The Relations between QFII Holdings and Company Performance: Evidence from China’s A-Share Listed Companies
Table 5
Regression results of QFII investment ratio in period () and company performance according to MODEL I.
Variables
ROA
ROE
Tobin’s Q
Constant
0.11531***
0.17056**
1.86739***
4.41143
2.03436
11.04490
MaxQFII(−1)
0.00849***
0.02662**
0.06213**
3.42647
2.55455
2.46714
Size
0.00000**
0.00000**
0.00000
2.21042
2.24849
0.09737
Share
0.00047***
0.00075**
0.00320
2.94002
2.29432
1.40466
Lev
−0.21255***
−0.35712
−1.24395***
−3.45720
−1.57304
−4.10290
Sal
0.00008
0.00051
0.00425***
0.54543
0.86615
7.63855
Tat
0.01797***
0.03794***
0.21312*
2.85683
3.01675
1.90997
Industry
Yes
Yes
Yes
Year
Yes
Yes
Yes
Sample
247
247
247
0.34122
0.03430
0.11295
Adjusted
0.33309
0.02233
0.10200
-statistic
41.95437
2.86483
10.31351
Prob.
0.00000
0.00943
0.00000
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.
