	OVERINV_i_,t		OC_i_,t		OVERINV_i_,t
	Model 1	Model 2	Model 3	Model 4	Model 5	Model 6	Model 7
EI_ALL_i_,t	−0.0366***		0.1437**			−0.0474***
EI_ALL_i_,t	(−3.47)		(2.36)			(−3.58)
EI_RS_i_,t		−0.3885***		0.1523**			−0.0492***
EI_RS_i_,t		(−4.26)		(2.41)			(−4.57)
EI_OP_i_,t		−0.2869		0.1416**			−0.2762
EI_OP_i_,t		(−1.14)		(2.33)			(−1.23)
OC_i_,t					0.136***	0.138***	0.138***
OC_i_,t					−3.00	−3.04	−3.05
CF_i_,t−1	0.0422**	0.0444**			0.0122**	0.0125*	0.0132*
CF_i_,t−1	−2.32	−2.44			−2.27	−1.77	−1.81
AMD_i_,t−1	0.0122	0.013			0.0417**	0.0425**	0.0448**
AMD_i_,t−1	−0.8	−0.84			−2.3	−2.35	−2.47
ORA_i_,t−1	−0.0323*	−0.0316*			0.0317*	−0.0327*	0.032**
ORA_i_,t−1	(−1.69)	(−1.65)			−1.66	(−1.71)	−1.68
LEV_i_,t−1	0.105***	0.101***	−0.0368*	−0.0398*	0.106***	0.105***	0.1000***
LEV_i_,t−1	−5.17	−4.95	(−1.89)	(−1.94)	−5.24	−5.17	−4.94
SOE_i_,t−1	0.201***	0.212***	−0.0111***	−0.0177***	0.198***	0.201***	0.213***
SOE_i_,t−1	−6.7	−7.03	(−3.32)	(−3.26)	−6.59	−6.71	−7.05
EBD_i_,t−1	0.0126	0.0106	−0.0283**	−0.0273**	0.014	0.013	0.011
EBD_i_,t−1	−1.01	−0.85	(−2.14)	(−2.12)	−1.12	−1.04	−0.88
SIZE_i_,t−1	−0.142***	−0.141***	0.271***	0.271***	−0.14***	−0.138***	−0.137***
SIZE_i_,t−1	(−7.00)	(−6.99)	−4.98	−4.98	(−6.9)	(−6.8)	(−6.8)
GROWTH_i_,t−1	0.0445***	0.0485***	0.155***	0.154***	0.04**	0.0416**	0.0456***
GROWTH_i_,t−1	−2.59	−2.82	−4.2	−4.14	−2.34	−2.44	−2.67
ROE_i_,t−1			0.0137**	0.0138**
ROE_i_,t−1			−2.33	−2.14
PB_i_,t−1			−0.0643	−0.0648
PB_i_,t−1			(−0.14)	(−1.48)
TURN_i_,t−1			−0.0207	−0.0224
TURN_i_,t−1			(−0.5)	(−0.54)
cons	−0.092***	−0.0748***	−1.766***	−1.779***	−0.111***	−1.113***	−0.0953***
cons	(−5.05)	(−3.96)	(−6.32)	(−6.83)	(−6.00)	(−6.1)	(−5.00)
Year	YES	YES	YES	YES	YES	YES	YES
Industry	YES	YES	YES	YES	YES	YES	YES
N	5188	5188	5188	5188	5188	5188	5188
Adj_R²	0.1695	0.1536			0.1572	0.1802	0.1932
Likelihood ratio			243.6427***	263.2546***