|
| Overinvestment | Underinvestment |
| (1) | (2) | |
| Reform*Time*DSOE | −0.003 | 0.010 |
|
| (0.332) | (0.476) |
| Reform*Time*DNon-SOE | −0.067*** | 0.028*** |
|
| (0.007) | (0.000) |
| Controls | Yes | Yes |
| Std. Err | clustered | clustered |
| N | 9656 | 14,933 |
| Adj. R2 | 0.038 | 0.046 |