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顧客與供應商關係與成本結構
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Table 6 Robust Tests: Controlling for Agency Costs
Panel A: Main Results, with the Addition of FCF and its Interaction Terms
∆ln
(SGA)
∆ln
(COGS)
∆ln
(OC)
Intercept
-0.1484
-0.1484
-0.1558
(-16.77)***
(-23.12)***
(-28.44)***
∆
ln
(Sale)
0.9853
1.4529
1.2068
(98.37)***
(199.99)***
(194.60)***
CC
0.1392
0.0721
0.1047
(5.95)***
(4.25)***
(7.23)***
Dec
0.0532
0.1194
0.0739
(7.11)***
(22.02)***
(15.95)***
∆
ln
(Sale)*CC
-1.2111
-0.6102
-0.8488
(-20.93)***
(-14.54)***
(-23.69)***
∆
ln
(Sale)*Dec
-0.5659
-0.4908
-0.3412
(-19.68)***
(-23.54)***
(-19.17)***
CC*Dec
-0.0123
0.0218
-0.0099
(-0.24)
(0.59)
(-0.31)
∆
ln
(Sale)
*CC*Dec
1.3632
1.0671
0.8912
(7.71)***
(8.33)***
(8.15)***
FCF
-0.0877
-0.1746
-0.1342
(-6.11)***
(-16.77)***
(-15.10)***
∆
ln
(Sale)*FCF
0.3658
0.4027
0.5146
(19.52)***
(29.62)***
(44.34)***
FCF*Dec
0.0205
-0.0457
0.0038
(0.76)
(-2.35)*
(0.23)
∆
ln
(Sale)*FCF*Dec
-0.2019
-0.7529
-0.3002
(-3.51)***
(-18.05)***
(-8.43)***
GDPGrowth
0.4707
-0.1311
0.3990
(3.78)***
(-1.45)
(5.17)***
Size
0.0126
0.0143
0.0146
(11.90)***
(18.59)***
(22.24)***