Table 6.

Robustness check using alternative proxies.

	(1)	(2)	(3)	(4)	(5)
Variables	Capital expenditure	Market leverage	Dividend payout	Cash holdings	Earnings per share
Managerial ability	−0.0109**	−0.180***	0.0093*	−0.579*	1.061***
	(0.0049)	(0.0478)	(0.005)	(0.315)	(0.219)
Duality	0.0014***	−0.00440	0.0007*	0.0532***	0.0449***
	(0.0003)	(0.0029)	(0.0004)	(0.0196)	(0.0137)
Board	−0.0000	−0.0012	0.0002	0.0114	−0.0179***
	(0.0001)	(0.0011)	(0.0001)	(0.0077)	(0.0054)
Independence	0.0002	0.005	−0.0008*	−0.0452*	0.0322*
	(0.0003)	(0.0036)	(0.0004)	(0.0241)	(0.0168)
Institutional	0.0012*	−0.0664***	−0.0028***	0.329***	0.0730**
	(0.0006)	(0.0063)	(0.0008)	(0.0415)	(0.0290)
State	−0.0024***	0.0252***	0.00096**	0.175***	−0.0454***
	(0.0003)	(0.0035)	(0.0003)	(0.0229)	(0.0160)
Size	0.0004	0.0988***	0.0025***	0.0116	0.0371**
	(0.0003)	(0.0036)	(0.0004)	(0.0242)	(0.0169)
Growth	0.0018***	0.0125***	−0.0006	0.0724***	0.145***
	(0.0004)	(0.0039)	(0.0004)	(0.0261)	(0.0176)
Cash flow	0.023***	−0.275***	−0.0011	2.195***	1.592***
	(0.0022)	(0.0216)	(0.0026)	(0.143)	(0.0959)
MTB	−0.0000	−0.0375***	−0.0008***	0.0275***	0.0640***
	(0.0001)	(0.0012)	(0.0001)	(0.0081)	(0.0057)
Profitability	0.0106***	−0.424***	0.0098***	0.834***
	(0.0013)	(0.0123)	(0.0016)	(0.0874)
Leverage	0.0014*		0.0140***	−1.087***	−0.365***
	(0.0008)		(0.0009)	(0.0520)	(0.0338)
Industry	Yes	Yes	Yes	Yes	Yes
Time	Yes	Yes	Yes	Yes	Yes
Constant	0.0007	−1.760***	−0.0631***	−0.491	−1.286***
	(0.0068)	(0.0651)	(0.0075)	(0.435)	(0.304)
R2	0.132	0.641	0.326	0.190	0.156
Observations	11,016	11,016	9097	11,016	11,016

Notes. This table reports the results using alternative proxies of dependent variables. Variables definitions are located in Appendix A. Standard errors in parenthesis.

*** P < 0.01, ** P < 0.05, *P < 0.1.