Overinvestment

Underinvestment

(1)

(2)

(3)

(4)

Reform

0.036**

0.054*

0.009***

0.006**

(0.049)

(0.062)

(0.004)

(0.033)

Time

−0.001

0.003

−0.003*

−0.004**

(0.928)

(0.701)

(0.071)

(0.025)

Reform*Time

−0.045**

−0.047**

0.016***

0.017***

(0.022)

(0.018)

(0.000)

(0.000)

Leverage

0.010

0.008*

(0.599)

(0.077)

Cash

−0.056***

0.037***

(0.005)

(0.000)

Size

−0.008**

0.002*

(0.000)

(0.077)

cons

0.156***

0.201***

−0.097***

−0.139***

(0.000)

(0.006)

(0.000)

(0.000)

Std. Err

clustered

clustered

clustered

clustered

N

9656

9656

14,933

14,933

Adj. R²

0.045

0.072

0.057

0.066