From: Debt choice, growth opportunities and corporate investment: evidence from China
Dependent Variable: INVST2 (alternative proxy of investment) | ||||||
---|---|---|---|---|---|---|
(1) | (2) | (3) | (4) | (5) | (6) | |
High growth | Low growth | High growth | Low growth | |||
SOEs | NSOEs | |||||
Variables | DIFF GMM | |||||
INVST2t-1 | 0.130*** | 0.137*** | 0.139*** | 0.0740** | 0.0817*** | 0.0823*** |
(0.0254) | (0.0252) | (0.0253) | (0.0305) | (0.0300) | (0.0300) | |
LEVt-1 | −0.00373 | − 0.0148 | − 0.0147 | −0.0246* | − 0.0336* | −0.0356* |
(0.0242) | (0.0242) | (0.0245) | (0.0190) | (0.0192) | (0.0195) | |
GTHt-1 | 0.0140*** | 0.00847*** | ||||
(0.00226) | (0.00164) | |||||
LEVt-1*HGTHt-1 | 0.0275*** | 0.0187*** | ||||
(0.00706) | (0.00525) | |||||
LEVt-1*LGTHt-1 | −0.0242*** | −0.0193*** | ||||
(0.00658) | (0.00531) | |||||
ROAt-1 | −0.0634 | −0.0622 | − 0.0637 | −0.116*** | − 0.120*** | −0.121*** |
(0.0393) | (0.0414) | (0.0413) | (0.0366) | (0.0367) | (0.0367) | |
TGt-1 | −0.690*** | −0.678*** | − 0.681*** | −0.710*** | − 0.702*** | −0.705*** |
(0.0294) | (0.0302) | (0.0301) | (0.0382) | (0.0395) | (0.0393) | |
CFLOWt-1 | 0.0560*** | 0.0606*** | 0.0599*** | 0.0571*** | 0.0650*** | 0.0640*** |
(0.0168) | (0.0173) | (0.0173) | (0.0165) | (0.0162) | (0.0162) | |
CASHt-1 | −0.145*** | −0.141*** | −0.144*** | −0.128*** | − 0.133*** | −0.136*** |
(0.0275) | (0.0285) | (0.0284) | (0.0216) | (0.0214) | (0.0215) | |
BSIZEt-1 | −0.000971 | −0.000782 | − 0.000774 | −0.00132 | − 0.00123 | −0.00124 |
(0.00159) | (0.00160) | (0.00160) | (0.00161) | (0.00159) | (0.00160) | |
CEODUAt-1 | 0.000985 | 0.00131 | 0.00150 | −0.00358 | −0.00384 | −0.00404 |
(0.00555) | (0.00544) | (0.00548) | (0.00390) | (0.00397) | (0.00395) | |
INDBOARDt-1 | 0.000962 | 0.00383 | 0.00221 | −0.00770 | −0.00810 | −0.00699 |
(0.0351) | (0.0358) | (0.0358) | (0.0371) | (0.0376) | (0.0376) | |
Constant | 0.206*** | 0.219*** | 0.235*** | 0.220*** | 0.230*** | 0.242*** |
(0.0317) | (0.0314) | (0.0316) | (0.0299) | (0.0286) | (0.0285) | |
Year | Yes | Yes | Yes | Yes | Yes | Yes |
Observations | 3401 | 3401 | 3401 | 2553 | 2553 | 2553 |
AR (1) | −9.123*** | −9.353*** | −9.337*** | −7.933*** | −8.002*** | −8.052*** |
AR (2) | 0.430 | 0.354 | 0.338 | −0.916 | −1.104 | −1.080 |
Sargan (p-value) | 0.52 | 0.324 | 0.405 | 0.751 | 0.687 | 0.777 |