Variables | Panel A: Pooled OLS | Panel B: Random Effect | Panel C: Fixed Effect |
---|---|---|---|
DPS | 3.1194*** (0.4422) | 2.3900*** (0.6018) | 1.5506** (0.5895) |
Board size | 0.0298*** (0.0085) | 0.0497*** (0.0139) | 0.0487** (0.0146) |
DPS*board size | 0.1654*** (0.0327) | 0.1312** (0.0460) | 0.1125* (0.0449) |
Log(size) |  − 0.1835*** (0.0183) |  − 0.3186*** (0.0620) |  − 0.3819*** (0.0852) |
TLTA | 1.3941*** (0.1117) | 1.2514*** (0.2221) | 1.1400*** (0.2337) |
Blockholder | 0.0012 (0.0009) | 0.0007 (0.0021) |  − 0.0032 (0.0025) |
Cash holding | 1.5102*** (0.1547) | 1.3723*** (0.2676) | 1.3862*** (0.2962) |
Constant | 2.4878*** (0.2269) | 4.1711*** (0.7092) | 5.3156*** (1.0713) |
Observations | 5057 | ||
Industry dummy | Included | Included | Excluded |
Year dummy | Included | Included | Excluded |
Breusch–Pagan LM test | 7404.57 (0) | ||
Hausman test | 105.78 (0) |