The Relations between QFII Holdings and Company Performance: Evidence from China’s A-Share Listed Companies
Table 6
Regression results of QFII investment ratio in period () and company performance according to MODEL II.
Variables
ROA
ROE
Tobin’s Q
Constant
0.12674***
0.06946***
1.66543***
3.14283
3.16050
8.63443
MaxQFII(−2)
0.00993***
0.01666***
0.05709**
2.80691
5.14342
2.05416
Size
0.00000**
0.00000***
0.00000
2.10072
5.66414
−0.17631
Share
0.00056**
0.00077**
0.00277
2.44543
2.15816
1.26991
Lev
−0.26210***
−0.11981***
−0.94633***
−2.72848
−3.42330
−2.60462
Sal
0.00011
0.00031
0.00432***
0.62405
1.03791
8.51312
Tat
0.01506***
0.02775*
0.17935
2.92032
1.87526
1.59534
Industry
Yes
Yes
Yes
Year
Yes
Yes
Yes
Sample
247
247
247
0.36985
0.11315
0.08934
Adjusted
0.35403
0.09070
0.06648
-statistic
23.37894
5.03950
3.90792
Prob.
0.00000
0.00007
0.00096
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.
