| 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 |