Accounting and Macroeconomic Variables Explaining Investment: An Empirical Study with Panel Data in the Portuguese Textile Sector
Abstract
:1. Introduction
2. Literature Review
3. Methodology and Sample
4. Empirical Results
5. Conclusions
Author Contributions
Funding
Institutional Review Board Statement
Informed Consent Statement
Data Availability Statement
Conflicts of Interest
References
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Variable | Mean | Minimum Value | Maximum Value | Std. Dev. | p-Value |
---|---|---|---|---|---|
Liquidity—LIQ | 0.1268 | 0.0089 | 0.5743 | 0.188783 | 0.0000 |
Leverage—LEV | 0.7019 | 0.0000 | 1.0248 | 0.305421 | 0.0000 |
Asset Turnover—AT | 1.0193 | 0.0001 | 27.5485 | 1.208473 | 0.0000 |
Return on Asset—ROA | −0.1279 | −71.7840 | 10.3084 | 2.048338 | 0.0004 |
Debt Structure—DS | 0.7054 | 0.0000 | 1.0000 | 0.0054 | 0.0000 |
Sise—SIZE | 13.4097 | 6.5077 | 18.8124 | 1.943596 | 0.0410 |
Interest Rate—EUR | 0.9999 | 0.3230 | 1.8420 | 0.558886 | 0.0000 |
Gross Domestic Product—GDP | 0.4624 | −4.4000 | 3.8000 | 2.777426 | 0.0000 |
LIQ | LEV | AT | ROA | DS | SIZE | EUR | GDP | |
---|---|---|---|---|---|---|---|---|
LIQ | 1.0000 | |||||||
LEV | −0.0252 | 1.0000 | ||||||
AT | 0.0861 | 0.0516 | 1.0000 | |||||
ROA | 0.0844 | −0.0175 | −0.1838 | 1.0000 | ||||
DS | 0.0637 | −0.0067 | 0.2232 | 0.0229 | 1.0000 | |||
SIZE | −0.2378 | −0.1773 | −0.2465 | 0.1290 | 0.0158 | 1.0000 | ||
EUR | −0.0810 | −0.1562 | 0.0168 | −0.0673 | 0.0119 | −0.0321 | 1.0000 | |
GDP | 0.0678 | 0.1817 | −0.0294 | 0.0412 | −0.0239 | 0.0251 | −0.8539 | 1.0000 |
Variables | INVi,t = β0 + β1Xi,t−1 + εi,t | ||||
---|---|---|---|---|---|
Equation (1) Xi = LIQ | Equation (1) Xi = LEV | Equation (1) Xi = AT | Equation (1) Xi = ROA | Equation (1) Xi = DS | |
LIQi,t−1 | −0.54877 (0.0000) | ||||
LEVi,t−1 | −2.299 × 10−9 (0.1435) | ||||
ATi,t−1 | −0.06543 (0.0000) | ||||
ROAi,t−1 | −0.00459 (0.0000) | ||||
DSi,t−1 | −0.17432 (0.0000) | ||||
R2 adjust. | 0.105875 | 0.0002 | 0.04135 | 0.001863 | 0.04490 |
p-value: | |||||
Hansen | 0.3923 | 0.3452 | 0.3993 | 0.3442 | 0.4523 |
AR(1) | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 |
AR(2) | 0.5001 | 0.5621 | 0.5212 | 0.4215 | 0.5112 |
Variables | INVi,t = β0 + β1X1i,t−1 + β2X2i,t−1 + β3X3i,t−1 + … + βnXni,t−1 + εi,t | ||
---|---|---|---|
Equation (2) | Equation (3) | Equation (4) | |
Constant | 0.202875 (0.0000) | --- | 0.152537 (0.0014) |
LIQi,t−1 | −0.352807 (0.0000) | --- | −0.349287 (0.0000) |
LEVi,t−1 | 0.00000 (0.4124) | --- | 0.0000 (0.4206) |
ATi,t−1 | −0.050557 (0.0000) | --- | −0.050085 (0.0000) |
ROAi,t−1 | −0.007770 (0.7474) | --- | −0.004780 (0.8437) |
DSi,t−1 | −0.171708 (0.0000) | −0.171455 (0.0000) | |
SIZEt−1 | 0.023697 (0.0000) | 0.023902 (0.0000) | |
EURt−1 | --- | 0.034004 (0.0448) | 0.042962 (0.0065) |
GDPt−1 | --- | 0.006764 (0.0489) | 0.007494 (0.0197) |
R2 adjust. | 0.2257 | 0.0080 | 0.2278 |
p-value: | |||
Wald Qi2 | 0.0000 | 0.0582 | 0.0000 |
Hansen | 0.5670 | 0.4645 | 0.8342 |
AR (1) | 0.0000 | 0.0000 | 0.0000 |
AR (2) | 0.4532 | 0.4921 | 0.4141 |
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Oliveira, I.; Figueiredo, J.; Faria, M.; Martins, F.V. Accounting and Macroeconomic Variables Explaining Investment: An Empirical Study with Panel Data in the Portuguese Textile Sector. J. Risk Financial Manag. 2024, 17, 345. https://doi.org/10.3390/jrfm17080345
Oliveira I, Figueiredo J, Faria M, Martins FV. Accounting and Macroeconomic Variables Explaining Investment: An Empirical Study with Panel Data in the Portuguese Textile Sector. Journal of Risk and Financial Management. 2024; 17(8):345. https://doi.org/10.3390/jrfm17080345
Chicago/Turabian StyleOliveira, Isabel, Jorge Figueiredo, Maria Faria, and Francisco V. Martins. 2024. "Accounting and Macroeconomic Variables Explaining Investment: An Empirical Study with Panel Data in the Portuguese Textile Sector" Journal of Risk and Financial Management 17, no. 8: 345. https://doi.org/10.3390/jrfm17080345