Table 10 Nonlinear regression with 2nd interaction of exchange rate with CCC.
Variables | (1) | (2) | (3) | (4) | (5) | (6) |
|---|---|---|---|---|---|---|
OLS | RE | FE | PCSE AR1 | PCSEAR1 Het only | 2stepSys GMM | |
GP = L, | 0.321*** (0.0907) | |||||
CCC | 0.0919 (0.249) | 0.0919 (0.249) | 0.0451 (0.186) | 0.0555 (0.166) | 0.0555 (0.173) | 0.131 (0.139) |
Age | −0.101 (0.313) | -0.101 (0.313) | −6.366*** (2.278) | -0.109 (0.204) | −0.109 (0.245) | −3.252*** (0.870) |
Size | 0.206*** (0.0697) | 0.206*** (0.0697) | −0.0835 (0.0689) | 0.152 (0.0954) | 0.152** (0.0695) | 1.326*** (0.177) |
DER | −0.0578** (0.0223) | −0.0578*** (0.0223) | −0.0620** (0.0287) | −0.0559*** (0.0160) | −0.0559*** (0.0127) | −0.0555*** (0.0171) |
NCFO | 0.702*** (0.0588) | 0.702*** (0.0588) | 0.632*** (0.0637) | 0.732*** (0.0663) | 0.732*** (0.0582) | 0.605*** (0.0998) |
Liq | −0.290*** (0.0524) | −0.290*** (0.0524) | 0.251*** (0.0802) | −0.244 (0.174) | −0.244 (0.169) | 0.212*** (0.0188) |
Irate | −28.63* (16.27) | −28.63* (16.27) | −36.77*** (13.30) | −26.26* (14.76) | −26.26* (14.52) | −12.56** (6.119) |
ExR | −17.91*** (5.734) | −17.91*** (5.734) | −6.492 (5.540) | −14.54*** (4.401) | −14.54*** (4.980) | −16.38*** (5.232) |
ExR*CCC | −0.0201 (0.0533) | −0.0201 (0.0533) | −0.0110 (0.0398) | −0.0125 (0.0355) | −0.0125 (0.0371) | −0.0291 (0.0300) |
Constant | 87.90*** (27.20) | 87.90*** (27.20) | 60.03*** (21.69) | 72.28*** (20.56) | 72.28*** (23.36) | 66.84*** (24.32) |
Diagnostic checks | ||||||
Hausman test 91.66*** | ||||||
Heteroskedasticity test 1336*** | ||||||
Wooldridge test 5.685** | ||||||
Sargan test (Prob) 0.5445 | ||||||
Arellano bond test AR (1) (Prob) 0.7382 | ||||||
AR (2) (Prob) 0.3373 | ||||||
Observations | 126 | 126 | 126 | 126 | 126 | 105 |
R-squared | 0.746 | 0.746 | 0.602 | 0.739 | 0.739 | |
Firms | 21 | 21 | 21 | 21 | 21 | 21 |
