*Robustness Tests and Results*

To check the robustness of the main findings, we ran two alternative model specifications to investigate the impact of government ownership on corporate cash holdings. First, following Tobin's q theory, we considered an alternative controlling proxy for corporate growth and investment demand; that is, the market to book ratio (MBR) instead of the SGr. As presented in Table 4, the inclusion of this control verified the initial findings reported in Table 3, despite the apparent slight variations in the coefficients' magnitude. We continued to find statistical effects of DbtIssues, CFlow, CapEx, and Govt on corporate cash holdings.


**Table 4.** Estimation results of the dynamic cash holding model (controlling for MBR).


**Table 4.** *Cont.*

\*, \*\*, and \*\*\* indicate significance of the coefficients at levels of 10%, 5%, and 1%, respectively.

Second, the potential interaction effect of different types of ownership on corporate cash holding was investigated. The inclusion of the ownership type interaction variables shown in Table 5 does not demonstrate that these interactions boost the model's explanatory power or make a statistical contribution. Despite the slight changes in the magnitudes of the coefficients, we continued to observe statistical effects of DbtIssues, CFlow, CapEx, and Govt on corporate cash holdings, which is consistent with the initial findings shown in Table 3.

**Table 5.** Estimation results of the dynamic cash holding model with ownership interactions.



**Table 5.** *Cont.*

\*, \*\*, and \*\*\* indicate significance of the coefficients at levels of 10%, 5%, and 1%, respectively.
