Table 7 The results of mediating effect in FC.
Mediating effect in financial constraint | |||
|---|---|---|---|
Variable | TFPLP (1) | FC (2) | TFPLP (3) |
DIF | 0.00076*** | − 0.00098*** | 0.00162*** |
(2.59) | (− 34.10) | (18.69) | |
SIZE | 0.55284*** | − 0.00403** | 0.54985*** |
(97.53) | (− 2.07) | (96.20) | |
LEV | 0.17039*** | − 0.00667 | 0.17730*** |
(7.84) | (− 0.90) | (8.12) | |
TOP | 0.00144*** | 0.00047*** | 0.00178*** |
(3.85) | (3.60) | (4.70) | |
GROWTH | 0.24830*** | − 0.00512*** | 0.24889*** |
(47.37) | (− 2.86) | (47.45) | |
CFO | 0.76915*** | 0.01738 | 0.75883*** |
(21.54) | (1.42) | (21.07) | |
AGE | − 0.06413 | − 0.16984*** | − 0.09558** |
(− 1.37) | (− 11.54) | (− 2.21) | |
BSIZE | 0.09417*** | − 0.00504 | 0.11758*** |
(4.83) | (− 0.75) | (5.94) | |
MSR | − 0.00084*** | 0.00075*** | − 0.00083*** |
(− 2.92) | (7.52) | (− 2.84) | |
FC | − 0.00130** | ||
(− 2.06) | |||
_cons | − 4.45569*** | − 2.96246*** | − 4.57006*** |
(− 26.58) | (− 56.86) | (− 27.59) | |
N | 22,291 | 22,291 | 22,291 |
R2 | 0.669 | 0.591 | 0.658 |
Year | Yes | Yes | Yes |
FE | Yes | Yes | Yes |
