Dependent variable is | |||||
---|---|---|---|---|---|
Working capital | Inventory days | Receivables days | Payables days | Cash cycle | |
Post-Referendum | 0.006 |
3.844 |
4.611 |
4.827 |
3.860 |
Log firm size | 0.114 |
-9.461 |
-17.170 |
-12.648 |
-13.313 |
Firm growth | 0.032 |
-8.647 |
-13.271 |
-14.900 |
-7.927 |
Profitability | 0.161 |
7.162 |
16.037 |
5.311 |
17.638 |
Profit volatility | 0.190 |
2.272 |
4.781 |
-10.945 |
18.331 |
Log firm age | -0.004 |
-26.232 |
-42.590 |
-35.501 |
-33.884 |
Total liabilities | -0.370 |
-9.209 |
3.432 |
-4.699 |
0.196 |
Financing constraints | 0.096 |
-23.075 |
-60.299 |
-34.462 |
-48.702 |
Log of GDP per capita | 0.005 |
17.307 |
12.784 |
16.191 |
14.266 |
Observations | 996 | 996 | 996 | 996 | 996 |
R-squared (overall) | 0.185 | 0.027 | 0.050 | 0.039 | 0.098 |
R-squared (within) | 0.146 | 0.101 | 0.128 | 0.145 | 0.079 |
Pre-Referendum | 0.26 | 23.22 | 34.12 | 25.09 | 32.15 |
Post-Referendum | 0.26 | 27.07 |
38.73 |
29.92 |
36.01 |
Dependent variable is | ||||||||
---|---|---|---|---|---|---|---|---|
Dividend policy | Capital structure | Cash | Investment | |||||
Div-payer | Div-sales | TL/TA | FD/CAP | Debt maturity | ||||
Post-Referendum | -0.008 |
0.012 |
-0.005 |
-0.019 |
-0.027 |
0.002 |
0.006 |
|
Post-Referendum * size | 0.021 |
0.003 |
-0.013 |
0.017 |
0.012 |
0.007 |
-0.001 |
|
Observations | 990 | 906 | 1,026 | 1,367 | 1,367 | 1,306 | 1,018 | |
Controls | Included | Included | Included | Included | Included | Included | Included | |
R-squared (overall) | 0.008 | 0.035 | 0.010 | 0.035 | 0.104 | 0.000 | 0.023 | |
R-squared (within) | 0.021 | 0.121 | 0.100 | 0.058 | 0.048 | 0.068 | 0.103 | |
Post-Referendum | -0.004 |
9.331 |
10.047*** |
12.555 |
6.712 |
|||
Post-Referendum * size | 0.016 |
-8.806 |
-9.610** |
-12.873 |
-4.974 |
|||
Observations | 996 | 996 | 996 | 996 | 996 | |||
Controls | Included | Included | Included | Included | Included | |||
R-squared (overall) | 0.224 | 0.010 | 0.060 | 0.001 | 0.101 | |||
R-squared (within) | 0.153 | 0.122 | 0.148 | 0.195 | 0.083 |
Variable | Description | Mean | p25 | Median | p75 | p95 | Sthev |
---|---|---|---|---|---|---|---|
Dividends-sales | Dividends paid to common shareholders to sales | 0.03 | 0.00 | 0.00 | 0.01 | 0.15 | 0.08 |
Dividend payer | Equals 1 if the firm pays a dividend in year t | 0.48 | 0.00 | 0.00 | 1.00 | 1.00 | 0.50 |
Working capital | (Current assets - current liabilities) to book assets | 0.29 | 0.10 | 0.31 | 0.47 | 0.70 | 0.26 |
Inventory days | (Inventory/net sales) * 365 | 21.58 | 0.00 | 7.21 | 34.76 | 84.84 | 29.76 |
Receivables days | (Accounts receivable/net sales) * 365 | 32.30 | 0.00 | 10.51 | 59.59 | 99.31 | 43.38 |
Payables days | (Accounts payable/net sales) * 365 | 23.58 | 0.00 | 16.02 | 36.15 | 71.62 | 33.72 |
Cash conversion cycle | Days in receivables + days in inventory - days in payables | 31.25 | 0.00 | 15.31 | 60.65 | 113.98 | 47.81 |
Cash holdings | Cash to assets | 0.19 | 0.06 | 0.15 | 0.27 | 0.55 | 0.17 |
Total liabilities | Total liabilities to book assets | 0.45 | 0.26 | 0.44 | 0.63 | 0.83 | 0.23 |
Financial debt to capital | Financial debt to sum of financial debt and equity | 0.21 | 0.01 | 0.12 | 0.34 | 0.71 | 0.24 |
Debt maturity | Long-term financial debt to total financial debt | 0.28 | 0.00 | 0.02 | 0.62 | 0.92 | 0.35 |
Investment | Capital expenditures to book assets | 0.04 | 0.01 | 0.02 | 0.06 | 0.16 | 0.07 |
Asset tangibility | Fixed to total assets | 0.36 | 0.13 | 0.30 | 0.53 | 0.89 | 0.27 |
Firm age | Year less establishment year | 31.40 | 18.00 | 28.00 | 40.00 | 65.00 | 19.82 |
Firm size | Log of book assets in thousands of euro | 2.50 | 1.97 | 2.51 | 3.06 | 4.02 | 0.83 |
Profitability | Earnings before interest and taxation to book assets | 0.09 | 0.03 | 0.07 | 0.13 | 0.33 | 0.13 |
Profit volatility | Standard deviation of ROA over the previous three years | 0.06 | 0.01 | 0.03 | 0.06 | 0.21 | 0.08 |
Sales growth | One-year growth in sales | 0.08 | (0.01) | 0.06 | 0.15 | 0.44 | 0.21 |
Asset growth | One-year growth in book assets | (0.06) | (0.13) | (0.05) | 0.01 | 0.22 | 0.19 |
Financing constraints | HP index equals (-0.737 * size + 0.043 * size2 -0.040 * age) | (2.75) | (3.31) | (2.75) | (2.15) | (1.50) | 0.82 |
△ Working capital | Change in working capital to lagged book assets | 0.32 | 0.10 | 0.32 | 0.51 | 0.79 | 0.29 |
Foreign sales | The ratio of foreign to total sales | 0.07 | 0.00 | 0.00 | 0.00 | 0.71 | 0.22 |
GDP per capita | Natural log of GDP per capita in constant euro prices | 10.92 | 10.72 | 10.96 | 11.02 | 11.09 | 0.15 |
Referendum dummy | Equals 1 in years 2017, 2018, and 2019, 0 otherwise | nm | nm | nm | nm | nm | nm |
Industry dummies | Industry dummies based on US four-digit primary SIC | nm | nm | nm | nm | nm | nm |
Agriculture, Forestry & Fishing | Mining | Construction | Manufacturing | Transportation, Communications, Electric, Gas & Sanitary | |||
10 | 7 | 129 | 316 | 106 | |||
Wholesale trade | Retail trade | Services | Public administration | Other | |||
142 | 193 | 441 | 3 | 26 |
Dependent variable is | |||||||
---|---|---|---|---|---|---|---|
Dividend policy | Capital structure | Cash | Investment | ||||
Div-payer | Div-sales | TL/TA | FD/CAP | Debt maturity | |||
Post-Referendum | -0.035 |
0.012 |
-0.025 |
-0.033 |
-0.055 |
0.028 |
-0.002 |
Post-Referendum * cash | 0.099 |
0.003 |
0.036 |
0.045 |
0.073 |
-0.056 |
0.016 |
Observations | 990 | 906 | 1,026 | 1,367 | 1,367 | 1,306 | 1,018 |
Controls | Included | Included | Included | Included | Included | Included | Included |
R-squared (overall) | 0.010 | 0.035 | 0.010 | 0.018 | 0.065 | 0.004 | 0.022 |
R-squared (within) | 0.025 | 0.121 | 0.114 | 0.069 | 0.059 | 0.104 | 0.109 |
Post-Referendum | 0.017 |
3.343 |
0.823 |
4.073 |
0.462 |
||
Post-Referendum * cash | -0.029 |
1.661 |
8.698 |
1.856 |
8.151 |
||
Observations | 996 | 996 | 996 | 996 | 996 | ||
Controls | Included | Included | Included | Included | Included | ||
R-squared (overall) | 0.196 | 0.022 | 0.060 | 0.040 | 0.099 | ||
R-squared (within) | 0.158 | 0.101 | 0.145 | 0.146 | 0.089 |
Dependent variable is | |||||||
---|---|---|---|---|---|---|---|
Dividend policy | Leverage policy | Cash | Investment | ||||
Div-payer | Div-sales | TL/TA | FD/CAP | Debt maturity | |||
Post-Referendum | 0.002 |
0.013 |
-0.010 |
-0.011 |
-0.020 |
-0.000 |
0.010 |
Log firm size | -0.130 |
-0.020 |
-0.004 |
0.048 |
0.079 |
0.056 |
-0.005 |
Firm growth | 0.276 |
0.113 |
-0.055 |
-0.093 |
-0.180 |
0.039 |
-0.093 |
Profitability | -0.260 |
-0.047 |
-0.203 |
-0.172 |
-0.088 |
0.082 |
-0.073 |
Profit volatility | -0.011 |
-0.015 |
0.061 |
||||
Cash | -0.007 |
0.038 |
0.147 |
||||
Log firm age | -0.263 |
-0.045 |
0.017 |
0.004 |
-0.096 |
0.099 |
-0.098 |
Total liabilities | -0.611 |
-0.185 |
|||||
Tangibility | 0.036 |
0.095 |
0.202 |
||||
Working capital | 0.158 |
||||||
Dividend payout | -0.046 |
||||||
Financing constraints | 0.154 |
||||||
△ Working capital | 0.158 |
0.059 |
|||||
Log of GDP per capita | -0.019 |
-0.022 |
-0.056 |
-0.055 |
-0.059 |
0.003 |
0.025 |
Observations | 990 | 906 | 1,026 | 1,367 | 1,367 | 1,306 | 1,018 |
R-squared (overall) | 0.004 | 0.039 | 0.005 | 0.034 | 0.087 | 0.155 | 0.010 |
R-squared (within) | 0.027 | 0.136 | 0.088 | 0.052 | 0.049 | 0.065 | 0.146 |
Pre-Referendum | 0.051 | 0.015 | 0.45 | 0.22 | 0.30 | 0.186 | 0.033 |
Post-Referendum | 0.051 | 0.028* | 0.44 | 0.21 | 0.28 | 0.186 | 0.043 |
Dependent variable is | ||||||||
---|---|---|---|---|---|---|---|---|
Dividend policy | Capital structure | Cash | Investment | |||||
Div-payer | Div-sales | TL/TA | FD/CAP | Debt maturity | ||||
Post-Referendum | 0.037 |
0.013 |
0.018 |
0.027 |
-0.005 |
-0.011 |
0.007 |
|
Post-Referendum * leverage | -0.056 |
0.000 |
-0.048 |
-0.075 |
-0.031 |
0.029 |
-0.002 |
|
Observations | 990 | 906 | 1,026 | 1,367 | 1,367 | 1,306 | 1,018 | |
Controls | Included | Included | Included | Included | Included | Included | Included | |
R-squared (overall) | 0.010 | 0.034 | 0.004 | 0.000 | 0.082 | 0.000 | 0.023 | |
R-squared (within) | 0.022 | 0.120 | 0.124 | 0.089 | 0.049 | 0.077 | 0.103 | |
Post-Referendum | -0.020 |
7.835 |
6.625 |
4.323 |
10.076 |
|||
Post-Referendum * leverage | 0.042 |
-6.385 |
-4.032 |
0.607 |
-10.558 |
|||
Observations | 996 | 996 | 996 | 996 | 996 | |||
Controls | Included | Included | Included | Included | Included | |||
R-squared (overall) | 0.194 | 0.019 | 0.058 | 0.048 | 0.110 | |||
R-squared (within) | 0.164 | 0.111 | 0.134 | 0.146 | 0.095 |