| (1) | (2) | (3) | (4) |
|
| Replace dependent variables | After pairing | |
VARIABLES | Capx | Capx1 | RD | Capx |
DT | −0.0226*** | −0.0265*** | −0.0061*** | −0.0284*** |
| (−5.03) | (−5.35) | (−4.88) | (−3.88) |
Size | 0.0126*** | 0.0147*** | 0.0013 | 0.0219*** |
| (4.78) | (5.20) | (1.32) | (5.07) |
PPE | 0.1354*** | 0.0985*** | −0.0385*** | 0.2178*** |
| (7.39) | (4.47) | (−9.35) | (8.00) |
ROA | 0.0138 | 0.1445* | −0.1206*** | −0.0022*** |
| (0.24) | (1.76) | (−5.86) | (−3.27) |
Debt ratio | −0.0351 | −0.0522** | −0.0250*** | −0.0388** |
| (−1.58) | (−2.55) | (−5.97) | (−1.97) |
Quick ratio | 0.0138*** | 0.0147*** | 0.0038*** | 0.0159*** |
| (4.65) | (4.05) | (6.48) | (7.22) |
Z | −0.0030*** | −0.0028*** | −0.0007*** | −0.0037*** |
| (−3.42) | (−2.59) | (−3.65) | (−10.34) |
SGA | 0.0816*** | 0.0912*** | 0.0258*** | 0.0367*** |
| (3.29) | (3.27) | (2.62) | (3.72) |
MB | 0.0107*** | 0.0127*** | 0.0064*** | 0.0143*** |
| (4.30) | (4.08) | (7.13) | (4.82) |
Oversea | 0.0303*** | 0.0408*** | −0.0011 | 0.0173 |
| (3.40) | (4.03) | (−0.29) | (1.40) |
Ic index | −0.0001*** | −0.0000*** | 0.0000*** | −0.0000** |
| (−6.20) | (−4.51) | (3.82) | (−2.13) |
Ownership | −0.0338*** | −0.0424*** | −0.0026* | −0.0338*** |
| (−7.87) | (−8.28) | (−1.67) | (−6.48) |
Age | −0.0013*** | −0.0018*** | −0.0006*** | −0.0013 |
| (−3.02) | (−3.69) | (−4.88) | (−1.23) |
Dividend | −0.0608*** | −0.0892*** | −0.0087* | −0.0429*** |
| (−4.69) | (−6.71) | (−1.76) | (−2.64) |
OCF | 0.0701*** | 0.0830*** | 0.0189*** | 0.1254*** |
| (4.03) | (3.89) | (3.52) | (3.75) |
Industry | Controlled | Controlled | Controlled | Controlled |
Year | Controlled | Controlled | Controlled | Controlled |
Constant | −0.1798*** | −0.0221 | −0.0090 | −0.3574*** |
| (−3.44) | (−0.14) | (−0.40) | (−3.50) |
Observations | 10,710 | 10,710 | 9174 | 3174 |
Adjusted R2 | 0.1493 | 0.1285 | 0.2903 | 0.1627 |
F | 38.28 | 39.89 | 119.7 | 22.76 |