In Table 1 the coefficient of (Cash

In Table 1 the coefficient of (Cash-flow/Total assets)it isprecisely determined (statistically significant at 1% level) inboth specifications and the sign is positive, but its value is lessthan one (around 0.5), which manifests the fact that the cashflowdoes play an important role in determining firms’ growth.Firm’s Internal Finance has moderate effect on the growth ofassets. These firms might have soft budget constraints. Thefirms might have easy access to other sources of externalfinance. These firms have good potential to thrive in future,so they are able to secure loan from other various sourcesof external finance, though they have low level of Internallygenerated funds.The coefficient of the lagged dependent variable is preciselydetermined. The sign is negative implies convergence in the fixedeffects estimation. And it is positive in pooled OLS estimation.This contradictory signs imply the impact of lagged dependentvariable is ambiguous on the dependent variable.In Table 2 for firms in Bangladesh the cash-flow coefficient isless than one and not precisely determined at 1% level. In withingroups estimation this coefficient is not precisely determined. Thepoorly determined cash-flow coefficient indicates that the growthof assets might be independent of ınternal finance. The growthof firms in Bangladesh is dependent on other various sources ofexternal finance.The coefficient of the lagged dependent variable is statisticallysignificant. But the signs are opposite in two estimations. Theimpact of lagged dependent variable is not clear on growth.

Results (Indonesian) 1:

In Table 1 the coefficient of (Cash-flow/Total assets)it is
precisely determined (statistically significant at 1% level) in
both specifications and the sign is positive, but its value is less
than one (around 0.5), which manifests the fact that the cashflow
does play an important role in determining firms’ growth.
Firm’s Internal Finance has moderate effect on the growth of
assets. These firms might have soft budget constraints. The
firms might have easy access to other sources of external
finance. These firms have good potential to thrive in future,
so they are able to secure loan from other various sources
of external finance, though they have low level of Internally
generated funds.
The coefficient of the lagged dependent variable is precisely
determined. The sign is negative implies convergence in the fixed
effects estimation. And it is positive in pooled OLS estimation.
This contradictory signs imply the impact of lagged dependent
variable is ambiguous on the dependent variable.
In Table 2 for firms in Bangladesh the cash-flow coefficient is
less than one and not precisely determined at 1% level. In within
groups estimation this coefficient is not precisely determined. The
poorly determined cash-flow coefficient indicates that the growth
of assets might be independent of ınternal finance. The growth
of firms in Bangladesh is dependent on other various sources of
external finance.
Koefisien variabel dependen tertinggal secara statistik
signifikan. Tapi tanda-tanda yang berlawanan dalam dua estimasi. The
dampak variabel dependen tertinggal tidak jelas pada pertumbuhan.

Results (Indonesian) 2:

Pada tabel 1, Koefisien (arus kas/total aset)
secara tepat ditentukan (secara statistik signifikan pada tingkat 1%)
kedua spesifikasi dan tanda positif, tetapi nilainya kurang
dari satu (sekitar 0,5), yang memanifestasikan fakta bahwa arus kas
memainkan peranan penting dalam menentukan pertumbuhan perusahaan.
Keuangan internal perusahaan memiliki efek moderat pada pertumbuhan
Aset. Perusahaan ini mungkin memiliki keterbatasan anggaran yang lembut. Tje
perusahaan mungkin memiliki akses yang mudah ke sumber eksternal
Keuangan. Perusahaan ini memiliki potensi yang baik untuk berkembang di masa depan,
sehingga mereka dapat memperoleh pinjaman dari berbagai sumber
keuangan eksternal, meskipun mereka memiliki tingkat rendah internal
dana yang dihasilkan.
Koefisien dari variabel dependen yang tertinggal justru
Ditentukan. Tanda negatif menyiratkan konvergensi dalam tetap
Estimasi efek. Dan itu adalah positif dalam akumulasi OLS estimasi.
Tanda kontradiksi ini menyiratkan dampak kelentungan
Variabel ini ambigu pada variabel dependen.
Dalam tabel 2 untuk perusahaan di Bangladesh koefisien aliran kas
kurang dari satu dan tidak tepat ditentukan pada tingkat 1%. Di dalam
Estimasi kelompok koefisien ini tidak ditentukan secara tepat. Tje
Koefisien aliran kas yang kurang ditentukan menunjukkan bahwa pertumbuhan
aset mungkin independen dari keuangan ınternal. Pertumbuhan
perusahaan di Bangladesh bergantung pada berbagai sumber
keuangan eksternal.
Koefisien variabel dependen yang tertinggal secara statistik
Signifikan. Namun, tanda tersebut berlawanan dengan dua perkiraan. Tje
dampak variabel dependen yang tertinggal tidak jelas pada pertumbuhan.