An Empirical Study on Listed Company’s Value of Cash Holdings: An Information Asymmetry Perspective

Table 7

Test result of robustness.

Variables	regression (4)	regression (5)	regression (6)
Constant	0.1124*** (2.9497)	0.0755*** (2.62645)	0.0651** (2.2665)
Δ𝐶𝑖,𝑡/𝑀𝑖,𝑡−1	0.8683*** (5.5521)	0.62785*** (4.51225)	0.5006*** (3.5540)
𝐸𝑖,𝑡/𝑀𝑖,𝑡−1	0.2820*** (5.3858)	0.2607*** (4.8651)	0.2799*** (5.3469)
NA𝑖,𝑡/𝑀𝑖,𝑡−1	−0.0189* (−1.7451)	−0.0064 (−0.5447)	−0.03079*** (−3.0505)
𝐼𝑖,𝑡/𝑀𝑖,𝑡−1	0.2321 (0.6659)	0.3492 (0.9529)	−0.1075 (−0.3149)
𝐷𝑖,𝑡/𝑀𝑖,𝑡−1	2.36𝐸+08^∗ (1.8275)	5.25𝐸+08^∗∗∗ (3.6124)	9.30𝐸+07 (0.775008)
𝐶𝑖,𝑡−1/𝑀𝑖,𝑡−1	−0.0994** (−2.3696)	−0.1046** (−2.5190)	−0.0649 (−1.5677)
𝐿𝑖,𝑡	0.1817*** (4.0469)	0.1750*** (3.9046)	0.1738*** (3.8708)
NF𝑖,𝑡/𝑀𝑖,𝑡−1	−0.0034 (−0.1231)	−0.0330 (−1.1746)	0.0588*** (2.6517)
𝐶𝑖,𝑡−1/𝑀𝑖,𝑡−1×Δ𝐶𝑖,𝑡/𝑀𝑖,𝑡−1	0.0240** (2.0711)	0.0249** (2.0590)	0.0088*** (0.7899)
𝐿𝑖,𝑡×Δ𝐶𝑖,𝑡/𝑀𝑖,𝑡−1	−0.7798*** (−3.9004)	−0.7918*** (−3.9506)	−0.7773*** (−3.8939)
ILL𝑖,𝑡	−0.5230 (−1.4546)
ILL𝑖,𝑡×Δ𝐶𝑖,𝑡/𝑀𝑖,𝑡−1	−4.5138*** (−3.8139)
High𝑖,𝑡		−0.1598 (−1.3530)
Δ𝐶𝑖,𝑡/𝑀𝑖,𝑡−1×High𝑖,𝑡		−0.0061*** (−3.1947)
Low𝑖,𝑡			0.5702*** (2.9534)
Δ𝐶𝑖,𝑡/𝑀𝑖,𝑡−1×Low𝑖,𝑡			0.5338 (1.5681)
𝐹	7.7745***	8.9657***	8.1677***
Adj. 𝑅^2	0.0270	0.0315	0.0284

Note: the numerical value in parentheses is the 𝑡 statistic for coefficients; ***, **, and * denote significance at the 1%, 5%, and 10% significance level, respectively.