Empirical Analysis of Customer Risk and Corporate Financing Constraints Based on Supply Chain Networks
Table 8
Summary table of robustness test results 1.
(1)
(2)
Invest
Invest
CashFlow
0.0734
0.0649
(2.77)
(2.27)
Risk
0.0338
0.0296
(1.58)
(1.23)
riskCashFlow
0.9821
0.8667
(2.49)
(2.18)
Hold
0.0198
0.0172
(2.01)
(1.69)
Std
0.0097
0.0107
(3.32)
(3.59)
Msh
0.0351
0.0301
(4.80)
(3.71)
ROA
0.0481
0.0617
(1.87)
(2.25)
Growth
−0.0020
−0.0035
(−0.55)
(−0.94)
Age
−0.0078
−0.0073
(−1.92)
(−1.77)
Size
0.0003
(0.22)
Dual
0.0100
(2.75)
Board
−0.0017
(−0.51)
PPE
−0.0020
(−0.21)
KHROA
0.0877
0.0852
(2.66)
(2.56)
KHAge
0.0050
0.0073
(1.11)
(1.60)
Constant
0.0997
0.0889
(3.02)
(2.05)
Year
Yes
Yes
Industry
Yes
Yes
N
1088
1062
R2
0.2089
0.2146
Note. ,, and indicate that the test coefficients are significant at the 1%, 5%, and 10% levels, respectively, and in parentheses, it displays the value t.
