{\rtf1\par

\qc
Model 1: Fixed-effects, using 389 observations\par
Included 5 cross-sectional units\par
Time-series length: minimum 77, maximum 78\par
Dependent variable: Cash_holding_2\par
\par
{\trowd \trqc \trgaph30\trleft-30\trrh262\cellx1900\cellx3300\cellx4700\cellx610
0\cellx7500\cellx8000
\intbl \qc {\i }\cell \qc {\i Coefficient}\cell \qc {\i Std. Error}\cell \qc {\
i t-ratio}\cell \qc {\i p-value}\cell \ql \cell \intbl \row
\trowd \trqc \trgaph30\trleft-30\trrh262\cellx1900\cellx3300\cellx4700\cellx6100
\cellx7500\cellx8000
\intbl\ql const\cell \qc 0.0884039\cell \qc 0.0297341\cell \qc 2.9731\cell \qc 0
.00314\cell \ql ***\cell \intbl \row
\trowd \trqc \trgaph30\trleft-30\trrh262\cellx1900\cellx3300\cellx4700\cellx6100
\cellx7500\cellx8000
\intbl\ql Concentration\cell \qc 0.00725208\cell \qc 0.0150517\cell \qc 0.4818\c
ell \qc 0.63022\cell \ql \cell \intbl \row
\trowd \trqc \trgaph30\trleft-30\trrh262\cellx1900\cellx3300\cellx4700\cellx6100
\cellx7500\cellx8000
\intbl\ql Directors_Owner\cell \qc -0.0134214\cell \qc 0.00145195\cell \qc -9.24
37\cell \qc <0.00001\cell \ql ***\cell \intbl \row
\trowd \trqc \trgaph30\trleft-30\trrh262\cellx1900\cellx3300\cellx4700\cellx6100
\cellx7500\cellx8000
\intbl\ql Institutional_S\cell \qc 0.0013435\cell \qc 0.00596975\cell \qc 0.2251
\cell \qc 0.82206\cell \ql \cell \intbl \row
\trowd \trqc \trgaph30\trleft-30\trrh262\cellx1900\cellx3300\cellx4700\cellx6100
\cellx7500\cellx8000
\intbl\ql Large_Sharehold\cell \qc 0.0115895\cell \qc 0.0144027\cell \qc 0.8047\
cell \qc 0.42152\cell \ql \cell \intbl \row
\trowd \trqc \trgaph30\trleft-30\trrh262\cellx1900\cellx3300\cellx4700\cellx6100
\cellx7500\cellx8000
\intbl\ql Board_Size\cell \qc -0.00472065\cell \qc 0.00150983\cell \qc -3.1266\c
ell \qc 0.00191\cell \ql ***\cell \intbl \row
\trowd \trqc \trgaph30\trleft-30\trrh262\cellx1900\cellx3300\cellx4700\cellx6100
\cellx7500\cellx8000
\intbl\ql Growth\cell \qc 0.0181416\cell \qc 0.0100553\cell \qc 1.8042\cell \qc
0.07201\cell \ql *\cell \intbl \row
\trowd \trqc \trgaph30\trleft-30\trrh262\cellx1900\cellx3300\cellx4700\cellx6100
\cellx7500\cellx8000
\intbl\ql Dividend\cell \qc 0.0284439\cell \qc 0.00594893\cell \qc 4.7813\cell \
qc <0.00001\cell \ql ***\cell \intbl \row
\trowd \trqc \trgaph30\trleft-30\trrh262\cellx1900\cellx3300\cellx4700\cellx6100
\cellx7500\cellx8000
\intbl\ql Size_of_Firm\cell \qc -0.00505352\cell \qc 0.00236152\cell \qc -2.1399
\cell \qc 0.03301\cell \ql **\cell \intbl \row
\trowd \trqc \trgaph30\trleft-30\trrh262\cellx1900\cellx3300\cellx4700\cellx6100
\cellx7500\cellx8000
\intbl\ql Leverage\cell \qc -0.0529495\cell \qc 0.0153234\cell \qc -3.4555\cell
\qc 0.00061\cell \ql ***\cell \intbl \row
\trowd \trqc \trgaph30\trleft-30\trrh262\cellx1900\cellx3300\cellx4700\cellx6100
\cellx7500\cellx8000
\intbl\ql Net_Working_Cap\cell \qc -0.0521204\cell \qc 0.0148817\cell \qc -3.502
3\cell \qc 0.00052\cell \ql ***\cell \intbl \row
\trowd \trqc \trgaph30\trleft-30\trrh262\cellx1900\cellx3300\cellx4700\cellx6100
\cellx7500\cellx8000
\intbl\ql Cash_Flow\cell \qc 0.013703\cell \qc 0.0215276\cell \qc 0.6365\cell \q
c 0.52482\cell \ql \cell \intbl \row
}

\par
{\trowd \trqc \trgaph30\trleft-30\trrh262\cellx2500\cellx3800\cellx4200\cellx670
0\cellx8000
\intbl\ql Mean dependent var\cell\qr 0.036607\cell \qc \cell\ql S.D. dependent
var\cell\qr 0.057715\cell\intbl\row
\trowd \trqc \trgaph30\trleft-30\trrh262\cellx2500\cellx3800\cellx4200\cellx6700
\cellx8000
\intbl\ql Sum squared resid\cell\qr 0.837234\cell \qc \cell\ql S.E. of regressi
on\cell\qr 0.047377\cell\intbl\row
\trowd \trqc \trgaph30\trleft-30\trrh262\cellx2500\cellx3800\cellx4200\cellx6700
\cellx8000
\intbl\ql R-squared\cell\qr 0.352210\cell \qc \cell\ql Adjusted R-squared\cell\
qr 0.326159\cell\intbl\row
\trowd \trqc \trgaph30\trleft-30\trrh262\cellx2500\cellx3800\cellx4200\cellx6700
\cellx8000
\intbl\ql F(15, 373)\cell\qr 13.52026\cell \qc \cell\ql P-value(F)\cell\qr 2.8
7e-27\cell\intbl\row
\trowd \trqc \trgaph30\trleft-30\trrh262\cellx2500\cellx3800\cellx4200\cellx6700
\cellx8000
\intbl\ql Log-likelihood\cell\qr 642.5023\cell \qc \cell\ql Akaike criterion\ce
ll\qr -1253.005\cell\intbl\row
\trowd \trqc \trgaph30\trleft-30\trrh262\cellx2500\cellx3800\cellx4200\cellx6700
\cellx8000
\intbl\ql Schwarz criterion\cell\qr -1189.587\cell \qc \cell\ql Hannan-Quinn\cel
l\qr -1227.863\cell\intbl\row
\trowd \trqc \trgaph30\trleft-30\trrh262\cellx2500\cellx3800\cellx4200\cellx6700
\cellx8000
\intbl\ql rho\cell\qr 0.309210\cell \qc \cell\ql Durbin-Watson\cell\qr 1.37490
1\cell\intbl\row
}
\par \ql Test for differing group intercepts -\par
Null hypothesis: The groups have a common intercept\par
Test statistic: F(4, 373) = 2.38682\par
with p-value = P(F(4, 373) > 2.38682) = 0.0507359\par
}