UNDERINV_i,t

OC_i,t

UNDERINV_i,t

Model 1

Model 2

Model 3

Model 4

Model 5

Model 6

Model 7

EI_ALL_i,t

0.0244**

0.1329**

0.0278**

(2.54)

(2.43)

(2.55)

EI_RS_i,t

0.0262**

0.1906**

0.0289***

(4.25)

(2.47)

(3.42)

EI_OP_i,t

0.0157

0.1416**

0.0145

(1.33)

(2.35)

(0.98)

OC_i,t

0.1072***

0.1028***

0.1142***

2.68

2.74

2.71

CF_i,t−1

0.0673*

0.0619*

0.0585*

0.0618*

0.0624*

(1.73)

(1.68)

1.69

1.72

1.74

AMD_i,t−1

0.0122

0.0132

0.0127

0.0130

0.0129

(0.93)

(0.89)

0.90

0.83

0.87

ORA_i,t−1

−0.0452*

−0.0416*

−0.0438*

−0.0427*

−0.0406**

(−1.81)

(−1.88)

−1.66

(−1.87)

−1.83

LEV_i,t−1

0.2132***

0.2253***

−0.0425**

−0.0417**

0.2060***

0.2152***

0.2476

(6.58)

(6.73)

(−2.11)

(−2.31)

6.23

6.24

6.22

SOE_i,t−1

0.3117***

0.2923***

−0.0207***

−0.0193***

0.2974***

0.2883***

0.2736***

(5.34)

(5.49)

(−4.24)

(−4.15)

5.43

5.62

5.52

EBD_i,t−1

0.0213*

0.0241*

−0.0536*

−0.0573*

0.0237*

0.0216

0.0203

(1.68)

(1.73)

(−1.93)

(−1.90)

1.68

1.69

1.70

SIZE_i,t−1

−0.1170***

−0.1273***

0.1941***

0.1880***

−0.1136***

−0.1174***

−0.1200***

(−8.02)

(−7.93)

(3.52)

(3.61)

−7.88

(−8.14)

(−8.09)

GROWTH_i,t−1

0.0373***

0.0391***

0.2722***

0.2826***

0.0404**

0.0389**

0.0394**

(2.61)

(2.73)

(5.74)

(5.69)

2.64

2.57

2.52

ROE_i,t−1

0.0732**

0.0722**

(1.84)

(1.82)

PB_i,t−1

−0.1092*

−0.1013

(−1.83)

(−1.79)

TURN_i,t−1

−0.0736

−0.0711

(−0.85)

(−0.77)

cons

−0.0521***

−0.0462***

−2.4362***

−2.3255***

−0.0754***

−0.0625***

−0.0547***

(−6.25)

(−5.92)

(−5.21)

(−5.33)

(−6.08)

(−6.33)

(−6.52)

Year

YES

YES

YES

YES

YES

YES

YES

Industry

YES

YES

YES

YES

YES

YES

YES

N

10225

10225

10225

10225

10225

10225

10225

Adj_R²

0.1243

0.1252

0.1317

0.1284

0.1401

Likelihood ratio

342.3254***

359.4362***