Table 10 Findings of Investment equation with an alternative proxy of investment in SOEs and NSOEs

INVST2_t-1

0.0650***

0.0681***

0.0374

0.0412*

(0.0212)

(0.0212)

(0.0235)

(0.0236)

LEV_t-1

−0.00373*

−0.0627***

− 0.0246*

−0.0766***

(0.0242)

(0.0219)

(0.0190)

(0.0202)

GTH_t-1

0.0140***

0.00847***

(0.00226)

(0.00164)

LEV_t-1* GTH_t-1

0.0284***

0.0193***

(0.00514)

(0.00321)

ROA_t-1

−0.0634

− 0.0676*

− 0.116***

− 0.114***

(0.0393)

(0.0384)

(0.0366)

(0.0375)

TG_t-1

−0.690***

−0.692***

− 0.710***

−0.708***

(0.0294)

(0.0289)

(0.0382)

(0.0385)

CFLOW_t-1

0.0560***

0.0537***

0.0571***

0.0573***

(0.0168)

(0.0169)

(0.0165)

(0.0164)

CASH_t-1

−0.145***

− 0.141***

−0.128***

− 0.128***

(0.0275)

(0.0275)

(0.0216)

(0.0213)

BSIZE_t-1

−0.000971

− 0.00110

− 0.00132

− 0.00125

(0.00159)

(0.00158)

(0.00161)

(0.00164)

CEODUA_t-1

0.000985

0.000172

−0.00358

− 0.00306

(0.00555)

(0.00557)

(0.00390)

(0.00388)

INDBOARD_t-1

0.000962

−0.00717

− 0.00770

− 0.0103

(0.0351)

(0.0346)

(0.0371)

(0.0371)

Constant

0.206***

0.260***

0.220***

0.244***

(0.0317)

(0.0297)

(0.0299)

(0.0281)

Year

Yes

Yes

Yes

Yes

Observations

3401

3401

2553

2553

AR (1)

−9.12***

−9.00***

−7.93***

−7.88

AR (2)

0.43

0.56

−0.91

− 0.85

Sargan (p-value)

0.52

0.46

0.55

0.59