___ ____ ____ ____ ____ (R)

/__ / ____/ / ____/

___/ / /___/ / /___/ 13.0 Copyright 1985-2013 Sta
> taCorp LP
Statistics/Data Analysis StataCorp
4905 Lakeway Drive
MP - Parallel Edition College Station, Texas
> 77845 USA
800-STATA-PC htt
> p://www.stata.com
979-696-4600 sta
> ta@stata.com
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3-user 8-core Stata network perpetual license:

Serial number: 501306208483
Licensed to: IDRE-UCLA
IDRE-UCLA

Notes:
1. (/v# option or -set maxvar-) 5000 maximum variables

. use "C:\Users\Andrea\Desktop\prova.dta", clear

. tabulate Country

Country Freq. Percent Cum.

AT 1,915 0.49 0.49

BE 9,445 2.40 2.89
DE 6,755 1.72 4.61
ES 48,130 12.24 16.84
FI 4,520 1.15 17.99
FR 62,225 15.82 33.81
GB 17,915 4.55 38.36
GR 5,015 1.27 39.64
IT 199,790 50.79 90.43
NO 12,670 3.22 93.65
PT 19,740 5.02 98.67
SE 5,235 1.33 100.00

Total 393,355 100.00

. tabulate Country [iweight=pesi]

Country Freq. Percent Cum.

AT 7,353.7852 1.87 1.87

BE 13,566.738 3.45 5.32
DE 57,102.058 14.52 19.84
ES 54,347.129 13.82 33.65
FI 5,241.0474 1.33 34.98
FR 72,886.927 18.53 53.51
GB 42,105.125 10.70 64.22
GR 16,007.133 4.07 68.29
IT 84,935.749 21.59 89.88
NO 6,544.2906 1.66 91.54
PT 17,873.968 4.54 96.09
SE 15,391.05 3.91 100.00

Total 393,355 100.00

. xtset Id Year
panel variable: Id (strongly balanced)
time variable: Year, 2011 to 2015
delta: 1 unit

. xtreg cash_adj size tot_leverage fin_leverage maturity_tot_lev maturity_fin_lev Net_working cashflow

> h_adj industry_sigma [iweight = pesi], pa corr(exchangeable)

Iteration 1: tolerance = .0026259

Iteration 2: tolerance = .00018824
Iteration 3: tolerance = .0000126
Iteration 4: tolerance = 8.211e-07

GEE population-averaged model Number of obs = 320694

Group variable: Id Number of groups = 71935.55
Link: identity Obs per group: min = 1
Family: Gaussian avg = 4.5
Correlation: exchangeable max = 5
Wald chi2(8) = .
Scale parameter: .0000156 Prob > chi2 = .

cash_adj Coef. Std. Err. z P>|z| [95% Conf. Interval]

size -.0011515 6.90e-06 -166.99 0.000 -.0011651 -.001138

tot_leverage -.0001444 .000021 -6.86 0.000 -.0001856 -.0001031
fin_leverage 2.11e-12 1.93e-13 10.91 0.000 1.73e-12 2.49e-12
maturity_tot_lev .0002917 .0000327 8.92 0.000 .0002276 .0003558
maturity_fin_lev -1.70e-06 2.89e-06 -0.59 0.555 -7.37e-06 3.96e-06
Net_working -.0061074 .0000164 -371.53 0.000 -.0061396 -.0060752
cashflow_adj .0064964 .0000349 186.00 0.000 .0064279 .0065648
growth_adj .0000174 .0005806 0.03 0.976 -.0011205 .0011554
industry_sigma .0007621 .0002565 2.97 0.003 .0002594 .0012648
_cons .0127496 .0000668 190.72 0.000 .0126186 .0128806

. xtreg cash_adj size tot_leverage fin_leverage maturity_tot_lev maturity_fin_lev Net_working cashflow

> h_adj industry_sigma [iweight = pesi], fe corr(exchangeable)
iweight not allowed with fixed-effects models
r(101);

. xtfmb cash_adj size tot_leverage fin_leverage maturity_tot_lev maturity_fin_lev Net_working cashflow

> h_adj industry_sigma [iweight = pesi],
iweight not allowed
r(101);

. tabulate Country [aweight=pesi]

Country Freq. Percent Cum.

AT 7,353.7852 1.87 1.87

BE 13,566.738 3.45 5.32
DE 57,102.058 14.52 19.84
ES 54,347.129 13.82 33.65
FI 5,241.0474 1.33 34.98
FR 72,886.927 18.53 53.51
GB 42,105.125 10.70 64.22
GR 16,007.133 4.07 68.29
IT 84,935.749 21.59 89.88
NO 6,544.2906 1.66 91.54
PT 17,873.968 4.54 96.09
SE 15,391.05 3.91 100.00

Total 393,355 100.00

. xtfmb cash_adj size tot_leverage fin_leverage maturity_tot_lev maturity_fin_lev Net_working cashflow
> h_adj industry_sigma [aweight = pesi],

Weighted Fama-MacBeth (1973) 2-Step procedure Number of obs = 320694

Num. time periods = 5
F( 9, 4) = 169.74
Prob > F = 0.0001
avg. R-squared = 0.4216

Fama-MacBeth
cash_adj Coef. Std. Err. t P>|t| [95% Conf. Interval]

size -.0010338 7.01e-06 -147.51 0.000 -.0010533 -.0010144

tot_leverage .0004058 .0001549 2.62 0.059 -.0000242 .0008358
fin_leverage -5.23e-06 3.76e-06 -1.39 0.237 -.0000157 5.22e-06
maturity_tot_lev -.0002664 .0001442 -1.85 0.138 -.0006666 .0001339
maturity_fin_lev .0004081 .0001649 2.48 0.069 -.0000497 .000866
Net_working -.0037337 .0002587 -14.43 0.000 -.0044519 -.0030155
cashflow_adj .0045669 .0019634 2.33 0.081 -.0008843 .0100182
growth_adj .1567584 .093447 1.68 0.169 -.1026922 .416209
industry_sigma .0070786 .0021231 3.33 0.029 .001184 .0129732
_cons .010665 .0001313 81.22 0.000 .0103004 .0110296

. xtreg cash_adj size tot_leverage fin_leverage maturity_tot_lev maturity_fin_lev Net_working cashflow

> h_adj industry_sigma [aweight = pesi], fe corr(exchangeable)
option corr() not allowed
r(198);

. xtreg cash_adj size tot_leverage fin_leverage maturity_tot_lev maturity_fin_lev Net_working cashflow

> h_adj industry_sigma [aweight = pesi], fe

Fixed-effects (within) regression Number of obs = 320694

Group variable: Id Number of groups = 71679

R-sq: within = 0.6735 Obs per group: min = 1

between = 0.5105 avg = 4.5
overall = 0.4823 max = 5

F(9,249006) = 57072.22
corr(u_i, Xb) = -0.3891 Prob > F = 0.0000

cash_adj Coef. Std. Err. t P>|t| [95% Conf. Interval]

size -.0022765 .000022 -103.56 0.000 -.0023196 -.0022334

tot_leverage -.0010338 .0000215 -48.03 0.000 -.0010759 -.0009916
fin_leverage 2.79e-12 1.67e-13 16.73 0.000 2.46e-12 3.11e-12
maturity_tot_lev .0002876 .0000327 8.79 0.000 .0002234 .0003517
maturity_fin_lev -2.80e-06 2.49e-06 -1.13 0.259 -7.68e-06 2.07e-06
Net_working -.0070125 .0000169 -415.19 0.000 -.0070456 -.0069794
cashflow_adj .0051427 .0000333 154.36 0.000 .0050774 .005208
growth_adj -.0004993 .0005024 -0.99 0.320 -.0014841 .0004855
industry_sigma -.0000459 .0002443 -0.19 0.851 -.0005247 .0004329
_cons .0237733 .0001989 119.52 0.000 .0233835 .0241632

sigma_u .00431747
sigma_e .00204433
rho .81685723 (fraction of variance due to u_i)

F test that all u_i=0: F( 71678, 249006) = 12.63 Prob > F = 0.0000
. xtreg cash_adj size tot_leverage fin_leverage maturity_tot_lev maturity_fin_lev Net_working cashflow
> h_adj industry_sigma yr2011 yr2012 yr2013 yr2014 yr2015, noconstant pa corr(exchangeable)

Iteration 1: tolerance = .00390452

Iteration 2: tolerance = .00018715
Iteration 3: tolerance = 9.793e-06
Iteration 4: tolerance = 5.249e-07

GEE population-averaged model Number of obs = 320694

Group variable: Id Number of groups = 71679
Link: identity Obs per group: min = 1
Family: Gaussian avg = 4.5
Correlation: exchangeable max = 5
Wald chi2( 12) = 449637.06
Scale parameter: .0000162 Prob > chi2 = 0.0000

cash_adj Coef. Std. Err. z P>|z| [95% Conf. Interval]

size -.0013141 8.22e-06 -159.93 0.000 -.0013302 -.001298

tot_leverage .0001897 .0000265 7.17 0.000 .0001378 .0002415
fin_leverage 1.74e-12 3.03e-13 5.75 0.000 1.15e-12 2.33e-12
maturity_tot_lev .0002079 .0000382 5.44 0.000 .000133 .0002828
maturity_fin_lev 7.64e-08 3.19e-06 0.02 0.981 -6.19e-06 6.34e-06
Net_working -.0062568 .0000181 -345.66 0.000 -.0062923 -.0062213
cashflow_adj .0066116 .0000398 166.03 0.000 .0065335 .0066896
growth_adj -.0005559 .0003906 -1.42 0.155 -.0013216 .0002097
industry_sigma .0019925 .0003415 5.83 0.000 .0013231 .0026618
yr2011 .013694 .000078 175.56 0.000 .0135412 .0138469
yr2012 .0136926 .0000782 175.12 0.000 .0135394 .0138459
yr2013 .0136727 .0000784 174.34 0.000 .013519 .0138264
yr2014 .0136422 .0000789 172.98 0.000 .0134876 .0137968
yr2015 .0136024 .0000793 171.43 0.000 .0134469 .0137579

. xtreg cash_adj size tot_leverage fin_leverage maturity_tot_lev maturity_fin_lev Net_working cashflow

> h_adj industry_sigma yr2011 yr2012 yr2013 yr2014 yr2015 [iweight=pesi], noconstant pa corr(exchange

Iteration 1: tolerance = .00237801

Iteration 2: tolerance = .00018482
Iteration 3: tolerance = .00001232
Iteration 4: tolerance = 7.993e-07

GEE population-averaged model Number of obs = 320694

Group variable: Id Number of groups = 71935.55
Link: identity Obs per group: min = 1
Family: Gaussian avg = 4.5
Correlation: exchangeable max = 5
Wald chi2( 12) = 502650.41
Scale parameter: .0000156 Prob > chi2 = 0.0000

cash_adj Coef. Std. Err. z P>|z| [95% Conf. Interval]

size -.0011478 6.91e-06 -166.12 0.000 -.0011613 -.0011342

tot_leverage -.0001517 .0000211 -7.21 0.000 -.000193 -.0001105
fin_leverage 2.11e-12 1.93e-13 10.93 0.000 1.74e-12 2.49e-12
maturity_tot_lev .0002882 .0000327 8.81 0.000 .0002241 .0003523
maturity_fin_lev -1.84e-06 2.89e-06 -0.64 0.524 -7.50e-06 3.82e-06
Net_working -.0061129 .0000165 -371.54 0.000 -.0061451 -.0060806
cashflow_adj .0064887 .000035 185.65 0.000 .0064202 .0065572
growth_adj 9.38e-06 .0005805 0.02 0.987 -.0011284 .0011472
industry_sigma .0011191 .0002602 4.30 0.000 .0006091 .0016291
yr2011 .0127286 .0000672 189.36 0.000 .0125968 .0128603
yr2012 .0127495 .0000673 189.34 0.000 .0126175 .0128815
yr2013 .0127204 .0000675 188.40 0.000 .0125881 .0128527
yr2014 .0126672 .0000679 186.65 0.000 .0125342 .0128002
yr2015 .0126393 .0000682 185.25 0.000 .0125056 .012773
. xtreg cash_adj size tot_leverage fin_leverage maturity_tot_lev maturity_fin_lev Net_working cashflow
> h_adj industry_sigma yr2011 yr2012 yr2013 yr2014 yr2015 Austria_D [iweight=pesi], noconstant pa cor
> able)
Break
r(1);

. xtreg cash_adj size tot_leverage fin_leverage maturity_tot_lev maturity_fin_lev Net_working cashflow

> h_adj industry_sigma yr2011 yr2012 yr2013 yr2014 yr2015 Austria_D Germania_D Spagna_D Finlandia_D F
> nitedKingdom_D Grecia_D Italia_D Norvegia_D Portogallo_D Svezia_D [iweight=pesi], noconstant pa corr
> ble)

Iteration 1: tolerance = .00226811

Iteration 2: tolerance = .00024039
Iteration 3: tolerance = .00001731
Iteration 4: tolerance = 1.209e-06
Iteration 5: tolerance = 8.428e-08

GEE population-averaged model Number of obs = 320694

Group variable: Id Number of groups = 71935.55
Link: identity Obs per group: min = 1
Family: Gaussian avg = 4.5
Correlation: exchangeable max = 5
Wald chi2( 23) = 512837.20
Scale parameter: .0000152 Prob > chi2 = 0.0000

cash_adj Coef. Std. Err. z P>|z| [95% Conf. Interval]

size -.0011762 8.19e-06 -143.55 0.000 -.0011923 -.0011601

tot_leverage -.0001272 .000021 -6.06 0.000 -.0001683 -.0000861
fin_leverage 2.11e-12 1.93e-13 10.93 0.000 1.73e-12 2.48e-12
maturity_tot_lev .0001035 .0000333 3.11 0.002 .0000383 .0001687
maturity_fin_lev -3.51e-06 2.88e-06 -1.22 0.223 -9.14e-06 2.13e-06
Net_working -.006115 .0000164 -373.37 0.000 -.0061471 -.0060829
cashflow_adj .0064887 .0000348 186.49 0.000 .0064205 .0065569
growth_adj .0000218 .0005777 0.04 0.970 -.0011105 .0011541
industry_sigma .0009807 .0002588 3.79 0.000 .0004735 .001488
yr2011 .0126559 .0001097 115.36 0.000 .0124409 .0128709
yr2012 .0126787 .0001098 115.44 0.000 .0124635 .012894
yr2013 .0126503 .00011 115.01 0.000 .0124347 .0128658
yr2014 .012597 .0001103 114.21 0.000 .0123808 .0128132
yr2015 .0125714 .0001106 113.65 0.000 .0123546 .0127882
Austria_D .0009039 .0001203 7.51 0.000 .000668 .0011397
Germania_D .0010608 .0000797 13.30 0.000 .0009045 .0012171
Spagna_D .0004163 .0000788 5.28 0.000 .0002619 .0005708
Finlandia_D .0004259 .0001286 3.31 0.001 .0001738 .000678
Francia_D .0003435 .0000776 4.43 0.000 .0001914 .0004955
UnitedKingdom_D -.000116 .00008 -1.45 0.147 -.0002729 .0000408
Grecia_D .0006635 .0000928 7.15 0.000 .0004817 .0008454
Italia_D -.0003506 .0000771 -4.55 0.000 -.0005017 -.0001995
Norvegia_D .0010606 .0001282 8.27 0.000 .0008093 .0013119
Portogallo_D .0024929 .0000914 27.27 0.000 .0023137 .0026721
Svezia_D -9.23e-06 .0001011 -0.09 0.927 -.0002073 .0001889

. xtreg cash_adj size tot_leverage fin_leverage maturity_tot_lev maturity_fin_lev Net_working cashflow

> h_adj industry_sigma yr2011 yr2012 yr2013 yr2014 yr2015 Austria_D Germania_D Spagna_D Finlandia_D F
> nitedKingdom_D Grecia_D Italia_D Norvegia_D Portogallo_D Svezia_D nace_D1- nace_D290 [iweight=pesi]
> nt pa corr(exchangeable)
note: nace_D290 omitted because of collinearity

Iteration 1: tolerance = .00224563

Iteration 2: tolerance = .00024553
Iteration 3: tolerance = .00001787
Iteration 4: tolerance = 1.261e-06
Iteration 5: tolerance = 8.876e-08
GEE population-averaged model Number of obs = 320694
Group variable: Id Number of groups = 71935.55
Link: identity Obs per group: min = 1
Family: Gaussian avg = 4.5
Correlation: exchangeable max = 5
Wald chi2( 312) = 524373.51
Scale parameter: .0000148 Prob > chi2 = 0.0000

cash_adj Coef. Std. Err. z P>|z| [95% Conf. Interval]

size -.0012079 8.63e-06 -139.97 0.000 -.0012248 -.0011909

tot_leverage -.0001362 .0000209 -6.53 0.000 -.000177 -.0000953
fin_leverage 2.12e-12 1.91e-13 11.06 0.000 1.74e-12 2.49e-12
maturity_tot_lev .0001427 .0000331 4.31 0.000 .0000778 .0002077
maturity_fin_lev -3.45e-06 2.86e-06 -1.21 0.227 -9.06e-06 2.15e-06
Net_working -.0061222 .0000163 -375.79 0.000 -.0061541 -.0060902
cashflow_adj .006487 .0000346 187.48 0.000 .0064192 .0065548
growth_adj .0000136 .0005743 0.02 0.981 -.001112 .0011392
industry_sigma .0002754 .0002866 0.96 0.337 -.0002864 .0008372
yr2011 .0128142 .0001449 88.43 0.000 .0125302 .0130982
yr2012 .0128387 .000145 88.53 0.000 .0125545 .0131229
yr2013 .0128119 .0001452 88.25 0.000 .0125274 .0130965
yr2014 .0127611 .0001454 87.75 0.000 .0124761 .0130462
yr2015 .0127388 .0001457 87.42 0.000 .0124532 .0130244
Austria_D .0008756 .0001198 7.31 0.000 .0006409 .0011103
Germania_D .0009617 .0000801 12.00 0.000 .0008046 .0011188
Spagna_D .0003858 .0000785 4.91 0.000 .0002319 .0005398
Finlandia_D .0004408 .0001275 3.46 0.001 .0001909 .0006907
Francia_D .0003348 .0000774 4.32 0.000 .000183 .0004865
UnitedKingdom_D -.0000907 .0000805 -1.13 0.260 -.0002486 .0000671
Grecia_D .0005767 .000093 6.20 0.000 .0003944 .0007591
Italia_D -.0004598 .0000776 -5.92 0.000 -.000612 -.0003076
Norvegia_D .001139 .0001281 8.89 0.000 .0008879 .0013901
Portogallo_D .0020415 .0000918 22.25 0.000 .0018616 .0022213
Svezia_D -.0000171 .0001006 -0.17 0.865 -.0002144 .0001802
nace_D1 .0001962 .0007394 0.27 0.791 -.0012531 .0016455
nace_D2 .0002404 .0004491 0.54 0.592 -.0006398 .0011206
nace_D3 -.000181 .0001641 -1.10 0.270 -.0005027 .0001406
nace_D4 -.000707 .0002703 -2.62 0.009 -.0012368 -.0001772
nace_D5 -.000125 .0001351 -0.93 0.355 -.0003897 .0001398
nace_D6 -.0002766 .0001909 -1.45 0.147 -.0006507 .0000975
nace_D7 -.000037 .0005526 -0.07 0.947 -.00112 .001046
nace_D8 -.0007366 .0004526 -1.63 0.104 -.0016237 .0001506
nace_D9 .0005631 .0003557 1.58 0.113 -.000134 .0012602
nace_D10 .0002208 .0001538 1.44 0.151 -.0000806 .0005223
nace_D11 .0008621 .0010829 0.80 0.426 -.0012603 .0029844
nace_D12 .0001535 .0002222 0.69 0.490 -.000282 .000589
nace_D13 -.0009887 .0007352 -1.34 0.179 -.0024296 .0004522
nace_D14 .000617 .0003179 1.94 0.052 -6.06e-06 .0012401
nace_D15 -.0001418 .0001592 -0.89 0.373 -.0004539 .0001702
nace_D16 -.0000875 .0003533 -0.25 0.804 -.0007799 .000605
nace_D17 .0016602 .0018601 0.89 0.372 -.0019854 .0053059
nace_D18 .0003505 .0001814 1.93 0.053 -5.03e-06 .0007061
nace_D19 -.0006699 .0004965 -1.35 0.177 -.001643 .0003033
nace_D20 .0009677 .0008002 1.21 0.227 -.0006007 .0025361
nace_D21 .0001634 .0001366 1.20 0.232 -.0001043 .0004312
nace_D22 -.000394 .0002175 -1.81 0.070 -.0008204 .0000323
nace_D23 -.0006272 .0003221 -1.95 0.051 -.0012584 4.03e-06
nace_D24 .0003348 .0008934 0.37 0.708 -.0014163 .002086
nace_D25 .0019292 .0004733 4.08 0.000 .0010016 .0028567
nace_D26 .000099 .0001859 0.53 0.594 -.0002653 .0004633
nace_D27 .0003325 .0002316 1.44 0.151 -.0001215 .0007865
nace_D28 .0003218 .0002564 1.25 0.210 -.0001809 .0008244
nace_D29 -.0006672 .0002733 -2.44 0.015 -.0012029 -.0001315
nace_D30 -.0002685 .0003611 -0.74 0.457 -.0009764 .0004393
nace_D31 .0000819 .0001625 0.50 0.614 -.0002365 .0004003
nace_D32 .001534 .0007347 2.09 0.037 .000094 .002974
nace_D33 .0000297 .0001646 0.18 0.857 -.0002929 .0003524
nace_D34 -.000533 .0003431 -1.55 0.120 -.0012056 .0001395
nace_D35 .0008206 .0028378 0.29 0.772 -.0047414 .0063826
nace_D36 .0014239 .0002246 6.34 0.000 .0009837 .0018642
nace_D37 .0003911 .0001426 2.74 0.006 .0001117 .0006705
 nace_D38 .0008474 .0005194 1.63 0.103 -.0001707 .0018654
nace_D39 -.0006624 .0009435 -0.70 0.483 -.0025116 .0011869
nace_D40 -.0005691 .0002381 -2.39 0.017 -.0010357 -.0001025
nace_D41 .0009555 .0005193 1.84 0.066 -.0000622 .0019733
nace_D42 -.0010602 .0002131 -4.97 0.000 -.001478 -.0006425
nace_D43 .0023248 .0003975 5.85 0.000 .0015457 .003104
nace_D44 .0005555 .0005102 1.09 0.276 -.0004445 .0015555
nace_D45 .0006889 .0002016 3.42 0.001 .0002938 .001084
nace_D46 .0001532 .0001802 0.85 0.395 -.0001999 .0005064
nace_D47 -.0003707 .0002161 -1.72 0.086 -.0007942 .0000528
nace_D48 .0008986 .0014889 0.60 0.546 -.0020196 .0038169
nace_D49 .0001714 .0003041 0.56 0.573 -.0004246 .0007674
nace_D50 .000913 .0001861 4.91 0.000 .0005482 .0012777
nace_D51 .0007528 .0003352 2.25 0.025 .0000958 .0014099
nace_D52 .0001974 .000357 0.55 0.580 -.0005023 .0008972
nace_D53 -.0003894 .0003908 -1.00 0.319 -.0011553 .0003766
nace_D54 .0000157 .0002477 0.06 0.949 -.0004698 .0005012
nace_D55 .0001032 .0002429 0.43 0.671 -.0003727 .0005792
nace_D56 -.0007753 .0028961 -0.27 0.789 -.0064516 .004901
nace_D57 .000855 .0002692 3.18 0.001 .0003274 .0013826
nace_D58 -.000503 .0005536 -0.91 0.364 -.0015881 .0005821
nace_D59 .0010959 .0003482 3.15 0.002 .0004134 .0017784
nace_D60 .0047967 .0001515 31.67 0.000 .0044999 .0050936
nace_D61 .0008132 .0002705 3.01 0.003 .0002829 .0013434
nace_D62 .0010274 .0002137 4.81 0.000 .0006085 .0014463
nace_D63 .0011337 .0005198 2.18 0.029 .0001149 .0021526
nace_D64 .0004469 .0006871 0.65 0.515 -.0008998 .0017936
nace_D65 .0000669 .0003518 0.19 0.849 -.0006226 .0007565
nace_D66 .0008135 .0003037 2.68 0.007 .0002183 .0014088
nace_D67 -.0011352 .003483 -0.33 0.744 -.0079618 .0056913
nace_D68 .0005459 .0002226 2.45 0.014 .0001096 .0009821
nace_D69 .0003084 .000255 1.21 0.227 -.0001914 .0008081
nace_D70 .0017642 .0001467 12.02 0.000 .0014766 .0020517
nace_D71 -.0011067 .0015868 -0.70 0.486 -.0042167 .0020034
nace_D72 .0001576 .0001453 1.08 0.278 -.0001272 .0004425
nace_D73 -.0008108 .0027044 -0.30 0.764 -.0061113 .0044896
nace_D74 .0002965 .0002577 1.15 0.250 -.0002086 .0008015
nace_D75 .0009467 .000563 1.68 0.093 -.0001567 .00205
nace_D76 -.0001107 .0001498 -0.74 0.460 -.0004043 .0001829
nace_D77 .0001729 .0001823 0.95 0.343 -.0001843 .0005302
nace_D78 .0000895 .0001933 0.46 0.643 -.0002893 .0004684
nace_D79 -.0002182 .0015515 -0.14 0.888 -.003259 .0028226
nace_D80 .001163 .0018703 0.62 0.534 -.0025027 .0048286
nace_D81 .001338 .0006778 1.97 0.048 9.53e-06 .0026664
nace_D82 .0002332 .0001778 1.31 0.190 -.0001152 .0005817
nace_D83 .0000279 .0006347 0.04 0.965 -.0012161 .0012719
nace_D84 -.0003386 .0001503 -2.25 0.024 -.0006332 -.0000441
nace_D85 .0003227 .0002977 1.08 0.278 -.0002607 .0009062
nace_D86 .0000542 .0002545 0.21 0.831 -.0004446 .000553
nace_D87 .0016927 .0005119 3.31 0.001 .0006894 .002696
nace_D88 -.0000996 .0002123 -0.47 0.639 -.0005157 .0003165
nace_D89 -.0004116 .0041757 -0.10 0.921 -.0085958 .0077726
nace_D90 -.0016261 .0007793 -2.09 0.037 -.0031535 -.0000987
nace_D91 -.0017138 .0003439 -4.98 0.000 -.0023878 -.0010398
nace_D92 -.0005336 .0001195 -4.46 0.000 -.0007678 -.0002993
nace_D93 .0007121 .0002163 3.29 0.001 .0002882 .0011361
nace_D94 -.0001667 .0003488 -0.48 0.633 -.0008504 .000517
nace_D95 .0011531 .0005434 2.12 0.034 .000088 .0022183
nace_D96 .0012879 .0048904 0.26 0.792 -.008297 .0108728
nace_D97 .0015259 .0006931 2.20 0.028 .0001674 .0028843
nace_D98 .0008694 .0002121 4.10 0.000 .0004538 .0012851
nace_D99 .0013534 .0004177 3.24 0.001 .0005347 .0021722
nace_D100 .0008718 .0006626 1.32 0.188 -.0004269 .0021705
nace_D101 .0005073 .000423 1.20 0.230 -.0003218 .0013363
nace_D102 .0003639 .0003762 0.97 0.333 -.0003735 .0011013
nace_D103 .0004516 .0002283 1.98 0.048 4.14e-06 .000899
nace_D104 .000138 .0002097 0.66 0.511 -.000273 .0005489
nace_D105 .0001633 .0002547 0.64 0.521 -.0003359 .0006626
nace_D106 .0002686 .0001864 1.44 0.150 -.0000967 .0006339
nace_D107 .0003027 .0006363 0.48 0.634 -.0009445 .0015498
nace_D108 .0008698 .0003122 2.79 0.005 .0002578 .0014817
nace_D109 .0003856 .0001715 2.25 0.025 .0000494 .0007218
nace_D110 .0017084 .000916 1.87 0.062 -.0000869 .0035038
nace_D111 .0000594 .0001988 0.30 0.765 -.0003302 .0004491
nace_D112 .000174 .0001826 0.95 0.341 -.000184 .0005319
nace_D113 -.0001969 .0014257 -0.14 0.890 -.0029912 .0025974
nace_D114 .0014205 .0003954 3.59 0.000 .0006455 .0021955
nace_D115 .0006356 .0003345 1.90 0.057 -.0000201 .0012913
nace_D116 .0005214 .0003358 1.55 0.120 -.0001367 .0011795
nace_D117 .0002845 .0001533 1.86 0.063 -.0000159 .000585
nace_D118 .0003703 .0004158 0.89 0.373 -.0004447 .0011853
nace_D119 -.000255 .0005516 -0.46 0.644 -.0013361 .0008262
nace_D120 .0006584 .0001872 3.52 0.000 .0002915 .0010252
nace_D121 .0005124 .0001607 3.19 0.001 .0001975 .0008274
nace_D122 -.0000259 .001557 -0.02 0.987 -.0030775 .0030256
nace_D123 .000255 .0007566 0.34 0.736 -.0012278 .0017379
nace_D124 .0002393 .0003846 0.62 0.534 -.0005145 .0009931
nace_D125 -.0003587 .0001721 -2.08 0.037 -.0006961 -.0000214
nace_D126 -.0001833 .0001888 -0.97 0.332 -.0005534 .0001868
nace_D127 -8.45e-07 .0001718 -0.00 0.996 -.0003375 .0003359
nace_D128 -.0002908 .000142 -2.05 0.041 -.0005691 -.0000125
nace_D129 -8.35e-06 .0001808 -0.05 0.963 -.0003626 .0003459
nace_D130 -.0001662 .0001197 -1.39 0.165 -.0004008 .0000685
nace_D131 .0011042 .0013304 0.83 0.407 -.0015034 .0037119
nace_D132 -.0000747 .0007693 -0.10 0.923 -.0015825 .0014332
nace_D133 .0005354 .0004488 1.19 0.233 -.0003443 .001415
nace_D134 .0000699 .0002114 0.33 0.741 -.0003445 .0004844
nace_D135 .0006639 .0003731 1.78 0.075 -.0000674 .0013952
nace_D136 .0005381 .0005938 0.91 0.365 -.0006257 .0017019
nace_D137 -.0003248 .0003663 -0.89 0.375 -.0010427 .0003931
nace_D138 .0006818 .0003204 2.13 0.033 .0000539 .0013097
nace_D139 -.0001624 .0048904 -0.03 0.974 -.0097473 .0094225
nace_D140 .0010431 .0002821 3.70 0.000 .0004902 .0015961
nace_D141 .0001508 .0002521 0.60 0.550 -.0003434 .0006449
nace_D142 -.0002001 .0021888 -0.09 0.927 -.00449 .0040899
nace_D143 .0001261 .000342 0.37 0.712 -.0005443 .0007964
nace_D144 .0010669 .000598 1.78 0.074 -.0001052 .002239
nace_D145 -.0004117 .0006934 -0.59 0.553 -.0017707 .0009473
nace_D146 .0010069 .0005248 1.92 0.055 -.0000217 .0020356
nace_D147 .0003459 .0005219 0.66 0.507 -.0006769 .0013688
nace_D148 -.0003021 .0048904 -0.06 0.951 -.009887 .0092828
nace_D149 .0011184 .0003461 3.23 0.001 .0004401 .0017967
nace_D150 -.0005892 .0004271 -1.38 0.168 -.0014263 .000248
nace_D151 .0000724 .0005502 0.13 0.895 -.0010059 .0011507
nace_D152 -.0005292 .0001659 -3.19 0.001 -.0008543 -.0002041
nace_D153 .0001425 .0005902 0.24 0.809 -.0010143 .0012993
nace_D154 -.000685 .0001785 -3.84 0.000 -.0010348 -.0003352
nace_D155 -.0007306 .0004322 -1.69 0.091 -.0015778 .0001165
nace_D156 .0010294 .0009765 1.05 0.292 -.0008845 .0029434
nace_D157 -.0005761 .0003456 -1.67 0.096 -.0012534 .0001012
nace_D158 .0001595 .0001677 0.95 0.342 -.0001692 .0004882
nace_D159 -.0013108 .0052935 -0.25 0.804 -.0116859 .0090642
nace_D160 .0002168 .0003691 0.59 0.557 -.0005066 .0009401
nace_D161 -.0005928 .0002043 -2.90 0.004 -.0009932 -.0001924
nace_D162 .0009428 .0008609 1.10 0.273 -.0007446 .0026302
nace_D163 .0015603 .0001878 8.31 0.000 .0011922 .0019284
nace_D164 .0012 .0002409 4.98 0.000 .0007278 .0016722
nace_D165 .0008672 .0007733 1.12 0.262 -.0006485 .0023829
nace_D166 .0007071 .0007846 0.90 0.367 -.0008306 .0022448
nace_D167 .0005448 .0004437 1.23 0.220 -.0003249 .0014145
nace_D168 -.0001391 .00034 -0.41 0.682 -.0008054 .0005272
nace_D169 .0007708 .0003854 2.00 0.046 .0000153 .0015262
nace_D170 .0016461 .0009912 1.66 0.097 -.0002967 .0035889
nace_D171 .0006781 .000491 1.38 0.167 -.0002842 .0016405
nace_D172 .0006059 .000218 2.78 0.005 .0001787 .0010331
nace_D173 .0002329 .000459 0.51 0.612 -.0006667 .0011325
nace_D174 .0019146 .0004158 4.61 0.000 .0010997 .0027295
nace_D175 .0011533 .0003676 3.14 0.002 .0004328 .0018738
nace_D176 .0011617 .0010183 1.14 0.254 -.0008342 .0031575
nace_D177 -.0000174 .0005492 -0.03 0.975 -.0010937 .001059
nace_D178 -.0001933 .0002324 -0.83 0.406 -.0006488 .0002622
nace_D179 -.0005911 .0004023 -1.47 0.142 -.0013795 .0001974
nace_D180 -.0003203 .0002814 -1.14 0.255 -.0008718 .0002311
nace_D181 -.0001712 .0002802 -0.61 0.541 -.0007204 .0003779
nace_D182 .0001995 .0005207 0.38 0.702 -.000821 .00122
nace_D183 .0003615 .0004408 0.82 0.412 -.0005024 .0012254
nace_D184 2.32e-06 .0001156 0.02 0.984 -.0002242 .0002289
nace_D185 .0002096 .0001451 1.44 0.149 -.0000748 .0004941
nace_D186 -.0003719 .0030698 -0.12 0.904 -.0063887 .0056448
nace_D187 .0004476 .0003438 1.30 0.193 -.0002262 .0011213
nace_D188 .0001741 .0002388 0.73 0.466 -.0002939 .0006422
nace_D189 .0001203 .0004571 0.26 0.792 -.0007756 .0010163
nace_D190 .0014885 .0004682 3.18 0.001 .0005709 .002406
nace_D191 -.0000243 .0001366 -0.18 0.859 -.000292 .0002434
nace_D192 -4.80e-06 .001318 -0.00 0.997 -.0025881 .0025785
nace_D193 -.0006926 .0001388 -4.99 0.000 -.0009647 -.0004206
nace_D194 .0000711 .0001126 0.63 0.528 -.0001495 .0002918
nace_D195 .0008939 .0034587 0.26 0.796 -.0058851 .0076728
nace_D196 .0003408 .0003918 0.87 0.384 -.0004271 .0011087
nace_D197 .0004103 .000212 1.94 0.053 -5.21e-06 .0008259
nace_D198 -.0003291 .0001419 -2.32 0.020 -.0006073 -.0000509
nace_D199 .0001642 .0005282 0.31 0.756 -.0008711 .0011995
nace_D200 .0006892 .0004821 1.43 0.153 -.0002557 .001634
nace_D201 .0006262 .0002628 2.38 0.017 .000111 .0011413
nace_D202 .0001842 .0001888 0.98 0.329 -.0001858 .0005542
nace_D203 .0004334 .0002314 1.87 0.061 -.00002 .0008868
nace_D204 .0000358 .0001223 0.29 0.770 -.0002039 .0002755
nace_D205 .0010234 .0006324 1.62 0.106 -.000216 .0022628
nace_D206 .0007931 .0007314 1.08 0.278 -.0006404 .0022266
nace_D207 .0001968 .0001566 1.26 0.209 -.0001102 .0005038
nace_D208 .0004656 .0002427 1.92 0.055 -.0000101 .0009413
nace_D209 -.0000528 .000221 -0.24 0.811 -.0004859 .0003802
nace_D210 .0002422 .0002018 1.20 0.230 -.0001533 .0006377
nace_D211 .0003761 .0004485 0.84 0.402 -.0005029 .0012552
nace_D212 -.0006816 .0052935 -0.13 0.898 -.0110567 .0096934
nace_D213 -3.22e-06 .0001403 -0.02 0.982 -.0002782 .0002717
nace_D214 .0004562 .0005672 0.80 0.421 -.0006555 .0015679
nace_D215 .0007173 .0002953 2.43 0.015 .0001386 .001296
nace_D216 .0001323 .0002892 0.46 0.647 -.0004346 .0006992
nace_D217 -.0027039 .000884 -3.06 0.002 -.0044366 -.0009712
nace_D218 .0015423 .0005242 2.94 0.003 .000515 .0025697
nace_D219 .0005121 .0017392 0.29 0.768 -.0028966 .0039208
nace_D220 .0004526 .0001845 2.45 0.014 .0000909 .0008143
nace_D221 .0003951 .0001774 2.23 0.026 .0000473 .0007428
nace_D222 .0015319 .0004589 3.34 0.001 .0006324 .0024313
nace_D223 -.0017112 .0048903 -0.35 0.726 -.0112961 .0078737
nace_D224 .00008 .0009934 0.08 0.936 -.001867 .0020269
nace_D225 .0007756 .0002232 3.47 0.001 .0003381 .0012132
nace_D226 .0005734 .0002918 1.97 0.049 1.50e-06 .0011452
nace_D227 .0000765 .0001858 0.41 0.680 -.0002877 .0004408
nace_D228 .0002552 .0025017 0.10 0.919 -.0046481 .0051584
nace_D229 .0008156 .0002417 3.37 0.001 .0003418 .0012894
nace_D230 -.0002163 .0004665 -0.46 0.643 -.0011307 .000698
nace_D231 .0003019 .0001449 2.08 0.037 .0000178 .000586
nace_D232 .0005502 .0002895 1.90 0.057 -.0000172 .0011176
nace_D233 .0004912 .001233 0.40 0.690 -.0019255 .0029078
nace_D234 .0011453 .0002947 3.89 0.000 .0005677 .0017229
nace_D235 .0001009 .000262 0.39 0.700 -.0004126 .0006144
nace_D236 .0004275 .000198 2.16 0.031 .0000394 .0008155
nace_D237 .0004661 .0001894 2.46 0.014 .0000948 .0008374
nace_D238 .0001775 .0001986 0.89 0.371 -.0002117 .0005666
nace_D239 .0001249 .0002854 0.44 0.662 -.0004346 .0006843
nace_D240 .000441 .0003369 1.31 0.190 -.0002192 .0011013
nace_D241 .0004497 .0001512 2.97 0.003 .0001532 .0007461
nace_D242 .0003418 .0004726 0.72 0.469 -.0005844 .0012681
nace_D243 .0001874 .0007516 0.25 0.803 -.0012857 .0016605
nace_D244 .0003357 .00017 1.98 0.048 2.58e-06 .0006688
nace_D245 .0003162 .000134 2.36 0.018 .0000536 .0005788
nace_D246 .0005874 .0001711 3.43 0.001 .0002522 .0009227
nace_D247 .0004254 .0002913 1.46 0.144 -.0001456 .0009963
nace_D248 .0008652 .0002034 4.25 0.000 .0004664 .0012639
nace_D249 .0005538 .0001996 2.77 0.006 .0001625 .000945
nace_D250 .0008184 .0005843 1.40 0.161 -.0003269 .0019636
nace_D251 -.0000469 .0002724 -0.17 0.863 -.0005808 .000487
nace_D252 .0006974 .0001952 3.57 0.000 .0003149 .00108
nace_D253 -.0000537 .0001733 -0.31 0.757 -.0003934 .0002859
nace_D254 .0008158 .0002445 3.34 0.001 .0003365 .0012951
nace_D255 .0004683 .0003982 1.18 0.240 -.0003121 .0012488
nace_D256 .0000473 .0002863 0.17 0.869 -.0005139 .0006086
 nace_D257 -.0000567 .0001364 -0.42 0.677 -.0003241 .0002106
nace_D258 .0012505 .0010641 1.18 0.240 -.0008351 .0033361
nace_D259 .0024147 .0002182 11.07 0.000 .0019871 .0028424
nace_D260 .0001098 .0001615 0.68 0.497 -.0002067 .0004264
nace_D261 .0010701 .0006698 1.60 0.110 -.0002428 .0023829
nace_D262 .0003286 .0003376 0.97 0.330 -.0003331 .0009902
nace_D263 .0001091 .0001389 0.79 0.432 -.0001631 .0003814
nace_D264 -.0004359 .0048904 -0.09 0.929 -.0100208 .009149
nace_D265 .0003286 .0010947 0.30 0.764 -.0018168 .0024741
nace_D266 .0008036 .0002789 2.88 0.004 .000257 .0013503
nace_D267 -.0014411 .0003253 -4.43 0.000 -.0020787 -.0008035
nace_D268 .0009708 .0003845 2.52 0.012 .0002171 .0017245
nace_D269 .0021166 .000222 9.54 0.000 .0016815 .0025516
nace_D270 .0012226 .0007368 1.66 0.097 -.0002216 .0026667
nace_D271 -.0002246 .0028586 -0.08 0.937 -.0058273 .0053781
nace_D272 .0004206 .0005334 0.79 0.430 -.0006248 .0014659
nace_D273 .0009392 .0003768 2.49 0.013 .0002008 .0016776
nace_D274 .0006333 .0003972 1.59 0.111 -.0001452 .0014119
nace_D275 .0004099 .0002338 1.75 0.080 -.0000484 .0008682
nace_D276 .0001958 .0001734 1.13 0.259 -.0001441 .0005357
nace_D277 -.0002627 .0002357 -1.11 0.265 -.0007247 .0001992
nace_D278 -.000071 .0003089 -0.23 0.818 -.0006765 .0005345
nace_D279 .000045 .0001417 0.32 0.751 -.0002327 .0003227
nace_D280 -.0019071 .0049598 -0.38 0.701 -.0116282 .007814
nace_D281 .0012121 .0027861 0.44 0.664 -.0042485 .0066728
nace_D282 .0016438 .0002291 7.17 0.000 .0011948 .0020928
nace_D283 -.0010221 .0004978 -2.05 0.040 -.0019977 -.0000464
nace_D284 .0012617 .0005984 2.11 0.035 .0000889 .0024345
nace_D285 .0006596 .0002792 2.36 0.018 .0001124 .0012068
nace_D286 .0003197 .0003335 0.96 0.338 -.0003339 .0009732
nace_D287 .0002805 .0001534 1.83 0.067 -.0000201 .0005811
nace_D288 .0033628 .0050735 0.66 0.507 -.0065811 .0133066
nace_D289 .0003575 .0004107 0.87 0.384 -.0004475 .0011625
nace_D290 0 (omitted)

.
. *ora aggiungo la dummy listed e le variabili prese dal lavoro di djankov

. * per prima faccio una regressione con media della popolazione

. xtreg cash_adj size tot_leverage fin_leverage maturity_tot_lev maturity_fin_lev Net_working cashflow

> h_adj industry_sigma Listed_D Investor_Pr AntiSelf [iweight = pesi], pa corr(exchangeable)

Iteration 1: tolerance = .00280708

Iteration 2: tolerance = .00021419
Iteration 3: tolerance = .00001515
Iteration 4: tolerance = 1.042e-06
Iteration 5: tolerance = 7.150e-08

GEE population-averaged model Number of obs = 320694

Group variable: Id Number of groups = 71935.55
Link: identity Obs per group: min = 1
Family: Gaussian avg = 4.5
Correlation: exchangeable max = 5
Wald chi2(11) = .
Scale parameter: .0000154 Prob > chi2 = .

cash_adj Coef. Std. Err. z P>|z| [95% Conf. Interval]

size -.0011459 7.52e-06 -152.40 0.000 -.0011606 -.0011311

tot_leverage -.0001052 .000021 -5.00 0.000 -.0001464 -.000064
fin_leverage 2.09e-12 1.93e-13 10.81 0.000 1.71e-12 2.47e-12
maturity_tot_lev .0002496 .0000329 7.59 0.000 .0001851 .000314
maturity_fin_lev -2.92e-06 2.89e-06 -1.01 0.313 -8.58e-06 2.74e-06
Net_working -.0060859 .0000164 -370.88 0.000 -.0061181 -.0060537
cashflow_adj .0065483 .0000349 187.64 0.000 .0064799 .0066167
growth_adj .0000277 .0005802 0.05 0.962 -.0011095 .001165
industry_sigma .0008401 .0002561 3.28 0.001 .0003382 .001342
Listed_D .001893 .0000881 21.49 0.000 .0017204 .0020656
Investor_Pr .001043 .0000715 14.58 0.000 .0009028 .0011831
AntiSelf -.0019751 .0000853 -23.15 0.000 -.0021423 -.0018079
 _cons .013108 .0000759 172.59 0.000 .0129592 .0132569

. ora faccio la fama macbath

unrecognized command: ora
r(199);

. xtfmb cash_adj size tot_leverage fin_leverage maturity_tot_lev maturity_fin_lev Net_working cashflow

> h_adj industry_sigma Listed_D Investor_Pr AntiSelf [aweight = pesi],

Weighted Fama-MacBeth (1973) 2-Step procedure Number of obs = 320694

Num. time periods = 5
F( 12, 4) = 158.31
Prob > F = 0.0001
avg. R-squared = 0.4274

Fama-MacBeth
cash_adj Coef. Std. Err. t P>|t| [95% Conf. Interval]

size -.0010209 6.97e-06 -146.44 0.000 -.0010403 -.0010015

tot_leverage .0005056 .0001588 3.18 0.033 .0000648 .0009464
fin_leverage -5.18e-06 3.60e-06 -1.44 0.224 -.0000152 4.82e-06
maturity_tot_lev -.0002215 .0000977 -2.27 0.086 -.0004929 .0000499
maturity_fin_lev .0002684 .0001157 2.32 0.081 -.000053 .0005897
Net_working -.003722 .0002495 -14.92 0.000 -.0044148 -.0030291
cashflow_adj .0047447 .0019671 2.41 0.073 -.0007169 .0102063
growth_adj .1555654 .0929783 1.67 0.170 -.1025836 .4137145
industry_sigma .0073362 .0020796 3.53 0.024 .0015623 .01311
Listed_D .0017294 .0000291 59.48 0.000 .0016486 .0018101
Investor_Pr .0012487 .0001377 9.07 0.001 .0008664 .001631
AntiSelf -.0019322 .0002674 -7.23 0.002 -.0026745 -.0011898
_cons .0108468 .0001445 75.09 0.000 .0104458 .0112479

. *ora effetti fissi

. xtreg cash_adj size tot_leverage fin_leverage maturity_tot_lev maturity_fin_lev Net_working cashflow

> h_adj industry_sigma Listed_D Investor_Pr AntiSelf [aweight = pesi],fe
note: Listed_D omitted because of collinearity
note: Investor_Pr omitted because of collinearity

Fixed-effects (within) regression Number of obs = 320694

Group variable: Id Number of groups = 71679

R-sq: within = 0.6735 Obs per group: min = 1

between = 0.1897 avg = 4.5
overall = 0.1687 max = 5

F(10,249005) = 51364.79
corr(u_i, Xb) = -0.7814 Prob > F = 0.0000

cash_adj Coef. Std. Err. t P>|t| [95% Conf. Interval]

size -.0022765 .000022 -103.56 0.000 -.0023196 -.0022334

tot_leverage -.0010338 .0000215 -48.03 0.000 -.0010759 -.0009916
fin_leverage 2.79e-12 1.67e-13 16.73 0.000 2.46e-12 3.11e-12
maturity_tot_lev .0002876 .0000327 8.79 0.000 .0002234 .0003517
maturity_fin_lev -2.80e-06 2.49e-06 -1.13 0.259 -7.68e-06 2.07e-06
Net_working -.0070125 .0000169 -415.19 0.000 -.0070456 -.0069794
cashflow_adj .0051427 .0000333 154.36 0.000 .0050774 .005208
growth_adj -.0004993 .0005024 -0.99 0.320 -.0014841 .0004855
industry_sigma -.0000459 .0002443 -0.19 0.851 -.0005247 .0004329
Listed_D 0 (omitted)
Investor_Pr 0 (omitted)
AntiSelf .0539436 5103371 0.00 1.000 -1.00e+07 1.00e+07
_cons 9.42e-07 2249003 0.00 1.000 -4407987 4407987

sigma_u .00782723
sigma_e .00204433
rho .9361401 (fraction of variance due to u_i)
F test that all u_i=0: F( 71678, 249005) = 12.63 Prob > F = 0.0000

. *ora le regressioni con le dummy

. xtreg cash_adj size tot_leverage fin_leverage maturity_tot_lev maturity_fin_lev Net_working cashflow

> h_adj industry_sigma Listed_D Investor_Pr AntiSelf yr2011 yr2012 yr2013 yr2014 yr2015 [iweight = pes
> tant pa corr(exchangeable)

Iteration 1: tolerance = .00256824

Iteration 2: tolerance = .00021001
Iteration 3: tolerance = .00001478
Iteration 4: tolerance = 1.012e-06
Iteration 5: tolerance = 6.916e-08

GEE population-averaged model Number of obs = 320694

Group variable: Id Number of groups = 71935.55
Link: identity Obs per group: min = 1
Family: Gaussian avg = 4.5
Correlation: exchangeable max = 5
Wald chi2( 15) = 505825.66
Scale parameter: .0000154 Prob > chi2 = 0.0000

cash_adj Coef. Std. Err. z P>|z| [95% Conf. Interval]

size -.0011412 7.54e-06 -151.42 0.000 -.001156 -.0011264

tot_leverage -.0001122 .000021 -5.33 0.000 -.0001535 -.000071
fin_leverage 2.09e-12 1.93e-13 10.83 0.000 1.71e-12 2.47e-12
maturity_tot_lev .0002466 .0000329 7.50 0.000 .0001822 .0003111
maturity_fin_lev -3.06e-06 2.89e-06 -1.06 0.289 -8.72e-06 2.60e-06
Net_working -.0060913 .0000164 -370.89 0.000 -.0061235 -.0060591
cashflow_adj .0065409 .0000349 187.30 0.000 .0064724 .0066093
growth_adj .00002 .0005802 0.03 0.973 -.0011171 .001157
industry_sigma .0011981 .0002598 4.61 0.000 .0006889 .0017073
Listed_D .001877 .0000881 21.31 0.000 .0017043 .0020497
Investor_Pr .001059 .0000715 14.80 0.000 .0009188 .0011993
AntiSelf -.0019925 .0000853 -23.35 0.000 -.0021597 -.0018252
yr2011 .0130804 .0000763 171.48 0.000 .0129309 .0132299
yr2012 .0131021 .0000764 171.48 0.000 .0129523 .0132518
yr2013 .0130728 .0000766 170.71 0.000 .0129227 .0132228
yr2014 .0130187 .0000769 169.24 0.000 .012868 .0131695
yr2015 .012991 .0000773 168.10 0.000 .0128396 .0131425

. xtreg cash_adj size tot_leverage fin_leverage maturity_tot_lev maturity_fin_lev Net_working cashflow

> h_adj industry_sigma Listed_D Investor_Pr AntiSelf yr2011 yr2012 yr2013 yr2014 yr2015 Austria_D Ger
> agna_D Finlandia_D Francia_D UnitedKingdom_D Grecia_D Italia_D Norvegia_D Portogallo_D Svezia_D [iwe
> , noconstant pa corr(exchangeable)
note: Svezia_D omitted because of collinearity

Iteration 1: tolerance = .00221791

Iteration 2: tolerance = .00201816
Iteration 3: tolerance = .00012875
Iteration 4: tolerance = .00003891
Iteration 5: tolerance = .00005238
Iteration 6: tolerance = .00005216
Iteration 7: tolerance = .00006749
Iteration 8: tolerance = .00006242
Iteration 9: tolerance = .00006142
Iteration 10: tolerance = .00001841
Iteration 11: tolerance = .00001469
Iteration 12: tolerance = .00002299
Iteration 13: tolerance = 6.574e-06
Iteration 14: tolerance = .00011574
Iteration 15: tolerance = .00005812
Iteration 16: tolerance = .00003757
Iteration 17: tolerance = .0000351
Iteration 18: tolerance = .00003551
Iteration 19: tolerance = 4.318e-06
Iteration 20: tolerance = .000092
Iteration 21: tolerance = .0000322
Iteration 22: tolerance = 1.697e-06
Iteration 23: tolerance = .00003726
Iteration 24: tolerance = .00003893
Iteration 25: tolerance = .0000335
Iteration 26: tolerance = 7.354e-06
Iteration 27: tolerance = .00005369
Iteration 28: tolerance = 6.235e-06
Iteration 29: tolerance = .00004018
Iteration 30: tolerance = .00005373
Iteration 31: tolerance = .00004869
Iteration 32: tolerance = 5.813e-06
Iteration 33: tolerance = .00003458
Iteration 34: tolerance = .00001059
Iteration 35: tolerance = .0001281
Iteration 36: tolerance = .00003969
Iteration 37: tolerance = .00006121
Iteration 38: tolerance = 5.052e-07

GEE population-averaged model Number of obs = 320694

Group variable: Id Number of groups = 71935.55
Link: identity Obs per group: min = 1
Family: Gaussian avg = 4.5
Correlation: exchangeable max = 5
Wald chi2( 25) = 514191.04
Scale parameter: .0000151 Prob > chi2 = 0.0000

cash_adj Coef. Std. Err. z P>|z| [95% Conf. Interval]

size -.0012116 8.38e-06 -144.58 0.000 -.001228 -.0011952

tot_leverage -.0001181 .000021 -5.63 0.000 -.0001592 -.000077
fin_leverage 2.10e-12 1.93e-13 10.91 0.000 1.72e-12 2.48e-12
maturity_tot_lev .0000845 .0000332 2.54 0.011 .0000193 .0001496
maturity_fin_lev -3.61e-06 2.88e-06 -1.26 0.209 -9.24e-06 2.03e-06
Net_working -.0061055 .0000164 -373.08 0.000 -.0061375 -.0060734
cashflow_adj .0065067 .0000348 187.10 0.000 .0064385 .0065748
growth_adj .0000142 .0005775 0.02 0.980 -.0011177 .0011461
industry_sigma .0009457 .0002586 3.66 0.000 .0004388 .0014525
Listed_D .0017856 .0000876 20.39 0.000 .0016139 .0019573
Investor_Pr .3488575 .0505713 6.90 0.000 .2497396 .4479753
AntiSelf .5266162 .0762885 6.90 0.000 .3770935 .676139
yr2011 -.2974154 .0449716 -6.61 0.000 -.3855582 -.2092726
yr2012 -.2973917 .0449716 -6.61 0.000 -.3855345 -.2092489
yr2013 -.2974194 .0449716 -6.61 0.000 -.3855623 -.2092766
yr2014 -.2974712 .0449717 -6.61 0.000 -.385614 -.2093284
yr2015 -.2974948 .0449717 -6.62 0.000 -.3856376 -.209352
Austria_D .1631346 .0234953 6.94 0.000 .1170846 .2091846
Germania_D .1629005 .0234603 6.94 0.000 .1169192 .2088819
Spagna_D -.0787731 .0114819 -6.86 0.000 -.1012773 -.056269
Finlandia_D -.0922409 .0134225 -6.87 0.000 -.1185484 -.0659333
Francia_D -.0544965 .0079491 -6.86 0.000 -.0700765 -.0389166
UnitedKingdom_D -.4607384 .066744 -6.90 0.000 -.5915542 -.3299226
Grecia_D .0855869 .0123128 6.95 0.000 .0614542 .1097195
Italia_D .0199232 .0029403 6.78 0.000 .0141604 .0256859
Norvegia_D -.0623614 .0091895 -6.79 0.000 -.0803726 -.0443502
Portogallo_D -.1214801 .0179673 -6.76 0.000 -.1566953 -.086265
Svezia_D 0 (omitted)

. xtreg cash_adj size tot_leverage fin_leverage maturity_tot_lev maturity_fin_lev Net_working cashflow

> h_adj industry_sigma Listed_D Investor_Pr AntiSelf yr2011 yr2012 yr2013 yr2014 yr2015 Austria_D Ger
> agna_D Finlandia_D Francia_D UnitedKingdom_D Grecia_D Italia_D Norvegia_D Portogallo_D Svezia_D nace
> D290 [iweight=pesi], noconstant pa corr(exchangeable)
note: Svezia_D omitted because of collinearity
note: nace_D290 omitted because of collinearity

Iteration 1: tolerance = .00196321

Iteration 2: tolerance = .00227235
Iteration 3: tolerance = .00020834
Iteration 4: tolerance = .00006497
Iteration 5: tolerance = .00001263
Iteration 6: tolerance = .00002657
Iteration 7: tolerance = 2.154e-06
Iteration 8: tolerance = 5.076e-08
GEE population-averaged model Number of obs = 320694
Group variable: Id Number of groups = 71935.55
Link: identity Obs per group: min = 1
Family: Gaussian avg = 4.5
Correlation: exchangeable max = 5
Wald chi2( 314) = 525692.38
Scale parameter: .0000148 Prob > chi2 = 0.0000

cash_adj Coef. Std. Err. z P>|z| [95% Conf. Interval]

size -.0012424 8.82e-06 -140.89 0.000 -.0012597 -.0012251

tot_leverage -.0001281 .0000208 -6.15 0.000 -.0001689 -.0000873
fin_leverage 2.11e-12 1.91e-13 11.04 0.000 1.74e-12 2.49e-12
maturity_tot_lev .000125 .0000331 3.78 0.000 .0000601 .00019
maturity_fin_lev -3.52e-06 2.86e-06 -1.23 0.219 -9.12e-06 2.09e-06
Net_working -.0061136 .0000163 -375.55 0.000 -.0061455 -.0060817
cashflow_adj .0065036 .0000346 188.06 0.000 .0064358 .0065714
growth_adj 5.44e-06 .0005741 0.01 0.992 -.0011198 .0011307
industry_sigma .0002717 .0002865 0.95 0.343 -.0002899 .0008333
Listed_D .0017164 .0000879 19.53 0.000 .0015441 .0018886
Investor_Pr .3413466 .0499077 6.84 0.000 .2435293 .439164
AntiSelf .5152999 .0752875 6.84 0.000 .3677392 .6628606
yr2011 -.2905661 .0443819 -6.55 0.000 -.3775529 -.2035792
yr2012 -.2905408 .0443819 -6.55 0.000 -.3775276 -.2035539
yr2013 -.2905669 .0443819 -6.55 0.000 -.3775537 -.20358
yr2014 -.2906163 .0443819 -6.55 0.000 -.3776032 -.2036294
yr2015 -.2906369 .0443819 -6.55 0.000 -.3776238 -.20365
Austria_D .1596186 .0231869 6.88 0.000 .1141731 .2050641
Germania_D .1593293 .0231523 6.88 0.000 .1139516 .204707
Spagna_D -.0770974 .0113313 -6.80 0.000 -.0993064 -.0548884
Finlandia_D -.090226 .0132463 -6.81 0.000 -.1161883 -.0642637
Francia_D -.0533179 .0078448 -6.80 0.000 -.0686935 -.0379424
UnitedKingdom_D -.4508043 .0658683 -6.84 0.000 -.5799037 -.3217048
Grecia_D .0836736 .0121513 6.89 0.000 .0598575 .1074896
Italia_D .0193835 .0029016 6.68 0.000 .0136966 .0250705
Norvegia_D -.060917 .0090689 -6.72 0.000 -.0786918 -.0431423
Portogallo_D -.1192555 .0177317 -6.73 0.000 -.1540089 -.0845021
Svezia_D 0 (omitted)
nace_D1 .0002235 .0007376 0.30 0.762 -.0012223 .0016693
nace_D2 .0001946 .000448 0.43 0.664 -.0006835 .0010727
nace_D3 -.0002055 .0001637 -1.25 0.209 -.0005264 .0001154
nace_D4 -.0007214 .0002696 -2.68 0.007 -.0012499 -.000193
nace_D5 -.0001537 .0001348 -1.14 0.254 -.0004179 .0001104
nace_D6 -.0002805 .0001904 -1.47 0.141 -.0006537 .0000927
nace_D7 -.0000749 .0005512 -0.14 0.892 -.0011552 .0010055
nace_D8 -.0006926 .0004516 -1.53 0.125 -.0015777 .0001926
nace_D9 .0006092 .0003548 1.72 0.086 -.0000862 .0013046
nace_D10 .0002461 .0001534 1.60 0.109 -.0000546 .0005468
nace_D11 .0008133 .0010802 0.75 0.451 -.0013038 .0029305
nace_D12 .000143 .0002217 0.65 0.519 -.0002914 .0005775
nace_D13 -.0009669 .0007335 -1.32 0.187 -.0024046 .0004708
nace_D14 .000597 .0003171 1.88 0.060 -.0000246 .0012185
nace_D15 -.0001473 .0001588 -0.93 0.354 -.0004586 .0001639
nace_D16 -.0000547 .0003524 -0.16 0.877 -.0007454 .0006361
nace_D17 .0015973 .0018554 0.86 0.389 -.0020392 .0052339
nace_D18 .0002425 .000181 1.34 0.180 -.0001124 .0005973
nace_D19 -.0005884 .0004953 -1.19 0.235 -.0015592 .0003824
nace_D20 .0009071 .0007983 1.14 0.256 -.0006575 .0024718
nace_D21 .000123 .0001363 0.90 0.367 -.0001441 .0003902
nace_D22 -.0004044 .000217 -1.86 0.062 -.0008297 .0000209
nace_D23 -.0006302 .0003213 -1.96 0.050 -.0012599 -5.08e-07
nace_D24 .0003999 .0008912 0.45 0.654 -.0013469 .0021467
nace_D25 .0017536 .0004722 3.71 0.000 .0008282 .002679
nace_D26 .0000563 .0001854 0.30 0.762 -.0003072 .0004197
nace_D27 .0003477 .0002311 1.50 0.132 -.0001051 .0008006
nace_D28 .0003482 .0002558 1.36 0.174 -.0001532 .0008495
nace_D29 -.000676 .0002726 -2.48 0.013 -.0012104 -.0001417
nace_D30 -.000253 .0003602 -0.70 0.482 -.0009591 .000453
nace_D31 .0000876 .0001621 0.54 0.589 -.00023 .0004052
nace_D32 .0015949 .0007329 2.18 0.030 .0001585 .0030314
nace_D33 .0000274 .0001642 0.17 0.868 -.0002945 .0003492
nace_D34 -.0005096 .0003423 -1.49 0.137 -.0011805 .0001613
 nace_D35 .0007122 .0028308 0.25 0.801 -.004836 .0062604
nace_D36 .0013796 .0002241 6.16 0.000 .0009404 .0018188
nace_D37 .0003767 .0001422 2.65 0.008 .000098 .0006555
nace_D38 .0007585 .0005181 1.46 0.143 -.000257 .001774
nace_D39 -.0006545 .0009412 -0.70 0.487 -.0024993 .0011903
nace_D40 -.0007409 .0002376 -3.12 0.002 -.0012067 -.0002752
nace_D41 .0009865 .000518 1.90 0.057 -.0000287 .0020017
nace_D42 -.0010845 .0002126 -5.10 0.000 -.0015012 -.0006678
nace_D43 .002222 .0003966 5.60 0.000 .0014448 .0029993
nace_D44 .0006273 .000509 1.23 0.218 -.0003704 .001625
nace_D45 .0006018 .0002011 2.99 0.003 .0002076 .000996
nace_D46 .0001152 .0001798 0.64 0.522 -.0002372 .0004675
nace_D47 -.0003918 .0002155 -1.82 0.069 -.0008142 .0000306
nace_D48 .000842 .0014853 0.57 0.571 -.0020691 .003753
nace_D49 .0001154 .0003034 0.38 0.704 -.0004792 .00071
nace_D50 .0008813 .0001857 4.75 0.000 .0005174 .0012452
nace_D51 .000677 .0003344 2.02 0.043 .0000216 .0013324
nace_D52 .0001338 .0003562 0.38 0.707 -.0005643 .0008318
nace_D53 -.0003496 .0003899 -0.90 0.370 -.0011137 .0004145
nace_D54 -1.04e-06 .0002471 -0.00 0.997 -.0004854 .0004833
nace_D55 .000074 .0002423 0.31 0.760 -.0004008 .0005488
nace_D56 -.0009393 .0028892 -0.33 0.745 -.006602 .0047234
nace_D57 .0007973 .0002685 2.97 0.003 .000271 .0013237
nace_D58 -.0005316 .0005523 -0.96 0.336 -.001614 .0005509
nace_D59 .0010385 .0003474 2.99 0.003 .0003577 .0017193
nace_D60 .0047278 .0001511 31.28 0.000 .0044316 .005024
nace_D61 .000766 .0002699 2.84 0.005 .0002371 .001295
nace_D62 .0009125 .0002133 4.28 0.000 .0004945 .0013305
nace_D63 .0011679 .0005186 2.25 0.024 .0001516 .0021843
nace_D64 .000435 .0006855 0.63 0.526 -.0009085 .0017785
nace_D65 .000044 .000351 0.13 0.900 -.0006439 .0007319
nace_D66 .0007952 .000303 2.62 0.009 .0002014 .001389
nace_D67 -.0012469 .0034744 -0.36 0.720 -.0080565 .0055628
nace_D68 .0005334 .0002221 2.40 0.016 .0000982 .0009686
nace_D69 .0002705 .0002544 1.06 0.288 -.000228 .0007691
nace_D70 .0017355 .0001464 11.86 0.000 .0014486 .0020224
nace_D71 -.0011149 .0015829 -0.70 0.481 -.0042174 .0019876
nace_D72 .0001429 .000145 0.99 0.324 -.0001412 .000427
nace_D73 -.0007448 .0026986 -0.28 0.783 -.006034 .0045443
nace_D74 .0002757 .000257 1.07 0.283 -.0002281 .0007795
nace_D75 .0009678 .0005616 1.72 0.085 -.0001329 .0020684
nace_D76 -.0001381 .0001494 -0.92 0.355 -.000431 .0001548
nace_D77 .0001341 .0001818 0.74 0.461 -.0002223 .0004905
nace_D78 .0000639 .0001928 0.33 0.740 -.000314 .0004418
nace_D79 -.000226 .0015476 -0.15 0.884 -.0032591 .0028072
nace_D80 .0011987 .0018656 0.64 0.521 -.0024579 .0048553
nace_D81 .0013918 .0006761 2.06 0.040 .0000667 .0027169
nace_D82 .0002604 .0001773 1.47 0.142 -.0000872 .000608
nace_D83 2.04e-06 .0006331 0.00 0.997 -.0012389 .001243
nace_D84 -.0003531 .0001499 -2.35 0.019 -.0006469 -.0000592
nace_D85 .0003425 .000297 1.15 0.249 -.0002395 .0009246
nace_D86 -.0000136 .0002539 -0.05 0.957 -.0005113 .000484
nace_D87 .0014076 .0005108 2.76 0.006 .0004064 .0024088
nace_D88 -.0001083 .0002118 -0.51 0.609 -.0005233 .0003068
nace_D89 -.0001217 .0041684 -0.03 0.977 -.0082916 .0080483
nace_D90 -.0016201 .0007774 -2.08 0.037 -.0031437 -.0000964
nace_D91 -.0017122 .000343 -4.99 0.000 -.0023845 -.0010398
nace_D92 -.0005712 .0001192 -4.79 0.000 -.0008049 -.0003375
nace_D93 .0006427 .0002158 2.98 0.003 .0002197 .0010657
nace_D94 -.0002087 .000348 -0.60 0.549 -.0008908 .0004733
nace_D95 .0011269 .0005421 2.08 0.038 .0000644 .0021894
nace_D96 .0011813 .0048781 0.24 0.809 -.0083796 .0107422
nace_D97 .0015889 .0006914 2.30 0.022 .0002338 .0029439
nace_D98 .0008814 .0002115 4.17 0.000 .0004668 .001296
nace_D99 .0014457 .0004168 3.47 0.001 .0006288 .0022626
nace_D100 .0008683 .000661 1.31 0.189 -.0004272 .0021638
nace_D101 .0005502 .000422 1.30 0.192 -.0002769 .0013772
nace_D102 .0003823 .0003753 1.02 0.308 -.0003532 .0011179
nace_D103 .0004295 .0002277 1.89 0.059 -.0000168 .0008759
nace_D104 .0001704 .0002092 0.81 0.415 -.0002396 .0005804
nace_D105 .0001789 .0002541 0.70 0.481 -.0003192 .0006769
nace_D106 .0002123 .0001859 1.14 0.254 -.0001522 .0005767
nace_D107 .0002996 .0006348 0.47 0.637 -.0009445 .0015437
nace_D108 .000911 .0003115 2.93 0.003 .0003006 .0015214
nace_D109 .0003673 .0001711 2.15 0.032 .0000319 .0007026
nace_D110 .0017906 .0009137 1.96 0.050 -2.32e-07 .0035815
nace_D111 -.000016 .0001984 -0.08 0.936 -.0004048 .0003728
nace_D112 .0001256 .0001822 0.69 0.490 -.0002314 .0004827
nace_D113 -.0002539 .0014222 -0.18 0.858 -.0030413 .0025335
nace_D114 .001417 .0003944 3.59 0.000 .0006439 .0021901
nace_D115 .0006231 .0003337 1.87 0.062 -.000031 .0012772
nace_D116 .0003646 .000335 1.09 0.277 -.0002921 .0010212
nace_D117 .0002629 .0001529 1.72 0.086 -.0000369 .0005626
nace_D118 .0004233 .0004148 1.02 0.308 -.0003898 .0012364
nace_D119 -.0002089 .0005503 -0.38 0.704 -.0012874 .0008696
nace_D120 .000604 .0001867 3.23 0.001 .0002381 .00097
nace_D121 .0004953 .0001603 3.09 0.002 .0001812 .0008095
nace_D122 .0000189 .0015531 0.01 0.990 -.0030252 .003063
nace_D123 .0002252 .0007547 0.30 0.765 -.001254 .0017043
nace_D124 .0002702 .0003836 0.70 0.481 -.0004818 .0010221
nace_D125 -.0003709 .0001717 -2.16 0.031 -.0007074 -.0000344
nace_D126 -.0001895 .0001884 -1.01 0.315 -.0005587 .0001798
nace_D127 -.0000688 .0001714 -0.40 0.688 -.0004047 .0002672
nace_D128 -.0003016 .0001416 -2.13 0.033 -.0005792 -.000024
nace_D129 -.0000388 .0001803 -0.21 0.830 -.0003922 .0003146
nace_D130 -.0001789 .0001194 -1.50 0.134 -.000413 .0000552
nace_D131 .0011585 .0013272 0.87 0.383 -.0014427 .0037598
nace_D132 -.0001296 .0007675 -0.17 0.866 -.0016338 .0013746
nace_D133 .0005535 .0004477 1.24 0.216 -.0003239 .001431
nace_D134 .0000487 .0002109 0.23 0.817 -.0003647 .0004621
nace_D135 .0006599 .0003722 1.77 0.076 -.0000696 .0013894
nace_D136 .0005678 .0005923 0.96 0.338 -.0005931 .0017288
nace_D137 -.0003288 .0003654 -0.90 0.368 -.0010449 .0003873
nace_D138 .0006455 .0003196 2.02 0.043 .0000192 .0012719
nace_D139 .0001455 .0048783 0.03 0.976 -.0094158 .0097068
nace_D140 .0008216 .0002816 2.92 0.004 .0002697 .0013736
nace_D141 .0001822 .0002515 0.72 0.469 -.0003108 .0006752
nace_D142 -.0002448 .0021833 -0.11 0.911 -.004524 .0040344
nace_D143 .0000874 .0003412 0.26 0.798 -.0005813 .0007561
nace_D144 .0006681 .0005969 1.12 0.263 -.0005019 .001838
nace_D145 -.0003893 .0006916 -0.56 0.574 -.0017449 .0009663
nace_D146 .0005572 .000524 1.06 0.288 -.0004698 .0015843
nace_D147 .0003495 .0005206 0.67 0.502 -.0006708 .0013698
nace_D148 -.000464 .0048781 -0.10 0.924 -.0100249 .0090968
nace_D149 .0008872 .0003454 2.57 0.010 .0002102 .0015642
nace_D150 -.0005569 .0004261 -1.31 0.191 -.001392 .0002782
nace_D151 .00007 .0005488 0.13 0.899 -.0010057 .0011456
nace_D152 -.0005444 .0001655 -3.29 0.001 -.0008687 -.0002201
nace_D153 .0001689 .0005888 0.29 0.774 -.000985 .0013229
nace_D154 -.0006954 .000178 -3.91 0.000 -.0010444 -.0003465
nace_D155 -.0006933 .0004311 -1.61 0.108 -.0015383 .0001517
nace_D156 .0006166 .0009743 0.63 0.527 -.001293 .0025262
nace_D157 -.0005887 .0003447 -1.71 0.088 -.0012643 .0000869
nace_D158 .0000859 .0001673 0.51 0.608 -.0002421 .0004139
nace_D159 -.0014343 .0052819 -0.27 0.786 -.0117867 .0089181
nace_D160 .0002136 .0003681 0.58 0.562 -.0005079 .0009351
nace_D161 -.0006681 .0002038 -3.28 0.001 -.0010676 -.0002687
nace_D162 .000969 .0008588 1.13 0.259 -.0007142 .0026522
nace_D163 .00156 .0001874 8.33 0.000 .0011928 .0019272
nace_D164 .0011851 .0002403 4.93 0.000 .0007141 .0016561
nace_D165 .0008331 .0007714 1.08 0.280 -.0006788 .0023451
nace_D166 .0007377 .0007826 0.94 0.346 -.0007962 .0022716
nace_D167 .0005909 .0004426 1.33 0.182 -.0002767 .0014584
nace_D168 -.0001336 .0003391 -0.39 0.694 -.0007982 .0005311
nace_D169 .0007319 .0003845 1.90 0.057 -.0000217 .0014854
nace_D170 .0016474 .0009888 1.67 0.096 -.0002906 .0035854
nace_D171 .0004166 .00049 0.85 0.395 -.0005438 .0013769
nace_D172 .0006127 .0002174 2.82 0.005 .0001865 .0010389
nace_D173 .0003044 .0004579 0.66 0.506 -.000593 .0012018
nace_D174 .0018441 .0004147 4.45 0.000 .0010312 .002657
nace_D175 .0011589 .0003667 3.16 0.002 .0004402 .0018776
nace_D176 .0013076 .0010165 1.29 0.198 -.0006848 .0032999
nace_D177 -.0000308 .0005478 -0.06 0.955 -.0011045 .0010429
nace_D178 -.0001658 .0002318 -0.72 0.474 -.0006202 .0002886
nace_D179 -.0005725 .0004013 -1.43 0.154 -.0013591 .000214
nace_D180 -.0003194 .0002807 -1.14 0.255 -.0008695 .0002307
nace_D181 -.0001883 .0002795 -0.67 0.500 -.0007361 .0003595
nace_D182 .0002064 .0005194 0.40 0.691 -.0008116 .0012244
nace_D183 .0003588 .0004397 0.82 0.414 -.0005029 .0012206
nace_D184 -.0000271 .0001153 -0.23 0.814 -.0002531 .0001989
nace_D185 .0001716 .0001448 1.19 0.236 -.0001122 .0004554
nace_D186 -.0004985 .0030631 -0.16 0.871 -.006502 .0055051
nace_D187 .0003922 .0003429 1.14 0.253 -.00028 .0010643
nace_D188 .0001514 .0002382 0.64 0.525 -.0003155 .0006184
nace_D189 .0001541 .000456 0.34 0.735 -.0007396 .0010479
nace_D190 .001537 .000467 3.29 0.001 .0006216 .0024523
nace_D191 -.0000404 .0001362 -0.30 0.767 -.0003075 .0002266
nace_D192 -.0000478 .0013149 -0.04 0.971 -.002625 .0025293
nace_D193 -.0007341 .0001385 -5.30 0.000 -.0010055 -.0004627
nace_D194 .0000183 .0001123 0.16 0.871 -.0002019 .0002384
nace_D195 .0007256 .0034501 0.21 0.833 -.0060364 .0074876
nace_D196 .0002969 .0003908 0.76 0.447 -.0004691 .0010628
nace_D197 .0003651 .0002115 1.73 0.084 -.0000494 .0007797
nace_D198 -.0003806 .0001416 -2.69 0.007 -.0006582 -.000103
nace_D199 .0001791 .0005269 0.34 0.734 -.0008536 .0012118
nace_D200 .0007358 .0004809 1.53 0.126 -.0002068 .0016783
nace_D201 .0006525 .0002622 2.49 0.013 .0001386 .0011664
nace_D202 .0001974 .0001883 1.05 0.295 -.0001717 .0005665
nace_D203 .0004622 .0002308 2.00 0.045 9.82e-06 .0009145
nace_D204 .0000169 .000122 0.14 0.890 -.0002223 .000256
nace_D205 .0009851 .0006308 1.56 0.118 -.0002513 .0022215
nace_D206 .0008506 .0007296 1.17 0.244 -.0005793 .0022805
nace_D207 .0000604 .0001564 0.39 0.699 -.0002461 .000367
nace_D208 .0004507 .0002421 1.86 0.063 -.0000238 .0009252
nace_D209 -.0001285 .0002205 -0.58 0.560 -.0005606 .0003036
nace_D210 .0001467 .0002013 0.73 0.466 -.000248 .0005413
nace_D211 .0003503 .0004474 0.78 0.434 -.0005266 .0012272
nace_D212 -.000839 .0052819 -0.16 0.874 -.0111914 .0095134
nace_D213 -.0000819 .00014 -0.59 0.558 -.0003563 .0001925
nace_D214 .0004977 .0005659 0.88 0.379 -.0006114 .0016068
nace_D215 .0004834 .0002948 1.64 0.101 -.0000944 .0010611
nace_D216 -.0001696 .000289 -0.59 0.557 -.000736 .0003967
nace_D217 -.0026581 .0008819 -3.01 0.003 -.0043865 -.0009296
nace_D218 .0015624 .0005229 2.99 0.003 .0005375 .0025873
nace_D219 .0005394 .0017348 0.31 0.756 -.0028608 .0039396
nace_D220 .0004142 .0001841 2.25 0.024 .0000533 .000775
nace_D221 .0003506 .000177 1.98 0.048 3.70e-06 .0006975
nace_D222 .0015719 .0004578 3.43 0.001 .0006747 .0024692
nace_D223 -.0018205 .0048781 -0.37 0.709 -.0113814 .0077404
nace_D224 .0000895 .0009909 0.09 0.928 -.0018527 .0020317
nace_D225 .0007988 .0002227 3.59 0.000 .0003624 .0012353
nace_D226 .0004915 .0002911 1.69 0.091 -.000079 .001062
nace_D227 .0000808 .0001854 0.44 0.663 -.0002825 .0004442
nace_D228 .0001234 .0024957 0.05 0.961 -.004768 .0050148
nace_D229 .0008589 .0002412 3.56 0.000 .0003863 .0013316
nace_D230 -.0002561 .0004654 -0.55 0.582 -.0011682 .0006559
nace_D231 .0002589 .0001446 1.79 0.073 -.0000245 .0005423
nace_D232 .000506 .0002888 1.75 0.080 -.00006 .001072
nace_D233 .0004536 .0012299 0.37 0.712 -.001957 .0028642
nace_D234 .0011543 .000294 3.93 0.000 .0005781 .0017306
nace_D235 .0000724 .0002613 0.28 0.782 -.0004398 .0005846
nace_D236 .0004392 .0001975 2.22 0.026 .0000521 .0008263
nace_D237 .0004968 .000189 2.63 0.009 .0001264 .0008671
nace_D238 .0001854 .0001981 0.94 0.349 -.0002028 .0005736
nace_D239 .000105 .0002848 0.37 0.712 -.0004531 .0006631
nace_D240 .0003958 .000336 1.18 0.239 -.0002629 .0010544
nace_D241 .0004352 .0001509 2.88 0.004 .0001395 .0007309
nace_D242 .0000653 .0004716 0.14 0.890 -.0008591 .0009897
nace_D243 .0000217 .0007498 0.03 0.977 -.0014478 .0014912
nace_D244 .0003194 .0001696 1.88 0.060 -.0000129 .0006518
nace_D245 .0002812 .0001337 2.10 0.035 .0000192 .0005431
nace_D246 .0005732 .0001706 3.36 0.001 .0002387 .0009076
nace_D247 .0003969 .0002906 1.37 0.172 -.0001727 .0009664
nace_D248 .0008548 .000203 4.21 0.000 .000457 .0012526
nace_D249 .0004844 .0001991 2.43 0.015 .0000941 .0008747
nace_D250 .0008331 .0005829 1.43 0.153 -.0003093 .0019756
nace_D251 -.0000229 .0002717 -0.08 0.933 -.0005555 .0005096
nace_D252 .0007225 .0001947 3.71 0.000 .0003409 .0011042
nace_D253 -.0000857 .0001729 -0.50 0.620 -.0004245 .0002532
 nace_D254 .0008252 .0002439 3.38 0.001 .0003471 .0013033
nace_D255 .0004524 .0003972 1.14 0.255 -.0003261 .001231
nace_D256 .0000803 .0002857 0.28 0.779 -.0004796 .0006401
nace_D257 -.0001278 .0001361 -0.94 0.348 -.0003946 .000139
nace_D258 .0013729 .0010615 1.29 0.196 -.0007076 .0034534
nace_D259 .0022166 .0002179 10.17 0.000 .0017896 .0026436
nace_D260 .0001065 .0001611 0.66 0.509 -.0002093 .0004223
nace_D261 .0005483 .0006687 0.82 0.412 -.0007624 .0018589
nace_D262 .0002856 .0003368 0.85 0.396 -.0003744 .0009457
nace_D263 .0001199 .0001386 0.87 0.387 -.0001517 .0003914
nace_D264 -.0005242 .0048781 -0.11 0.914 -.0100851 .0090367
nace_D265 .0002406 .001092 0.22 0.826 -.0018997 .0023809
nace_D266 .0008076 .0002782 2.90 0.004 .0002622 .0013529
nace_D267 -.001456 .0003245 -4.49 0.000 -.0020921 -.00082
nace_D268 .0010088 .0003836 2.63 0.009 .0002569 .0017607
nace_D269 .0020647 .0002214 9.32 0.000 .0016307 .0024987
nace_D270 .0012952 .000735 1.76 0.078 -.0001454 .0027358
nace_D271 -.0003217 .0028516 -0.11 0.910 -.0059106 .0052673
nace_D272 .0004199 .0005321 0.79 0.430 -.0006229 .0014627
nace_D273 .0009523 .0003758 2.53 0.011 .0002156 .0016889
nace_D274 .0006521 .0003962 1.65 0.100 -.0001245 .0014287
nace_D275 .0003641 .0002333 1.56 0.119 -.0000931 .0008213
nace_D276 .0001496 .000173 0.86 0.387 -.0001894 .0004887
nace_D277 -.0002773 .0002351 -1.18 0.238 -.0007381 .0001835
nace_D278 -.0001053 .0003082 -0.34 0.732 -.0007093 .0004987
nace_D279 3.98e-06 .0001413 0.03 0.978 -.000273 .000281
nace_D280 -.0020798 .0049477 -0.42 0.674 -.0117771 .0076175
nace_D281 .0013063 .0027803 0.47 0.638 -.0041429 .0067556
nace_D282 .0016022 .0002285 7.01 0.000 .0011543 .0020501
nace_D283 -.0013358 .0004968 -2.69 0.007 -.0023096 -.000362
nace_D284 .0007603 .0005974 1.27 0.203 -.0004107 .0019312
nace_D285 .0006042 .0002785 2.17 0.030 .0000584 .0011501
nace_D286 .000129 .0003328 0.39 0.698 -.0005232 .0007813
nace_D287 .0002254 .000153 1.47 0.141 -.0000745 .0005253
nace_D288 .0031881 .0050616 0.63 0.529 -.0067323 .0131086
nace_D289 .0003426 .0004097 0.84 0.403 -.0004604 .0011457
nace_D290 0 (omitted)

. *ora faccio delle regressioni con gli stimatori di arellano bond

. xtabond cash_adj size tot_leverage fin_leverage maturity_tot_lev maturity_fin_lev Net_working cashfl

> wth_adj industry_sigma, lags(1) artests(2)

Arellano-Bond dynamic panel-data estimation Number of obs = 181726

Group variable: Id Number of groups = 66550
Time variable: Year
Obs per group: min = 1
avg = 2.730669
max = 3

Number of instruments = 16 Wald chi2( 10) = 38215.90

Prob > chi2 = 0.0000
One-step results

cash_adj Coef. Std. Err. z P>|z| [95% Conf. Interval]

cash_adj
L1. .1226147 .0046669 26.27 0.000 .1134678 .1317616

size -.0020066 .0000316 -63.56 0.000 -.0020684 -.0019447

tot_leverage -.0015472 .0000316 -49.01 0.000 -.0016091 -.0014854
fin_leverage -3.19e-09 5.58e-08 -0.06 0.954 -1.12e-07 1.06e-07
maturity_tot_lev .0001836 .0000472 3.89 0.000 .000091 .0002761
maturity_fin_lev 5.37e-07 2.84e-06 0.19 0.850 -5.02e-06 6.10e-06
Net_working -.0051882 .0000284 -182.88 0.000 -.0052438 -.0051326
cashflow_adj .0012722 .0000567 22.45 0.000 .0011612 .0013833
growth_adj -.0003185 .0003485 -0.91 0.361 -.0010015 .0003645
industry_sigma .0000902 .0003533 0.26 0.798 -.0006022 .0007827
_cons .0207882 .0002718 76.50 0.000 .0202555 .0213208

Instruments for differenced equation

GMM-type: L(2/.).cash_adj
 Standard: D.size D.tot_leverage D.fin_leverage D.maturity_tot_lev
D.maturity_fin_lev D.Net_working D.cashflow_adj D.growth_adj
D.industry_sigma
Instruments for level equation
Standard: _cons

. xtabond cash_adj size tot_leverage fin_leverage maturity_tot_lev maturity_fin_lev Net_working cashfl

> wth_adj industry_sigma, inst(tot_leverage fin_leverage Net_working cashflow_adj growth_adj industry_
> s(1) artests(2)

Arellano-Bond dynamic panel-data estimation Number of obs = 181726

Group variable: Id Number of groups = 66550
Time variable: Year
Obs per group: min = 1
avg = 2.730669
max = 3

Number of instruments = 22 Wald chi2( 10) = 38364.86

Prob > chi2 = 0.0000
One-step results

cash_adj Coef. Std. Err. z P>|z| [95% Conf. Interval]

cash_adj
L1. .1388126 .0039949 34.75 0.000 .1309828 .1466424

size -.0020155 .0000311 -64.90 0.000 -.0020764 -.0019547

tot_leverage -.0015095 .0000315 -47.85 0.000 -.0015713 -.0014476
fin_leverage -1.19e-08 5.60e-08 -0.21 0.831 -1.22e-07 9.78e-08
maturity_tot_lev .0002131 .0000474 4.49 0.000 .0001201 .0003061
maturity_fin_lev 3.96e-07 2.85e-06 0.14 0.890 -5.19e-06 5.98e-06
Net_working -.0051892 .0000283 -183.10 0.000 -.0052447 -.0051336
cashflow_adj .0013457 .0000568 23.69 0.000 .0012344 .0014571
growth_adj -.0003177 .0003501 -0.91 0.364 -.0010039 .0003685
industry_sigma .0005969 .0003454 1.73 0.084 -.0000801 .0012739
_cons .0207628 .0002667 77.85 0.000 .0202401 .0212856

Instruments for differenced equation

GMM-type: L(2/.).cash_adj
Standard: D.size D.tot_leverage D.fin_leverage D.maturity_tot_lev
D.maturity_fin_lev D.Net_working D.cashflow_adj D.growth_adj
D.industry_sigma tot_leverage fin_leverage Net_working
cashflow_adj growth_adj industry_sigma
Instruments for level equation
Standard: _cons

. xtabond cash_adj size tot_leverage fin_leverage maturity_tot_lev maturity_fin_lev Net_working cashfl

> wth_adj industry_sigma, inst(tot_leverage fin_leverage Net_working cashflow_adj growth_adj industry_
> s(2) maxldep(2) maxlags(2) artests(2)

Arellano-Bond dynamic panel-data estimation Number of obs = 119170

Group variable: Id Number of groups = 61966
Time variable: Year
Obs per group: min = 1
avg = 1.923151
max = 2

Number of instruments = 20 Wald chi2( 11) = 25165.85

Prob > chi2 = 0.0000
One-step results

cash_adj Coef. Std. Err. z P>|z| [95% Conf. Interval]

cash_adj
L1. .1240986 .0062213 19.95 0.000 .111905 .1362921
L2. -.0000237 .0025827 -0.01 0.993 -.0050857 .0050384

size -.0019785 .0000403 -49.07 0.000 -.0020576 -.0018995

tot_leverage -.0005926 .0000589 -10.06 0.000 -.000708 -.0004771
fin_leverage 5.21e-08 8.44e-07 0.06 0.951 -1.60e-06 1.71e-06
maturity_tot_lev .0001708 .0000596 2.87 0.004 .000054 .0002876
maturity_fin_lev -4.05e-06 8.96e-06 -0.45 0.651 -.0000216 .0000135
Net_working -.00531 .0000363 -146.26 0.000 -.0053812 -.0052389
 cashflow_adj .0012223 .0000678 18.03 0.000 .0010894 .0013551
growth_adj .1523479 .0100004 15.23 0.000 .1327475 .1719484
industry_sigma .0000696 .0003526 0.20 0.844 -.0006215 .0007607
_cons .0199624 .0003483 57.32 0.000 .0192798 .0206451

Instruments for differenced equation

GMM-type: L(2/3).cash_adj
Standard: D.size D.tot_leverage D.fin_leverage D.maturity_tot_lev
D.maturity_fin_lev D.Net_working D.cashflow_adj D.growth_adj
D.industry_sigma tot_leverage fin_leverage Net_working
cashflow_adj growth_adj industry_sigma
Instruments for level equation
Standard: _cons

. xtabond cash_adj size tot_leverage fin_leverage maturity_tot_lev maturity_fin_lev Net_working cashfl

> wth_adj industry_sigma, diffvars(tot_leverage fin_leverage Net_working cashflow_adj growth_adj indus
> lags(2) maxldep(2) maxlags(2) artests(2)
note: tot_leverage dropped from diffvars() due to collinearity
note: fin_leverage dropped from diffvars() due to collinearity
note: Net_working dropped from diffvars() due to collinearity
note: cashflow_adj dropped from diffvars() due to collinearity
note: growth_adj dropped from diffvars() due to collinearity
note: industry_sigma dropped from diffvars() due to collinearity

Arellano-Bond dynamic panel-data estimation Number of obs = 119170

Group variable: Id Number of groups = 61966
Time variable: Year
Obs per group: min = 1
avg = 1.923151
max = 2

Number of instruments = 20 Wald chi2( 11) = 25165.85

Prob > chi2 = 0.0000
One-step results

cash_adj Coef. Std. Err. z P>|z| [95% Conf. Interval]

cash_adj
L1. .1240986 .0062213 19.95 0.000 .111905 .1362921
L2. -.0000237 .0025827 -0.01 0.993 -.0050857 .0050384

size -.0019785 .0000403 -49.07 0.000 -.0020576 -.0018995

tot_leverage -.0005926 .0000589 -10.06 0.000 -.000708 -.0004771
fin_leverage 5.21e-08 8.44e-07 0.06 0.951 -1.60e-06 1.71e-06
maturity_tot_lev .0001708 .0000596 2.87 0.004 .000054 .0002876
maturity_fin_lev -4.05e-06 8.96e-06 -0.45 0.651 -.0000216 .0000135
Net_working -.00531 .0000363 -146.26 0.000 -.0053812 -.0052389
cashflow_adj .0012223 .0000678 18.03 0.000 .0010894 .0013551
growth_adj .1523479 .0100004 15.23 0.000 .1327475 .1719484
industry_sigma .0000696 .0003526 0.20 0.844 -.0006215 .0007607
_cons .0199624 .0003483 57.32 0.000 .0192798 .0206451

Instruments for differenced equation

GMM-type: L(2/3).cash_adj
Standard: D.size D.tot_leverage D.fin_leverage D.maturity_tot_lev
D.maturity_fin_lev D.Net_working D.cashflow_adj D.growth_adj
D.industry_sigma tot_leverage fin_leverage Net_working
cashflow_adj growth_adj industry_sigma
Instruments for level equation
Standard: _cons
. xtabond cash_adj l.(0/2).(tot_leverage fin_leverage Net_working cashflow_adj growth_adj industry_sig
> ) maxldep(2) maxlags(2) artests(2)
2 invalid name
r(198);

. xtabond cash_adj l(0/2).(tot_leverage fin_leverage Net_working cashflow_adj growth_adj industry_sigm

> maxldep(2) maxlags(2) artests(2)
2 invalid name
r(198);

. xtabond cash_adj size tot_leverage fin_leverage maturity_tot_lev maturity_fin_lev Net_working cashfl

> wth_adj industry_sigma, lags(2) maxldep(2) maxlags(2) pre(tot_leverage fin_leverage Net_working cash
> rowth_adj industry_sigma, lagstruct(1,.)) artests(2)
note: industry_sigma dropped because of collinearity
note: tot_leverage dropped because of collinearity
note: fin_leverage dropped because of collinearity
note: Net_working dropped because of collinearity
note: cashflow_adj dropped because of collinearity
note: growth_adj dropped because of collinearity

Arellano-Bond dynamic panel-data estimation Number of obs = 119146

Group variable: Id Number of groups = 61957
Time variable: Year
Obs per group: min = 1
avg = 1.923043
max = 2

Number of instruments = 38 Wald chi2( 17) = 25029.49

Prob > chi2 = 0.0000
One-step results

cash_adj Coef. Std. Err. z P>|z| [95% Conf. Interval]

cash_adj
L1. .1289988 .0077699 16.60 0.000 .1137702 .1442274
L2. -.0097563 .0030086 -3.24 0.001 -.015653 -.0038596

tot_leverage
--. -.0006512 .0000616 -10.58 0.000 -.0007719 -.0005306
L1. .0006979 .0000588 11.86 0.000 .0005826 .0008133

fin_leverage
--. 7.25e-08 7.69e-07 0.09 0.925 -1.43e-06 1.58e-06
L1. 8.18e-08 5.13e-08 1.59 0.111 -1.88e-08 1.82e-07

Net_working
--. -.0049368 .0000378 -130.65 0.000 -.0050108 -.0048627
L1. .0015589 .0000868 17.96 0.000 .0013888 .001729

cashflow_adj
--. .001194 .0000738 16.18 0.000 .0010494 .0013386
L1. .0002886 .000117 2.47 0.014 .0000594 .0005179

growth_adj
--. .1515337 .0102164 14.83 0.000 .13151 .1715573
L1. .0044014 .0037761 1.17 0.244 -.0029995 .0118023

industry_sigma
L1. .0003677 .0004148 0.89 0.375 -.0004454 .0011807

size -.0019142 .0000408 -46.90 0.000 -.0019942 -.0018342

maturity_tot_lev .0001645 .0000597 2.75 0.006 .0000474 .0002815
maturity_fin_lev -4.26e-06 8.98e-06 -0.47 0.635 -.0000219 .0000133
industry_sigma .00011 .0003188 0.35 0.730 -.0005147 .0007348
_cons .0185933 .0003651 50.93 0.000 .0178778 .0193088

Instruments for differenced equation

GMM-type: L(2/3).cash_adj L(1/2).L.tot_leverage L(1/2).L.fin_leverage
L(1/2).L.Net_working L(1/2).L.cashflow_adj L(1/2).L.growth_adj
L(1/2).L.industry_sigma
Standard: D.size D.tot_leverage D.fin_leverage D.maturity_tot_lev
D.maturity_fin_lev D.Net_working D.cashflow_adj D.growth_adj
D.industry_sigma
Instruments for level equation
Standard: _cons