Asymmetric Information in New Investment: Evidence in Indonesia
Publié en ligne: 21 nov. 2023
Pages: 177 - 186
© 2023 Arief Yulianto et al., published by Sciendo
This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
Regression Results
(Source: Annual report from IDX from 2008 – 2019, analyzed.)
Manufacturing |
All Firm |
Manufacturer |
Non Manufacturer |
N Observation |
3063 |
435 |
2628 |
Intercept |
-0.182 |
-0.149 |
-0.188 |
Sales Growth |
-0.000 |
-0.001 |
-0.000 |
Size |
0.047* |
0.043 |
0.048* |
Age |
-0.016 |
0.006 |
-0.016 |
Growth*sector |
-0.001 |
- |
- |
Size*sector |
-0.003 |
- |
- |
Age*Sector |
0.023 |
- |
- |
R Square |
0.00538 |
0.007 |
0.00863 |
F Test |
4.382 |
1.090 |
7,614 |
p-value |
0.000* |
0.352 |
0.000* |
Correlation Matrix
(Source: Annual report from IDX from 2008 – 2019, analyzed.)
|
Sales Growth |
Size |
age |
DER |
Sales Growth |
1 |
- |
- |
- |
Size |
0.026 |
1 |
- |
- |
age |
0.007 |
0.049 |
1 |
- |
DER |
-0.002 |
0.090 |
-0.006 |
1 |
Descriptive Statistics
(Source: Annual report from IDX from 2008 – 2019, analyzed.)
- |
Count |
mean |
median |
Std Dev |
Kurtosis |
Skewness |
Q1 |
median |
Q3 |
Mean Diff |
Panel A |
Sales Growth |
3063 |
1.553 |
0.084 |
32,692 |
960.558 |
30,381 |
-0.037 |
0.084 |
0.226 |
-0.715 |
Size |
3063 |
28,521 |
28,499 |
1,708 |
0.351 |
0.006 |
27.371 |
28,499 |
29,661 |
-0.135 |
age |
3063 |
2,739 |
2,944 |
0.675 |
0.658 |
-1.029 |
2,303 |
2,944 |
3.258 |
0.245* |
DER |
3063 |
1.133 |
0.883 |
0.882 |
1,880 |
1.413 |
0.470 |
0.883 |
1.535 |
-0.020 |
Panel B- |
Non Manufacturing |
Sales Growth |
2628 |
1,655 |
0.086 |
34,851 |
864,931 |
29,022 |
-0.036 |
0.086 |
0.236 |
- |
Size |
2628 |
28,540 |
28,532 |
1,704 |
0.157 |
-0.065 |
27,389 |
28,532 |
29,703 |
- |
age |
2628 |
2,704 |
2,890 |
0.674 |
0.547 |
-0.950 |
2.197 |
2,890 |
3.258 |
- |
DER |
2628 |
1.136 |
0.886 |
0.879 |
1,814 |
1.397 |
0.473 |
0.886 |
1.539 |
- |
Manufacturing |
Sales Growth |
435 |
0.940 |
0.074 |
13.717 |
418,632 |
20,295 |
-0.039 |
0.074 |
0.170 |
- |
Size |
435 |
28,405 |
28,408 |
1,730 |
1.618 |
0.421 |
27.168 |
28,408 |
29,370 |
- |
age |
435 |
2,949 |
3.219 |
0.644 |
2,508 |
-1,715 |
2,639 |
3.219 |
3,401 |
- |
DER |
435 |
1.116 |
0.857 |
0.902 |
2.289 |
1,508 |
0.446 |
0.857 |
1.518 |
- |