Research Article
Evaluation of Managerial Overconfidence, Cash Holding, and Investment Efficiency in Companies
Table 6
Results of fixed effects model for the third hypothesis.
| | Dependent variable: investment efficiency | | Variable | Coefficient | T-value | VIF |
| | C | 0.083 | 3.240 | — | | CASH | −0.040 | −2.185 | 1.126 | | MOC | −0.011 | −2.512 | 2.911 | | CASHMOC | 0.016 | 2.286 | 2.571 | | SIZE | −0.002 | −2.684 | 1.088 | | TQ | −0.001 | −1.570 | 1.447 | | LEV | 0.077 | 7.227 | 1.795 | | ROA | 0.0005 | 0.035 | 3.566 | | EPS | 0.009 | 1.183 | 2.037 | | CF | −0.004 | −0.438 | 1.465 | | HHI | −0.016 | −2.018 | 1.050 | | AR (1) | 0.143 | 3.951 | — | | Industry dummy | — | Yes | — | | Adj R2 | 0.163 | | F-value | 3.122 | | Durbin–Watson | 2.024 | | Chow test | 2.755 | | Hasman test | 13.731 |
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Significant at 0.01 level. Significant at 0.05 level. Significant at 0.1 level. |
