The Relations between QFII Holdings and Company Performance: Evidence from China’s A-Share Listed Companies
Table 8
Regression results of QFII ratio in period () and performance improvement indicators according to MODEL IV.
Variables
CROA
CROE
CTobin’s Q
Constant
0.03032
−0.03107
−0.42509***
0.74699
−1.39079
−5.03189
MaxQFII(−2)
0.00493
−0.00199
−0.00827
1.44008
−0.45074
−0.70662
Size
0.00000
0.00000
0.00000
1.59043
0.20419
−1.29006
Share
0.00016
−0.00021
0.00163
0.78211
−0.60593
1.09693
Lev
−0.12202
0.03209
0.49343***
−1.25216
0.46746
3.41901
Sal
0.00027**
0.00038**
0.00263***
2.06836
2.55080
3.69150
Tat
0.00277
−0.00455
−0.01835
0.56454
−0.48566
−0.40938
Industry
Yes
Yes
Yes
Year
Yes
Yes
Yes
Sample
247
247
247
0.12444
0.00548
0.06806
Adjusted
0.10246
−0.01970
0.04466
-statistic
5.66113
0.21763
2.90893
Prob.
0.00002
0.97093
0.00934
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.