Pension Plan Contributions, Free Cash Flows and Financial Slack



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Legend:

Bold indicates significant at .01 level of significance

Bold and italic indicates significant at .05 level of significance

Italic indicates significant at .10 level of significance

EXHIBIT 3 Pooled Regression Results











A

Total Sample

B

Firms with FCFA>0

C

Firms with FCFA<0

R-Square







35.8%

33.4%

40.7%

N







8,643

5,299

3,344

VARIABLE


EXPECTED DIRECTION

YEAR


Coefficient

[significance]



Coefficient

[significance]



Coefficient

[significance]



FCFA

+

91

0.0039

[0.037]

0.0118

[0.000]

-0.0063

[0.117]








92

0.0052

[0.004]

0.0111

[0.003]

-0.0071

[0.026]








93

0.0023

[0.202]


0.0062

[0.071]

-0.0036

[0.280]








94

0.0073

[0.000]

0.0114

[0.001]

0.0032

[0.362]








95

0.0028

[0.119]


0.0029

[0.427]


0.0021

[0.557]








96

0.0023

[0.149]


0.0070

[0.021]

-0.0016

[0.597]




















PENROA




91

0.0753

0.0536

0.1057







92

0.1358

0.1371

0.1062







93

0.0597

0.0453

0.1053







94

0.0451

0.0286

0.0892







95

0.0140

0.0223

-0.0004







96

0.1249

0.1321

0.1098



















FUNDA

-

91

-0.0613

-0.0516

-0.0755







92

-0.0698

-0.0723

-0.0661







93

-0.0669

-0.0645

-0.0716







94

-0.0696

-0.0698

-0.0693







95

-0.0635

-0.0637

-0.0626







96

-0.0906

-0.0884

-0.0927



















BENA

+

91

0.1038

0.1143

0.0854







92

0.0843

0.0995

0.0731







93

0.1408

0.1379

0.1313







94

0.1390

0.1430

0.1295







95

0.1651

0.1474

0.1883







96

0.1321

0.1134

0.1567



















TAX

+

91

-0.0000

0.0000

0.0000







92

0.0000

0.0000

0.0000







93

0.0000

0.0000

0.0000







94

-0.0000

-0.0000

0.0000







95

-0.0000

-0.0000

0.0000







96

-0.0000

-0.0000

-0.0000
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