[Retracted] Empirical Research on the Relationship between Industry Working Capital Shortfall and Company Cash Holding in the Same Industry

Table 1

Variable name, symbol, and definition.

Variable name	Symbol	Variable definitions
Part A: effect variables of the cash holding levels
Cash holding level		Money and cash equivalents of company i in year t/year-end total assets in year t
95% quantile of industry working capital gap ratio		From year t-5 to year t-1, the 95% quantile of the working capitals gap ratio of the same industry, where the working capitals gap ratio is defined as max [0, -EBIT/total assets]
Fixed assets		Year-end fixed assets of company i in year t/year-end total assets in year t
Net-working capitals		Net working capitals of company i in year t/year-end total assets in year t
Financial leverage		Total liabilities of company i in year t/total assets in year t
Corporation scale		Log (total assets) of company i in year t
Growth opportunities		Asset market value of company i in year t/asset book value in year t，asset market value = total liabilities + non-tradable shares net assets per share (bps) + circulating a shares per market price
Dividend payout		Ordinary dividends paid by company i in year t/total assets of company i in year t
Capital expenditure		(Cash received from fixed assets, intangible assets, and other long-term assets-cash received from disposal of fixed assets, intangible assets, and other long-term assets)/year-end total assets in year t
Cash flow		(Net profit + depreciation, amortization) of company i in year t/year-end total assets in year t
Debt structure		Current liabilities of companyiinyear t/totalliabilities in year t
Net share issue dumb variable		Company i in year t: if an IPO occurs, the value of rationed shares is 1; otherwise, it is 0
Equity concentration		The largest shareholder shareholding ratio of company i in year t
Board size		Log (number of directors) company i in year t
Independent board size		Company i in year t: number of independent directors/number of directors
The size of the supervisory board		Company i in year t: log (number of supervisors)
Two jobs are also dummy variables		Company i in year t: if the chairman or the manager is a concurrent post, the value is 1; otherwise, the value is 0
Part B: effect variables of the cash holding value
Excess return		ri,t represents the annual return of company i in year tRi,t represents the average market return of total market capitalization of company i in year t
Change in cash holdings		Company i in year t: change in cash holdings/equity market capitalization
95% quantile of the working capital gap		From year t-5 to year t-1, the 95% quantile of the working capitals gap ratio of the same industry，where the working capitals gap ratio is defined as max [0, - EBIT/total assets]
Change in earnings		Earnings before interest and tax of company i in year t/equity market capitalization in year t-1
Change in non-cash asset		Change in non-cash assets (total assets - cash holdings) of company i in year t/equity market capitalization in year t-1
Change in financial expenses		Changes in financial expenses of company i in year t/equity market capitalization in year t-1
Cash holdings of last year		Cash holdings of company i in year t-1/equity market capitalization in year t-1
Net cash flow		Net cash flow of financing activities of company i in year t/equity market capitalization in year t-1
Asset-liability ratio		Total liabilities of company i in year t/equity market capitalization in year t

Note. Indicators of Part B (except and ) are divided by to eliminate the impact of corporation size on the model.