[Retracted] Empirical Research on the Relationship between Industry Working Capital Shortfall and Company Cash Holding in the Same Industry
Table 4
The regression result of validating Hypothesis 1.
Model variables
OLS
Fixed effect regression
Random effect regression
0.227
0.270
0.206
(5.08)
(8.61)
(6.39)
−0.00144
−0.00126
−0.00220
(−7.17)
(−12.95)
(−2.93)
−0.0146
−0.0130
−0.0141
(−19.84)
(−26.33)
(−35.15)
0.00678
0.00870
0.00898
(6.05)
(11.39)
(14.14)
0.0961
0.0825
0.0874
(2.48)
(2.55)
(0.69)
−0.0106
−0.0172
−0.0261
(−3.21)
(−2.11)
(−1.57)
−0.412
−0.491
−0.400
(−21.87)
(−45.79)
(−49.17)
−0.368
−0.499
−0.445
(−27.08)
(−37.10)
(−45.07)
0.0195
0.0207
0.0201
(5.92)
(8.87)
(9.03)
0.433
0.394
0.578
(7.26)
(6.61)
(7.50)
−0.0191
−0.0215
−0.0223
(−3.11)
(−5.73)
(−2.97)
0.0490
0.0380
0.0931
(3.92)
(8.94)
(8.44)
0.0368
0.0383
0.0462
(3.15)
(3.23)
(2.15)
−0.0677
−0.0441
0.0785
(−1.87)
(−1.91.)
(1.99)
−0.000986
−0.000921
−0.000344
(−0.50)
(−0.72)
(−0.44)
0.0132
0.0178
0.0159
(3.13)
(3.29)
(3.25)
1.404
1.304
0.600
(7.23)
(15.30)
(12.56)
F statistic
127.93
163.49
Adj_R-sq
0.2531
0.2687
0.2717
Observation
7775
7775
7775
Note. The numbers in parentheses are t-test values; ∗∗∗, ∗∗, and ∗, respectively, represent significance at 0.1%, 1%, and 5% levels. The random effect regression in STATA software does not give the F statistic, and it does not affect the study because it does not consider the random effect regression results. The bold values signify the main result.
