Regression analyses I
| Panel A | Panel B | Panel C | Panel D | |||||
|---|---|---|---|---|---|---|---|---|
| CUR_R | OCF_R | CUR_R | OCF_R | CUR_R | OCF_R | CUR_R | OCF_R | |
| BVPS | 2.5069*** (0.0000) | 2.3294*** (0.0000) | 2.5195*** (0.0000) | 2.3970*** (0.0000) | 2.4865*** (0.0000) | 2.3853*** (0.0000) | 2.4885*** (0.0000) | 2.4222*** (0.0000) |
| EPS | 2.9678*** (0.0014) | 4.0545*** (0.0001) | 3.0946*** (0.0033) | 3.5681*** (0.0002) | 3.2280*** (0.0021) | 3.4692*** (0.0001) | 3.1020*** (0.0019) | 3.3031*** (0.0002) |
| D | 1.0518 (0.3236) | 0.1486 (0.7970) | 1.7871* (0.0958) | −0.0329 (0.9422) | 1.6955 (0.1337) | −0.4293 (0.2819) | 2.0250* (0.0895) | −0.2485 (0.7575) |
| BVPS × D | −0.0385 (0.8604) | 0.3960** (0.0498) | −0.2142 (0.4678) | 0.2972* (0.0800) | −0.1057 (0.6990) | 0.4277** (0.0480) | −0.0340 (0.9048) | 0.3595 (0.1993) |
| EPS × D | −0.2768 (0.7428) | −2.8686** (0.0107) | −1.1641 (0.3549) | −2.6974** (0.0148) | −1.6146 (0.2226) | −2.8390** (0.0196) | −1.0609 (0.3757) | −2.9793** (0.0142) |
| Constant | −0.7287 (0.5751) | −0.5818 (0.6490) | −0.7098 (0.5680) | −0.3334 (0.7921) | −0.6434 (0.6181) | −0.1795 (0.8851) | −0.6743 (0.6099) | −0.2034 (0.8670) |
| Observations | 2,329 | 2,329 | 2,329 | 2,329 | 2,329 | 2,329 | 2,329 | 2,329 |
| R-squared | 0.911 | 0.913 | 0.911 | 0.913 | 0.911 | 0.913 | 0.911 | 0.912 |
| Firm FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Year FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Regression analyses II
| Panel A | Panel B | Panel C | Panel D | |||||
|---|---|---|---|---|---|---|---|---|
| CUR_R | OCF_R | CUR_R | OCF_R | CUR_R | OCF_R | CUR_R | OCF_R | |
| BVPS | 2.4948*** (0.0000) | 2.3223*** (0.0000) | 2.5098*** (0.0000) | 2.3889*** (0.0000) | 2.4760*** (0.0000) | 2.3742*** (0.0000) | 2.4772*** (0.0000) | 2.4103*** (0.0000) |
| EPS | 3.0578*** (0.0013) | 4.1315*** (0.0001) | 3.1723*** (0.0039) | 3.6572*** (0.0002) | 3.3147*** (0.0026) | 3.5815*** (0.0002) | 3.1992*** (0.0023) | 3.4253*** (0.0002) |
| D | 0.8783 (0.4079) | 0.1167 (0.8346) | 1.6475 (0.1328) | −0.0558 (0.9000) | 1.5299 (0.1894) | −0.4621 (0.2417) | 1.8670 (0.1254) | −0.2721 (0.7361) |
| BVPS × D | −0.0397 (0.8560) | 0.3906* (0.0554) | −0.2125 (0.4748) | 0.2901* (0.0891) | −0.1032 (0.7094) | 0.4240* (0.0502) | −0.0304 (0.9164) | 0.3575 (0.2076) |
| EPS × D | −0.1643 (0.8494) | −2.8299** (0.0121) | −1.0795 (0.3741) | −2.6454** (0.0173) | −1.5548 (0.2265) | −2.7938** (0.0217) | −1.0024 (0.3898) | −2.9309** (0.0183) |
| L | 1.0247 (0.1965) | 0.6951 (0.3205) | 0.7749 (0.1872) | 0.7673 (0.2845) | 0.7863 (0.1916) | 0.9012 (0.2026) | 0.8297 (0.1847) | 0.9526 (0.2145) |
| Constant | −0.9547 (0.4455) | −0.7775 (0.5319) | −0.8993 (0.4624) | −0.5610 (0.6474) | −0.8398 (0.5044) | −0.4498 (0.7056) | −0.8948 (0.4843) | −0.4960 (0.6714) |
| Observations | 2,329 | 2,329 | 2,329 | 2,329 | 2,329 | 2,329 | 2,329 | 2,329 |
| R-squared | 0.911 | 0.913 | 0.911 | 0.913 | 0.912 | 0.913 | 0.911 | 0.912 |
| Firm FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Year FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Descriptive statistics and correlation matrix
| Panel A | ||||||
| N | MEAN | P50 | SD | MIN | MAX | |
| P | 2,329 | 13.11 | 3.510 | 29.55 | 0.290 | 190 |
| BVPS | 2,329 | 4.700 | 2.192 | 7.774 | 0.237 | 53.63 |
| EPS | 2,329 | 0.554 | 0.164 | 1.551 | −2.464 | 9.404 |
| CUR_R | 2,329 | 2.330 | 1.481 | 2.797 | 0.185 | 19.51 |
| OCF_R | 2,329 | 0.255 | 0.124 | 0.897 | −3.053 | 4.914 |
| Panel B | ||||||
| P | BVPS | EPS | CUR_R | OCF_R | ||
| P | 1 | |||||
| BVPS | 0.7932* | 1 | ||||
| EPS | 0.6687* | 0.6237* | 1 | |||
| CUR_R | 0.0373 | 0.0534* | 0.1166* | 1 | ||
| OCF_R | 0.1124* | 0.0987* | 0.1918* | 0.2691* | ||
Regression analyses III
| Panel A | Panel B | Panel C | Panel D | |||||
|---|---|---|---|---|---|---|---|---|
| CUR_R | OCF_R | CUR_R | OCF_R | CUR_R | OCF_R | CUR_R | OCF_R | |
| BVPS | 0.7063** (0.0452) | 0.5120* (0.0979) | 0.7182** (0.0358) | 0.5646* (0.0688) | 0.6997** (0.0320) | 0.5896* (0.0543) | 0.7273** (0.0179) | 0.5656* (0.0568) |
| EPS | 1.7381*** (0.0011) | 2.2798*** (0.0003) | 1.8239*** (0.0006) | 2.1087*** (0.0002) | 1.7248*** (0.0007) | 1.9182*** (0.0008) | 1.6644*** (0.0007) | 1.9560*** (0.0005) |
| D | −0.0345 (0.7583) | −0.1657* (0.0581) | −0.0365 (0.7405) | −0.1748* (0.0590) | −0.0803 (0.4969) | −0.1787** (0.0373) | −0.0431 (0.6003) | −0.2196** (0.0283) |
| BVPS × D | 0.0862 (0.7825) | 0.4261** (0.0382) | 0.1313 (0.7154) | 0.4250* (0.0677) | 0.3509 (0.3484) | 0.4060** (0.0373) | 0.2020 (0.4525) | 0.5514** (0.0156) |
| EPS × D | −0.1932 (0.8158) | −1.2309*** (0.0083) | −0.4271 (0.6481) | −1.0899** (0.0173) | 0.0257 (0.9809) | −0.7738 (0.1279) | 0.1417 (0.9071) | −0.9872* (0.0536) |
| Constant | 0.6404*** (0.0017) | 0.7001*** (0.0003) | 0.6251*** (0.0014) | 0.6821*** (0.0003) | 0.6314*** (0.0010) | 0.6801*** (0.0003) | 0.6267*** (0.0005) | 0.6828*** (0.0002) |
| Observations | 2,329 | 2,329 | 2,329 | 2,329 | 2,329 | 2,329 | 2,329 | 2,329 |
| R-squared | 0.755 | 0.758 | 0.755 | 0.757 | 0.755 | 0.756 | 0.755 | 0.757 |
| Firm FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Year FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |