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What is a real measure of corporate liquidity

Melik Ertugrul
Melik Ertugrul
 oraz 
Ali Coskun
Ali Coskun
   | 26 mar 2021
International Journal of Management and Economics's Cover Image
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Article Category: Empirical Paper
Data publikacji: 26 mar 2021
Zakres stron: 3 - 13
Otrzymano: 20 maj 2020
Przyjęty: 21 sty 2021
DOI: https://doi.org/10.2478/ijme-2021-0002
Słowa kluczowe
© 2021 Melik Ertugrul et al., published by Sciendo
This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

Regression analyses I

Panel A Panel B Panel C Panel D
CUR_R OCF_R CUR_R OCF_R CUR_R OCF_R CUR_R OCF_R
BVPS 2.5069*** (0.0000) 2.3294*** (0.0000) 2.5195*** (0.0000) 2.3970*** (0.0000) 2.4865*** (0.0000) 2.3853*** (0.0000) 2.4885*** (0.0000) 2.4222*** (0.0000)
EPS 2.9678*** (0.0014) 4.0545*** (0.0001) 3.0946*** (0.0033) 3.5681*** (0.0002) 3.2280*** (0.0021) 3.4692*** (0.0001) 3.1020*** (0.0019) 3.3031*** (0.0002)
D 1.0518 (0.3236) 0.1486 (0.7970) 1.7871* (0.0958) −0.0329 (0.9422) 1.6955 (0.1337) −0.4293 (0.2819) 2.0250* (0.0895) −0.2485 (0.7575)
BVPS × D −0.0385 (0.8604) 0.3960** (0.0498) −0.2142 (0.4678) 0.2972* (0.0800) −0.1057 (0.6990) 0.4277** (0.0480) −0.0340 (0.9048) 0.3595 (0.1993)
EPS × D −0.2768 (0.7428) −2.8686** (0.0107) −1.1641 (0.3549) −2.6974** (0.0148) −1.6146 (0.2226) −2.8390** (0.0196) −1.0609 (0.3757) −2.9793** (0.0142)
Constant −0.7287 (0.5751) −0.5818 (0.6490) −0.7098 (0.5680) −0.3334 (0.7921) −0.6434 (0.6181) −0.1795 (0.8851) −0.6743 (0.6099) −0.2034 (0.8670)
Observations 2,329 2,329 2,329 2,329 2,329 2,329 2,329 2,329
R-squared 0.911 0.913 0.911 0.913 0.911 0.913 0.911 0.912
Firm FE Yes Yes Yes Yes Yes Yes Yes Yes
Year FE Yes Yes Yes Yes Yes Yes Yes Yes

Regression analyses II

Panel A Panel B Panel C Panel D
CUR_R OCF_R CUR_R OCF_R CUR_R OCF_R CUR_R OCF_R
BVPS 2.4948*** (0.0000) 2.3223*** (0.0000) 2.5098*** (0.0000) 2.3889*** (0.0000) 2.4760*** (0.0000) 2.3742*** (0.0000) 2.4772*** (0.0000) 2.4103*** (0.0000)
EPS 3.0578*** (0.0013) 4.1315*** (0.0001) 3.1723*** (0.0039) 3.6572*** (0.0002) 3.3147*** (0.0026) 3.5815*** (0.0002) 3.1992*** (0.0023) 3.4253*** (0.0002)
D 0.8783 (0.4079) 0.1167 (0.8346) 1.6475 (0.1328) −0.0558 (0.9000) 1.5299 (0.1894) −0.4621 (0.2417) 1.8670 (0.1254) −0.2721 (0.7361)
BVPS × D −0.0397 (0.8560) 0.3906* (0.0554) −0.2125 (0.4748) 0.2901* (0.0891) −0.1032 (0.7094) 0.4240* (0.0502) −0.0304 (0.9164) 0.3575 (0.2076)
EPS × D −0.1643 (0.8494) −2.8299** (0.0121) −1.0795 (0.3741) −2.6454** (0.0173) −1.5548 (0.2265) −2.7938** (0.0217) −1.0024 (0.3898) −2.9309** (0.0183)
L 1.0247 (0.1965) 0.6951 (0.3205) 0.7749 (0.1872) 0.7673 (0.2845) 0.7863 (0.1916) 0.9012 (0.2026) 0.8297 (0.1847) 0.9526 (0.2145)
Constant −0.9547 (0.4455) −0.7775 (0.5319) −0.8993 (0.4624) −0.5610 (0.6474) −0.8398 (0.5044) −0.4498 (0.7056) −0.8948 (0.4843) −0.4960 (0.6714)
Observations 2,329 2,329 2,329 2,329 2,329 2,329 2,329 2,329
R-squared 0.911 0.913 0.911 0.913 0.912 0.913 0.911 0.912
Firm FE Yes Yes Yes Yes Yes Yes Yes Yes
Year FE Yes Yes Yes Yes Yes Yes Yes Yes

Descriptive statistics and correlation matrix

Panel A
N MEAN P50 SD MIN MAX
P 2,329 13.11 3.510 29.55 0.290 190
BVPS 2,329 4.700 2.192 7.774 0.237 53.63
EPS 2,329 0.554 0.164 1.551 −2.464 9.404
CUR_R 2,329 2.330 1.481 2.797 0.185 19.51
OCF_R 2,329 0.255 0.124 0.897 −3.053 4.914
Panel B
P BVPS EPS CUR_R OCF_R
P 1
BVPS 0.7932* 1
EPS 0.6687* 0.6237* 1
CUR_R 0.0373 0.0534* 0.1166* 1
OCF_R 0.1124* 0.0987* 0.1918* 0.2691*

Regression analyses III

Panel A Panel B Panel C Panel D
CUR_R OCF_R CUR_R OCF_R CUR_R OCF_R CUR_R OCF_R
BVPS 0.7063** (0.0452) 0.5120* (0.0979) 0.7182** (0.0358) 0.5646* (0.0688) 0.6997** (0.0320) 0.5896* (0.0543) 0.7273** (0.0179) 0.5656* (0.0568)
EPS 1.7381*** (0.0011) 2.2798*** (0.0003) 1.8239*** (0.0006) 2.1087*** (0.0002) 1.7248*** (0.0007) 1.9182*** (0.0008) 1.6644*** (0.0007) 1.9560*** (0.0005)
D −0.0345 (0.7583) −0.1657* (0.0581) −0.0365 (0.7405) −0.1748* (0.0590) −0.0803 (0.4969) −0.1787** (0.0373) −0.0431 (0.6003) −0.2196** (0.0283)
BVPS × D 0.0862 (0.7825) 0.4261** (0.0382) 0.1313 (0.7154) 0.4250* (0.0677) 0.3509 (0.3484) 0.4060** (0.0373) 0.2020 (0.4525) 0.5514** (0.0156)
EPS × D −0.1932 (0.8158) −1.2309*** (0.0083) −0.4271 (0.6481) −1.0899** (0.0173) 0.0257 (0.9809) −0.7738 (0.1279) 0.1417 (0.9071) −0.9872* (0.0536)
Constant 0.6404*** (0.0017) 0.7001*** (0.0003) 0.6251*** (0.0014) 0.6821*** (0.0003) 0.6314*** (0.0010) 0.6801*** (0.0003) 0.6267*** (0.0005) 0.6828*** (0.0002)
Observations 2,329 2,329 2,329 2,329 2,329 2,329 2,329 2,329
R-squared 0.755 0.758 0.755 0.757 0.755 0.756 0.755 0.757
Firm FE Yes Yes Yes Yes Yes Yes Yes Yes
Year FE Yes Yes Yes Yes Yes Yes Yes Yes
eISSN:
2543-5361
Język:
Angielski
Częstotliwość wydawania:
4 razy w roku
Dziedziny czasopisma:
Business and Economics, Political Economics, Economic Theory, Systems and Structures, Business Management, Management Accounting, Financial Controlling, Cost Calculation, Investment
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