0.0999*** | 0.2222*** | 0.0483* | |
| (3.7798) | (3.9187) | (1.6587) | ||
| Holder1 | −0.0131*** | −0.0162*** | −0.0112*** | |
| (-4.8696) | (-4.2004) | (-3.0139) | ||
| Constant | 2.5167*** | 4.2265*** | 4.2421*** | 4.0892*** |
| (50.9258) | (18.4341) | (11.5912) | (13.7599) | |
| Obs | 10,273 | 10,273 | 3253 | 7020 |
| R2 | 0.131 | 0.152 | 0.154 | 0.164 |
| Firms | 1125 | 1125 | 372 | 812 |
| Firm FE | YES | YES | YES | YES |
| Year FE | YES | YES | YES | YES |
Note: t-statistics are presented in parentheses. *, ** and *** represent significance levels of 10 %, 5 % and 1 %, respectively.