Table 7 The effect of the financing constraints index (FC) on investment in training per employee (TI) and physical capital per employee (KI). IV estimates. Robustness checks
From: Do investments in human and physical capital respond differently to financing constraints?
Variable | Training | Physical capital |
|---|---|---|
A. Adding total factor productivity and regional GDP | ||
FC | − 0.000 (0.051) | − 3.106* (1.623) |
F-test first stage | 22.40 | 23.52 |
Sample size | 28,494 | 27,553 |
B. Excluding countries with many imputed values of leverage and cash flow | ||
FC | 0.063 (0.071) | − 4.281* (2.347) |
F-test first stage | 10.96 | 13.36 |
Sample size | 15,591 | 15,058 |
C. Excluding 2018 | ||
FC | 0.029 (0.053) | − 3.180* (1.764) |
F-test first stage | 15.50 | 17.49 |
Sample size | 21,558 | 20,876 |
D. Excluding all imputed values of leverage and cash flow | ||
FC | 0.020 (0.049) | − 2.792 (1.828) |
F-test first stage | 12.40 | 14.86 |
Sample size | 15,505 | 14,965 |
E. Using the alternative index of financing constraints FC2 | ||
FC2 | 0.002 (0.135) | − 8.321*** (4.165) |
F-test first stage | 16.33 | 17.18 |
Sample size | 28,494 | 27,553 |