Model 4

Model 5

Under-investment

Over-investment

(1)

(2)

(1)

(2)

(1)

(2)

Intercept

−0.167^***

(−12.748)

−0.137^***

(−10.122)

−0.080^*

(−1.682)

0.025

(0.497)

−0.164^***

(−6.652)

−0.092^***

(−3.602)

AQ

0.035^***

(3.656)

0.035^***

（3.698）

−0.093^***

(−2.631)

−0.085^**

(−2.430)

0.140^***

(3.940)

0.132^***

(3.749)

AQ*Partition

−0.376^***

(−5.639)

−0.346^***

(−5.239)

Partition

0.037

(5.872)

0.031^***

(4.924)

Salesgrow

0.003^**

(2.400)

0.002^**

(2.063)

0.012^***

(3.909)

0.010^***

(3.300)

0.009^***

(5.235)

0.008^***

(4.674)

Size

0.009^***

(14.963)

0.007^***

(11.508)

0.008^***

(3.670)

0.002

(0.791)

0.008^***

(7.462)

0.005^***

(3.991)

Age

−0.001^***

(−5.800)

−0.001^***

(−5.144)

−0.003^***

(−2.896)

−0.002^**

(−2.106)

−0.001^**

(−2.521)

0.000^*

(−1.933)

Institutions

0.104^***

(8.763)

0.240^***

(6.650)

0.224^***

(10.743)

Cont

0.000

(0.274)

0.003

(0.596)

0.000

(−0.324)

Sh1

0.014^***

(3.503)

0.041^***

(2.853)

0.018^**

(2.360)

F

32.942

33.547

23.121

23.219

27.322

29.090

Adj-R²

0.235

0.258

0.265

0.287

0.149

0.171

OBS

2910

2910

1599

1599

4509

4509