An Empirical Study on Listed Company’s Value of Cash Holdings: An Information Asymmetry Perspective
Table 6
Multiple regression results.
Variable
Constant
0.0702** (2.4376)
0.0578** (2.0491)
0.0735** (2.5586)
0.5970*** (4.2802)
0.6525*** (4.7643)
0.5061*** (3.6025)
0.2862*** (5.4522)
0.2557*** (4.9545)
0.2902***(5.5509)
−0.0355*** (−3.5361)
−0.0192* (−1.8939)
−0.0218** (−2.1271)
−0.0538 (−0.1570)
0.5377 (1.5486)
0.4179 (1.1508)
(0.6066)
(1.7662)
(2.4663)
−0.0746* (−1.8078)
−0.0395 (−0.9708)
−0.0872** (−2.0903)
0.1836*** (4.0795)
0.1713*** (3.8846)
0.1705*** (3.8057)
0.0599*** (2.6960)
−0.0193 (−0.7423)
0.0139 (0.5652)
0.0112 (1.0119)
0.0078 (0.7187)
0.0267** (2.2380)
−0.8692*** (−4.3652)
−0.8661*** (−4.4402)
−0.6723*** (−3.3519)
−0.1049*** (−9.1320)
−0.2165*** (−5.3150)
−0.3688*** (−4.1401)
0.6514*** (3.9512)
7.5288***
17.0805***
9.4311***
Adj.
0.0217
0.0616
0.0333
Note: the numerical value in parentheses is the statistic for the coefficient; ***, **, and * denote significance at the 1%, 5%, and 10% significance level.