Table 3 Alternative risk-taking measures.
From: Firm-level political uncertainty, corporate lobbying and risk-taking
(1) | (2) | (3) | (4) | |
|---|---|---|---|---|
RISK_2 | RISK_3 | RISK_4 | RISK_5 | |
P_UNCERTAINTY | 0.013*** (2.63) | 0.006*** (2.71) | 0.006** (2.45) | 0.172** (2.34) |
SIZE | −0.039*** (−16.22) | −0.018*** (−15.58) | −0.018*** (−15.78) | −0.096*** (−3.30) |
LEVERAGE | −0.011 (−0.45) | −0.000 (−0.04) | −0.003 (−0.26) | −0.070 (−0.21) |
PPE | 0.074*** (2.91) | 0.029** (2.49) | 0.034*** (2.75) | 0.137 (0.36) |
TOBIN’S Q | 0.049*** (10.65) | 0.023*** (10.62) | 0.023*** (10.40) | 0.197*** (3.09) |
SLACK | 0.254*** (9.99) | 0.116*** (9.73) | 0.118*** (9.64) | 4.900*** (10.49) |
LOSS | 0.038*** (5.08) | 0.013*** (3.83) | 0.017*** (4.75) | 0.651*** (5.26) |
Z-SCORE | −0.018*** (−14.06) | −0.008*** (−13.79) | −0.008*** (−13.78) | −0.073*** (−3.58) |
AGE | −0.017*** (−3.12) | −0.009*** (−3.85) | −0.009*** (−3.48) | −0.199*** (−2.69) |
LnGDP | 0.327*** (10.78) | 0.162*** (11.40) | 0.166*** (11.21) | 2.426*** (5.78) |
UNEMPLOY | −0.031*** (−13.83) | −0.016*** (−14.86) | −0.016*** (−14.60) | −0.160*** (−5.59) |
INFLATION | −0.053*** (−9.57) | −0.028*** (−10.82) | −0.028*** (−10.41) | −0.242*** (−3.86) |
Industry F.E. | Yes | Yes | Yes | Yes |
Clustered by Firm | Yes | Yes | Yes | Yes |
N | 32,695 | 32,695 | 32,695 | 32,695 |
Adj. R2 | 0.221 | 0.212 | 0.212 | 0.132 |
