(1)

(2)

(3)

(4)

Replace dependent variables

After pairing

VARIABLES

Capx

Capx1

RD

Capx

DT

−0.0226***

−0.0265***

−0.0061***

−0.0284***

(−5.03)

(−5.35)

(−4.88)

(−3.88)

Size

0.0126***

0.0147***

0.0013

0.0219***

(4.78)

(5.20)

(1.32)

(5.07)

PPE

0.1354***

0.0985***

−0.0385***

0.2178***

(7.39)

(4.47)

(−9.35)

(8.00)

ROA

0.0138

0.1445*

−0.1206***

−0.0022***

(0.24)

(1.76)

(−5.86)

(−3.27)

Debt ratio

−0.0351

−0.0522**

−0.0250***

−0.0388**

(−1.58)

(−2.55)

(−5.97)

(−1.97)

Quick ratio

0.0138***

0.0147***

0.0038***

0.0159***

(4.65)

(4.05)

(6.48)

(7.22)

Z

−0.0030***

−0.0028***

−0.0007***

−0.0037***

(−3.42)

(−2.59)

(−3.65)

(−10.34)

SGA

0.0816***

0.0912***

0.0258***

0.0367***

(3.29)

(3.27)

(2.62)

(3.72)

MB

0.0107***

0.0127***

0.0064***

0.0143***

(4.30)

(4.08)

(7.13)

(4.82)

Oversea

0.0303***

0.0408***

−0.0011

0.0173

(3.40)

(4.03)

(−0.29)

(1.40)

Ic index

−0.0001***

−0.0000***

0.0000***

−0.0000**

(−6.20)

(−4.51)

(3.82)

(−2.13)

Ownership

−0.0338***

−0.0424***

−0.0026*

−0.0338***

(−7.87)

(−8.28)

(−1.67)

(−6.48)

Age

−0.0013***

−0.0018***

−0.0006***

−0.0013

(−3.02)

(−3.69)

(−4.88)

(−1.23)

Dividend

−0.0608***

−0.0892***

−0.0087*

−0.0429***

(−4.69)

(−6.71)

(−1.76)

(−2.64)

OCF

0.0701***

0.0830***

0.0189***

0.1254***

(4.03)

(3.89)

(3.52)

(3.75)

Industry

Controlled

Controlled

Controlled

Controlled

Year

Controlled

Controlled

Controlled

Controlled

Constant

−0.1798***

−0.0221

−0.0090

−0.3574***

(−3.44)

(−0.14)

(−0.40)

(−3.50)

Observations

10,710

10,710

9174

3174

Adjusted R2

0.1493

0.1285

0.2903

0.1627

F

38.28

39.89

119.7

22.76