Table 3.
Basic return.
| (1) | (2) | (3) | |
|---|---|---|---|
| Variable Name | Lnpa | Lnino | Lnnproduct |
| Gfinance | 0.3446 *** | 0.1116 *** | 0.1250 *** |
| (0.0536) | (0.0171) | (0.0477) | |
| Lev | −0.0882 | −0.0170 | −0.6697 *** |
| (0.1715) | (0.0518) | (0.1922) | |
| Roa | 0.2052 | −0.1696 | −0.4336 |
| (0.4271) | (0.1301) | (0.4389) | |
| Size | 1.9643 ** | 2.3779 *** | 14.3601 *** |
| (0.8670) | (0.2545) | (0.8646) | |
| Q | −0.0033 | 0.0112 *** | 0.0197 |
| (0.0131) | (0.0040) | (0.0143) | |
| Cr | 0.0009 | −0.0004 | 0.0090 *** |
| (0.0026) | (0.0008) | (0.0026) | |
| Cash | −0.2720 *** | −0.0320 | 0.0512 |
| (0.1046) | (0.0320) | (0.1100) | |
| Age | −0.0464 | −0.0145 | −0.6478 |
| (0.0391) | (0.0120) | (4.5415) | |
| Lgdp | 0.8212 *** | 0.2828 *** | −0.2535 |
| (0.0862) | (0.0253) | (0.2870) | |
| Lpeo | 0.5220 *** | 0.1026 *** | 0.0514 |
| (0.1107) | (0.0303) | (0.3176) | |
| Constant | −13.0629 *** | −10.0710 *** | −7.0235 *** |
| (2.4567) | (0.7275) | (0.8160) | |
| Observations | 14,762 | 14,762 | 7133 |
| R-squared | 0.3872 | 0.6631 | 0.3326 |
| year FE | YES | YES | YES |
| individual FE | YES | YES | YES |
Notes: *** and ** denote significance levels of 1% and 5% respectively; values in brackets are robust standard errors of clustering, and “YES” indicates controlling for firm and year fixed effects, as below.