Dependent variable

e_i (overinvestment)

full sample

(1)

Weak financing

capacity (2)

Normal Financing

capacity (3)

Strong Financing capacity (4)

OC

0.0139***

−0.0823**

0.0456*

0.0143***

p

0.0033

0.0389

0.0811

0.0041

Z-lack

−0.0033***

P

0.0058

OC*Z-lack

−0.0686**

p

0.0387

FCF

0.0308***

0.0408***

0.0254***

0.0362**

p

0.0047

0.0093

0.0084

0.0125

athority

0.0312*

0.0950**

0.0107**

0.00907*

p

0.0632

0.0484

0.0366

0.0634

concentration

0.0354*

0.0556**

0.0114**

0.0383**

p

0.0951

0.0345

0.0275

0.0325

board

0.00974*

0.00404

0.00376*

0.0266

p

0.0682

0.128

0.0953

0.162

Constant

0.321***

0.304***

0.283***

0.381***

p

0.0041

0.0081

0.0792

0.0132

N

1319

320

391

766

Adj R²

0.145

0.134

0.184

0.128