|||**T**|**he effects of**<br>Fixed-<br>**Panel A**|**Table 6**<br>**volatility on**<br>effects model|**Excess Savings**<br>by firm|||**Panel B**|||
|---|---|---|---|---|---|---|---|---|---|---|
|**Independent Variables**||**Dependent**|<br>**Variable: Exc**|**ess Savings**||**De**|**pendent Vari**|<br>**able: Gross C**|**apital Format**|**ion**|
|Trend|0.000939***|0.00181***|0.00155***|0.00181***|0.000769***|-0.000737***|-0.00191***|-0.00145***|-0.00185***|-0.000224|
||(0.000284)|(0.000225)|(0.000228)|(0.000225)|(0.000280)|(0.000228)|(0.000175)|(0.000183)|(0.000176)|(0.000216)|
|Dummy Recession|0.00774***|0.00911***|0.00840***|0.00868***|0.00743***|-0.0124***|-0.0139***|-0.0115***|-0.0134***|-0.0122***|
||(0.00152)|(0.00155)|(0.00161)|(0.00153)|(0.00156)|(0.00120)|(0.00121)|(0.00122)|(0.00120)|(0.00124)|
|logAT|0.0254***|0.0263***|0.0265***|0.0276***|0.0247***|0.00382**|0.000886|-4.21e-05|0.00102|0.00286|
||(0.00243)|(0.00235)|(0.00240)|(0.00237)|(0.00242)|(0.00185)|(0.00181)|(0.00187)|(0.00181)|(0.00177)|
|L.leverage|-0.0516***|-0.0517***|-0.0418***|-0.0525***|-0.0521***|0.0519***|0.0480***|0.0432***|0.0504***|0.0440***|
||(0.00973)|(0.00978)|(0.00981)|(0.00964)|(0.0102)|(0.00712)|(0.00710)|(0.00700)|(0.00712)|(0.00742)|
|L.clta|-0.0302***|-0.0291**|-0.0376***|-0.0268**|-0.0270**|0.127***|0.123***|0.132***|0.126***|0.124***|
||(0.0114)|(0.0115)|(0.0114)|(0.0115)|(0.0117)|(0.00964)|(0.00964)|(0.00966)|(0.00963)|(0.00973)|
|L.liquidity_demand|_-0.327***_|_-0.321***_|_-0.335***_|_-0.327***_|_-0.316***_|_0.296***_|_0.287***_|_0.296***_|_0.295***_|_0.287***_|
||(0.0129)|(0.0133)|(0.0131)|(0.0131)|(0.0135)|(0.00868)|(0.00878)|(0.00883)|(0.00877)|(0.00879)|
|L.assets_nonop|-0.221***|-0.210***|-0.236***|-0.217***|-0.214***|0.146***|0.135***|0.143***|0.141***|0.145***|
||(0.0138)|(0.0141)|(0.0124)|(0.0141)|(0.0143)|(0.00859)|(0.00873)|(0.00870)|(0.00871)|(0.00889)|
|total_debt_variation|-0.472***|-0.474***|-0.472***|-0.474***|-0.472***|0.394***|0.394***|0.395***|0.396***|0.393***|
||(0.0109)|(0.0111)|(0.0112)|(0.0109)|(0.0112)|(0.00950)|(0.00966)|(0.00973)|(0.00959)|(0.00990)|
|current_debt_variation|-0.121***|-0.120***|-0.124***|-0.121***|-0.123***|0.224***|0.225***|0.229***|0.224***|0.224***|
||(0.0121)|(0.0123)|(0.0125)|(0.0122)|(0.0125)|(0.0119)|(0.0121)|(0.0122)|(0.0120)|(0.0123)|
|movcv_net_sales|-0.0761***|||||0.0967***|||||
||(0.0186)|||||(0.0138)|||||
|movcv_net_sales_t|0.00629***|||||-0.00845***|||||
||_(0.00179)_|||||_(0.00134)_|||||
|movcv_sales_growth||-6.00e-06***|||||2.19e-06||||
|||(1.92e-06)|||||(2.24e-06)||||
|movcv_sales_growth_t||3.76e-07**|||||-8.60e-08||||
|||(1.63e-07)|||||(1.80e-07)||||
|movcv_cogs_sales|||-0.0678***|||||0.00625|||
||||(0.0222)|||||(0.0117)|||
|movcv_cogs_sales_t|||0.00496**|||||-0.000953|||
||||(0.00227)|||||(0.00134)|||
|movcv_nibl_sales||||-5.01e-06*|||||-1.75e-06||
|||||(3.01e-06)|||||(1.74e-06)||
|movcv_nibl_sales_t||||_2.98e-07_|||||_1.19e-07_||
|||||(2.03e-07)|||||(1.23e-07)||
|movcv_tobin_q|||||-0.0828***|||||0.113***|
||||||(0.0160)|||||(0.0104)|
|movcv_tobin_q_t|||||0.00643***|||||-0.0113***|
||||||(0.00158)|||||(0.00108)|
|Constant|-0.272***|-0.301***|-0.298***|-0.318***|-0.266***|-0.148***|-0.0825***|-0.0783***|-0.0897***|-0.129***|
||(0.0365)|(0.0346)|(0.0358)|(0.0347)|(0.0362)|(0.0281)|(0.0270)|(0.0280)|(0.0269)|(0.0271)|
|Number of observations|57,959|56,244|55,719|57,725|55,057|58,687|56,920|56,393|58,443|55,611|
|R-squared|0.290|0.288|0.295|0.290|0.289|0.476|0.476|0.483|0.475|0.481|
|Number of firms|7,572|7,108|7,129|7,494|6,991|7,629|7,162|7,183|7,550|7,032|

Each column of Table 6, reports the regression results corresponding to one measure of volatility. In Panel A the dependent variable is Excess Savings, in Panel B the dependent variable is Gross Capital Formation. Each column reports the coefficient estimates for the trend, our control variables, the measure of volatility and the interaction term between this measure and the trend. Our control variables are a dummy variable indicating an aggregate contraction of private investment in the country where the firm is based during year t (Dummy Recession), total and current debt variation between the periods t and t-1, and the lagged values of the ratio of Total Liabilities/Total Assets (leverage), the Current Liabilities/Total Assets ratio (clta), the Cash & Short Term Investment/Total Assets ratio (liquidity_demand), and the Non-Operating Assets/Total Assets ratio (assets_nonop). The measures of volatility used are the moving coefficients of variation of Net Sales (movcv_net_sales), sales growth (movcv_sales_growth), the Cost of Goods Sold/Net Sales ratio (movcv_cogs_sales), the Net Income/Net Sales ratio (movcv_nibl_sales), and the Tobin Q (movcv_tobin_q). Standard deviation robust to clustering by firm are reported between brackets. *, **, ***, indicate significance at the 10, 5 y 1% level respectively.