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 |
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Significant at 0.01 level. Significant at 0.05 level. Significant at 0.1 level. |