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