Table 11 Estimation results of investment models by categories (Firm size)
Variables | Q-Model (Eq. 5) | Euler Equation (Eq. 12) | Q-Model (Eq. 7) | Euler Equation (Eq. 14) |
|---|---|---|---|---|
(1) | (2) | (3) | (4) | |
\( {\left(\raisebox{1ex}{$I$}\!\left/ \!\raisebox{-1ex}{$K$}\right.\right)}_{it-1} \) | 0.1468*** (3.11) | 0.1316** (2.19) | 0.0811** (2.19) | 0.1119** (2.16) |
Q it | 0.0219*** (2.83) | – | 0.0288** (2.15) | – |
\( {\left(\raisebox{1ex}{$S$}\!\left/ \!\raisebox{-1ex}{$K$}\right.\right)}_{it} \) | – | 0.1518*** (3.08) | – | 0.1219*** (3.29) |
\( {\left(\raisebox{1ex}{$ CF$}\!\left/ \!\raisebox{-1ex}{$K$}\right.\right)}_{it} \) | 0.2451*** (6.62) | 0.1812*** (5.49) | 0.2216*** (4.89) | 0.1563*** (3.29) |
\( {\left(\raisebox{1ex}{$ CF$}\!\left/ \!\raisebox{-1ex}{$K$}\right.\right)}_{it}\kern0.5em \times {FDI}_t\times {BIG}_i \) | −0.1317 (−1.09) | − 0.1218 (− 1.13) | −0.1217 (− 1.26) | −0.1182 (− 1.41) |
\( {\left(\raisebox{1ex}{$ CF$}\!\left/ \!\raisebox{-1ex}{$K$}\right.\right)}_{it}\kern0.5em \times {FDI}_t\times {SMALL}_i \) | − 0.1705** (− 2.41) | −0.1614** (− 2.36) | −0.1834** (− 2.53) | −0.1746** (− 2.49) |
FDI t | – | – | 0.0828** (2.11) | 0.1028** (2.03) |
m1 (p) | (0.00) | (0.00) | (0.00) | (0.00) |
m2 (p) | (0.15) | (0.27) | (0.17) | (0.31) |
Sargan Test | (0.19) | (0.18) | (0.26) | (0.38) |
Hansen-J Test | (0.31) | (0.37) | (0.46) | (0.51) |
Wald Test | χ2(06) = 941.28 (0.0000) | χ2(06) = 851.33 (0.0000) | χ2(06) = 998.11 (0.0000) | χ2(06) = 891.18 (0.0000) |