Table 9 Nonlinear regression with 2nd Interaction of exchange rate with average payable days.
Variables | (1) | (2) | (3) | (4) | (5) | (6) |
|---|---|---|---|---|---|---|
OLS | RE | FE | PCSE AR1 | PCSEAR1 Het only | 2stepSys GMM | |
GP = L, | 0.384*** (0.0832) | |||||
ARD | 117.1*** (36.65) | 117.1*** (36.65) | 7.129 (55.27) | 112.5*** (24.27) | 112.5*** (34.02) | −365.3* (199.9) |
ITR | 0.00267 (0.00388) | 0.00267 (0.00388) | 0.00619* (0.00355) | 0.00153 (0.00255) | 0.00153 (0.00325) | −0.0176** (0.00709) |
APD | −0.0154 (0.239) | −0.0154 (0.239) | −0.0128 (0.186) | −0.0287 (0.169) | −0.0287 (0.174) | −0.108 (0.147) |
Age | −0.0457 (0.300) | −0.0457 (0.300) | −6.643*** (2.279) | −0.0582 (0.202) | −0.0582 (0.240) | −5.394*** (1.575) |
Size | 0.142** (0.0689) | 0.142** (0.0689) | −0.0922 (0.0689) | 0.125 (0.0778) | 0.125** (0.0618) | 1.473*** (0.168) |
DER | −0.0572*** (0.0213) | −0.0572*** (0.0213) | −0.0639** (0.0286) | −0.0550*** (0.0160) | −0.0550*** (0.0132) | −0.0495** (0.0224) |
NCFO | 0.792*** (0.0616) | 0.792*** (0.0616) | 0.641*** (0.0637) | 0.781*** (0.0602) | 0.781*** (0.0552) | 0.626*** (0.0973) |
Liq | −0.252*** (0.0512) | −0.252*** (0.0512) | 0.251*** (0.0797) | −0.224 (0.171) | −0.224 (0.166) | 0.219*** (0.0207) |
Irate | −22.27 (15.70) | −22.27 (15.70) | −38.19*** (13.37) | −20.94 (15.25) | −20.94 (14.23) | −16.06*** (6.162) |
ExR | −19.08*** (5.509) | −19.08*** (5.509) | −5.727 (5.580) | −16.32*** (4.543) | −16.32*** (4.977) | −11.48** (5.569) |
ExR*APD | 0.00381 (0.0512) | 0.00381 (0.0512) | 0.00421 (0.0398) | 0.00683 (0.0363) | 0.00683 (0.0373) | 0.0245 (0.0316) |
Constant | 92.04*** (26.12) | 92.04*** (26.12) | 57.36** (21.95) | 79.41*** (21.34) | 79.41*** (23.31) | 48.85* (25.48) |
Diagnostic checks | ||||||
Hausman test 93.09*** | ||||||
Heteroskedasticity test 1556.21*** | ||||||
Wooldridge test 5.337** | ||||||
Sargan test (Prob) 0.9202 | ||||||
Arellano bond test AR (1) (Prob) 0.8009 | ||||||
AR (2) (Prob) 0.3973 | ||||||
Observations | 126 | 126 | 126 | 126 | 126 | 105 |
R-squared | 0.772 | 0.7724 | 0.615 | 0.754 | 0.754 | |
Firms | 21 | 21 | 21 | 21 | 21 | 21 |
