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However, depending on the results of the p-value for the types of indebtedness, STLEV (7%) and TLEV (4%), we decided to estimate the data also in the fixed effects model, with the aim of giving greater robustness to the results.
Thus, Table 8 presents the results of the statistical tests estimated by means of regressions according to Model 2, being conducted correcting problems of autocorrelation and heteroscedasticity, the robust for the three modes of indebtedness (STLEV, LTLEV and TLEV).
Dependent variables used in the model: forms of indebtedness Variables Acronyms Measurement Form Short-term indebtedness STLEV Short-term indebtedness/ (liabilities + market Net Equity) Long-term indebtedness LTLEV Long-term indebtedness/ (liabilities + market Net Equity) Total indebtedness TLEV STLEV + LTLEV Variables Source Authors Short-term indebtedness (2); (3) Long-term indebtedness Economdtical (2); (3); (5); (6) Compustat Total indebtedness (1); (2); (3) Note: Authors who used the measure: (1) Kwok and Reeb (2000), (2) Singh and Nejadmalayeri (2004), (3) Mittoo and Zhang (2008), (4) Saito and Hiramoto (2010), (5) De jong et al.
Generally, state-owned firms have higher ratios in all three measurements of debt (TLEV = 51.65 per cent; SLEV = 38.06 per cent; LLEV = 13.59 per cent).
The models for TLEV and SLEV have high explanatory power ([R.sup.2] of 0.59 and 0.50), respectively.
Tangibility is not a relevant determinant of total leverage (TLEV); however, it is significant in predicting short-term (SLEV) and long-term leverage (LLEV), but in opposite directions.
The TLEV emission category has been eliminated in the final regulatory text.
Consumers in California currently are buying both TLEVs and LEVs, as well as a Honda ULEV.(41)
The key substantive provision of the NLEV rule provides that auto manufacturers would sell TLEVs, LEVs, and ULEVs, as certified under the California LEV program, to meet an increasingly more stringent fleet average emissions requirement throughout the 49 states (i.e., all states other than California, which would retain its own CAL LEV program).(84) The NLEV standards are more stringent than the current standards.
(41.) See the CARB web page for a list of auto manufacturers which are selling TLEVs and LEVs, http:://www.arb.ca.gov (visited on Nov.
(2.)Optional LEV standards applies to up to 4% of an automaker's LDT2 (3751-5750 lbs.) fleet with a maximum base payload in excess of 2500 lbs.; After 2003, Tier 1 standards (0.25 glm NMHC) and TLEV standards will be dropped as emissions categories.
The LEV program actually requires manufactures to build a minimum number of Zero Emission Vehicles (ZEVs), along with a mix of Transitional Emission Vehicles (TLEVs), Low Emission Vehicles (LEVs) and Ultra Low Emission Vehicles (ULEVs) that meet progressively more stringent average fleet emission standards over the years 1995 to 2003.
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