The Relations between QFII Holdings and Company Performance: Evidence from China’s A-Share Listed Companies
Table 10
Regression results of continuous QFII investment in period () and performance improvement according to MODEL IV.
Variables
CROA
CROE
CTobin’s Q
Constant
−0.02653**
−0.01873
−0.68215***
−2.15342
−0.74761
−2.95152
MaxQFII(−2)
0.00179*
0.00630**
−0.01386
1.73844
2.18170
−1.03571
Size
0.00000***
0.00000***
0.00000
2.81223
3.13358
−1.35747
Share
−0.00004
0.00002
0.00112
−0.31899
0.05548
0.39436
Lev
−0.00121
−0.08530*
0.87797**
−0.06856
−1.88554
2.61655
Sal
0.00054***
0.00234***
−0.00789***
3.62545
6.09090
−3.85868
Tat
0.01526**
0.01489
−0.05486
2.30065
0.82115
−0.39137
Industry
Yes
Yes
Yes
Year
Yes
Yes
Yes
Sample
88
88
88
0.05947
0.09093
0.12806
Adjusted
0.01020
0.02359
0.06348
-statistic
1.98277
2.81754
0.85362
Prob.
0.07763
0.01223
0.53266
Notes. ***,**,*denote statistical significance at the 1%, 5%, and 10% levels, respectively. The upper values of the regression results are regression coefficients while the lower ones are corresponding statistics.
