Research Article
Evaluation of Managerial Overconfidence, Cash Holding, and Investment Efficiency in Companies
Table 5
Results of fixed effects model for the second hypothesis.
| | Dependent variable: investment efficiency | | Variable | Coefficient | T-value | VIF |
| | C | 0.021 | 0.027 | — | | CASH | −0.137 | −5.081 | 1.602 | | SIZE | 0.006 | 0.657 | 1.075 | | TQ | 0.003 | 1.918 | 1.446 | | LEV | −0.046 | −1.913 | 1.788 | | ROA | −0.061 | −2.417 | 3.564 | | EPS | −0.0009 | −0.060 | 2.026 | | CF | 0.817 | 3.946 | 1.462 | | HHI | 0.017 | 1.339 | 1.044 | | AR (1) | 0.943 | 111.037 | — | | Industry dummy | — | Yes | — | | Adj R2 | 0.144 | | F-value | 4.970 | | Durbin–Watson | 2.064 | | Chow test | 2.571 | | Hasman test | 14.929 |
|
|
Significant at 0.01 level. Significant at 0.05 level. Significant at 0.1 level. |
