The Relations between QFII Holdings and Company Performance: Evidence from China’s A-Share Listed Companies
Table 9
Regression results of continuous QFII investment in period () and company performance improvement according to MODEL III.
Variables
CROA
CROE
CTobin’s Q
Constant
−0.01755**
−0.01479
−0.87958***
−2.18180
−1.03486
−4.34624
MaxQFII(−1)
0.00200***
0.00467***
−0.00511
3.04878
2.78349
−0.35149
Size
0.00000***
0.00000***
0.00000
4.02036
3.24496
−0.59170
Share
−0.00007
−0.00027
0.00538*
−0.73445
−1.14166
1.93553
Lev
−0.01048
−0.03748*
0.74865**
−1.07672
−1.66090
2.44204
Sal
0.00046***
0.00177***
−0.00524**
4.39394
7.82854
−2.00151
Tat
0.02136***
0.02249*
−0.11674
3.51361
1.83851
−1.04473
Industry
Yes
Yes
Yes
Year
Yes
Yes
Yes
Sample
88
88
88
0.07784
0.05540
0.09094
Adjusted
0.04510
0.02167
0.05866
-statistic
2.37751
2.64230
2.93642
Prob.
0.03130
0.01839
0.01042
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.
