| (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 |