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Swiss Journal of Economics and Statistics

Table 3 The effect of alternative indicators of financing constraints on investment in training per employee (TI). OLS estimates. 2015–18

From: Do investments in human and physical capital respond differently to financing constraints?

Variable

(1)

(2)

(3)

(4)

(5)

Standardized AC

0.004**

    
 

(0.002)

    

Standardized leverage

 

− 0.005**

 

− 0.004**

 
  

(0.002)

 

(0.002)

 

Standardized cash flow

  

0.004**

0.004*

 
   

(0.002)

(0.002)

 

FC

    

− 0.003*

     

(0.002)

Sample size

28,494

28,494

28,494

28,494

28,494

  1. All regressions include country by year and sector fixed effects, indicator variables for missing values, subsidiary and foreign status, for being hampered by business regulations, labour market regulations and lack of staff with the right skills, the first and second lag of return on equity and real sales per employee, firm age and the log of total real assets. Standard errors (in parentheses) are clustered by firm. *, **, *** for statistical significance at the 10, 5 and 1 level of confidence
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