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