(1)

(2)

(3)

VARIABLES

Capx

Capx

Capx

DT ratio

−0.3779***

(−2.77)

DT

−0.0257***

−0.0289***

(−6.99)

(−5.29)

POST2014

−0.0524***

(−12.22)

DT*POST2014

0.0133**

(2.38)

DT*Ownership

0.0109*

(1.91)

Size

0.0152***

0.0155***

0.0159***

(4.31)

(9.75)

(6.48)

PPE

0.2037***

0.1605***

0.1614***

(6.16)

(14.38)

(8.13)

ROA

0.0626

0.0032

−0.0012

(0.62)

(0.08)

(−0.02)

Debt ratio

−0.0216

−0.0407***

−0.0400*

(−0.70)

(−3.59)

(−1.90)

Quick ratio

0.0170***

0.0143***

0.0143***

(5.07)

(9.75)

(4.67)

Z

−0.0044***

−0.0031***

−0.0031***

(−5.93)

(−7.09)

(−3.57)

SGA

0.0555

0.0592***

0.0589**

(1.41)

(3.98)

(2.38)

MB

0.0191***

0.0109***

0.0111***

(4.65)

(6.39)

(4.52)

Oversea

0.0168

0.0243***

0.0236***

(1.17)

(3.65)

(2.59)

Ic index

−0.0001***

−0.0001***

−0.0001***

(−4.79)

(−7.85)

(−6.04)

Ownership

−0.0211***

−0.0331***

−0.0311***

(−3.31)

(−10.29)

(−7.33)

Age

−0.0015*

−0.0011***

−0.0011**

(−1.75)

(−3.83)

(−2.40)

Dividend

−0.0387*

−0.0638***

−0.0637***

(−1.92)

(−6.36)

(−4.86)

OCF

0.1385***

0.0844***

0.0847***

(2.67)

(5.57)

(5.03)

Industry

Controlled

Controlled

Controlled

Year

Controlled

Controlled

Controlled

Constant

−0.2399***

−0.1669***

−0.1735***

(−2.79)

(−4.84)

(−3.13)

Observations

1831

10,710

10,710

Adjusted R-squared

0.1902

0.1286

0.1286

F

20.69

49.25

45.23