The Relations between QFII Holdings and Company Performance: Evidence from China’s A-Share Listed Companies
Table 7
Regression results of QFII ratio in period () and company performance improvement according to MODEL III.
Variables
CROA
CROE
CTobin’s Q
Constant
0.02217
0.25365
−0.67125***
0.84817
1.18952
−6.56337
MaxQFII(−1)
0.00309
−0.01657
−0.04722**
1.36791
−0.55919
−2.10425
Size
0.00000
0.00000
0.00000
1.42781
−0.25222
0.56848
Share
−0.00003
−0.00490
0.00221
−0.17379
−1.00645
1.32378
Lev
−0.07030
0.01079
0.65454***
−1.15191
0.03470
4.09037
Sal
0.00025***
−0.00023
0.00300***
3.31425
−0.25646
3.38701
Tat
0.00385
−0.07649
−0.04019
1.08949
−0.89436
−1.01220
Industry
Yes
Yes
Yes
Year
Yes
Yes
Yes
Sample
247
247
247
0.03474
0.00297
0.05507
Adjusted
0.02282
−0.00942
0.04341
-statistic
2.91490
0.23960
4.72068
Prob.
0.00840
0.96329
0.00011
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.
