Variable | Over-inv | |||
Model (1) | Model (2) | Model (3) | Model (4) | |
coefficient | coefficient | coefficient | coefficient | |
Distort 1 | −0.006 |
|
|
|
Distort 2 |
| -0.008** |
|
|
Distort 3 |
|
| 0.0002 |
|
Distort 4 |
|
|
| 0.007 |
SOE | −0.024*** | −0.024*** | −0.013*** | −0.014 |
FCF | 0.260*** | 0.255*** | 0.248*** | 0.267*** |
Distort 1 SOE | 0.015* |
|
|
|
Distort 1 SOE FCF | −0.058 |
|
|
|
Distort 2 SOE |
| 0.012* |
|
|
Distort 2 SOE FCF |
| −0.040 |
|
|
Distort 3 SOE |
|
| 0.0002 |
|
Distort 3 SOE FCF |
|
| −0.005 |
|
Distort 4 SOE |
|
|
| 0.007 |
Distort 4 SOE FCF |
|
|
| −0.115* |
cash | −0.075*** | −0.076*** | −0.079*** | −0.075*** |
ROA | 0.057* | 0.057* | 0.060** | 0.056* |
growth | 0.027*** | 0.027*** | 0.027*** | 0.027*** |
ret | 0.008** | 0.008** | 0.008** | 0.008* |
top1 | 0.060*** | 0.061*** | 0.060*** | 0.059*** |
top9_1 | 0.013*** | 0.013*** | 0.013*** | 0.013*** |
tpay | −0.003** | −0.003** | −0.003** | −0.003** |
cons | 0.067*** | 0.070*** | 0.063** | 0.058** |
industry | Control | |||
Year | Control | |||
N | 2327 | 2327 | 2319 | 2327 |
R-squared | 0.1435 | 0.1442 | 0.1457 | 0.1437 |
Adj R-squared | 0.1305 | 0.1311 | 0.1326 | 0.1306 |
F | 10.97 | 12.03 | 11.13 | 10.99 |