| MODEL1 | MODEL 2 | endogenous |
|
|
| 2GSLS |
INV_LAG | 0.052*** | 0.048*** | 0.042*** |
| (0.01) | (0.01) | (0.01) |
Sent | 0.011* | 0.070*** | 0.765*** |
| (0.01) | (0.01) | (0.08) |
Inshold | −0.000** | −0.000** | −0.011*** |
| (0.00) | (0.00) | (0.00) |
INS*SENT |
| 0.003*** | 0.026*** |
|
| (0.00) | (0.00) |
Size | 0.024*** | 0.027*** | 0.039*** |
| (0.00) | (0.00) | (0.00) |
LEV | −0.00600 | −0.025*** | 0.0110 |
| (0.01) | (0.01) | (0.01) |
CFO | 0.155*** | 0.130*** | 0.171*** |
| (0.04) | (0.03) | (0.03) |
CASH | 0.051** | 0.040** | −0.0270 |
| (0.02) | (0.02) | (0.02) |
GROWTH | 0 | 0 | 0 |
| (0.00) | (0.00) | (0.00) |
DGROWTH | −0.036*** | −0.032*** | −0.024*** |
| (0.01) | (0.01) | (0.01) |
MFREE | 0.150*** | 0.135*** | 0.148*** |
| (0.01) | (0.01) | (0.01) |
ROE | −0.016*** | −0.017*** | −0.015*** |
| (0.00) | (0.00) | (0.00) |
FIRSTHOLD | 0 | 0 | −0.001** |
| (0.00) | (0.00) | (0.00) |
ARETURN | 0.018*** | 0.019*** | 0.0110 |
| (0.01) | (0.01) | (0.01) |
SHRCR2 | −0.008* | −0.010** | 0 |
| (0.00) | (0.00) | (0.00) |
LIANG | 0.012* | 0.0100 | 0.00800 |
| (0.01) | (0.01) | (0.01) |
PAY | −0.015** | −0.018*** | −0.010** |
| (0.01) | (0.01) | (0.00) |
LNAGE | 0.024*** | 0.027*** | −0.014*** |
| (0.00) | (0.00) | (0.00) |
SOE | −0.00600 | −0.025*** | −0.00500 |
| (0.01) | (0.01) | (0.01) |
cons | −0.320*** | −0.332*** | −0.263*** |
| (0.07) | (0.07) | (0.07) |
YEAR | Control | ||
IND | Control | ||
N | 5613 | 5613 | 5613 |
R2 | 0.170 | 0.203 | 0.198 |
Adjusted-R2 | 0.165 | 0.197 | 0.193 |
F | 32.73 | 39.36 | 36.23 |