Table 4 Findings of the Investment equation
From: Debt choice, growth opportunities and corporate investment: evidence from China
Dependent Variable: Investment | ||||
|---|---|---|---|---|
(1) | (2) | (3) | (4) | |
Variables | DIFF GMM | SYS GMM | ||
INVSTt-1 | 0.0200** | 0.0206** | 0.0164** | 0.0164** |
(0.0151) | (0.0153) | (0.0144) | (0.0146) | |
LEV t-1 | −0.214* | − 0.701*** | − 0.235* | −0.727*** |
(0.142) | (0.146) | (0.139) | (0.142) | |
GTH t-1 | 0.103*** | 0.103*** | ||
(0.0126) | (0.0125) | |||
LEVt-1*GTH t-1 | 0.204*** | 0.208*** | ||
(0.0271) | (0.0268) | |||
ROA t-1 | −0.957*** | − 0.968*** | − 0.957*** | − 0.973*** |
(0.214) | (0.213) | (0.211) | (0.209) | |
TG t-1 | −4.207*** | −4.232*** | −4.158*** | −4.182*** |
(0.165) | (0.166) | (0.162) | (0.161) | |
CFLOW t-1 | 0.373*** | 0.386*** | 0.385*** | 0.397*** |
(0.122) | (0.120) | (0.119) | (0.117) | |
CASH t-1 | −0.803*** | −0.806*** | − 0.804*** | − 0.805*** |
(0.163) | (0.164) | (0.161) | (0.162) | |
BSIZE t-1 | −0.00476 | −0.00598 | − 0.00700 | −0.00806 |
(0.0107) | (0.0108) | (0.0105) | (0.0105) | |
CEODUA t-1 | 0.0185 | 0.0172 | 0.0172 | 0.0156 |
(0.0324) | (0.0328) | (0.0318) | (0.0322) | |
INDBOARD t-1 | −0.0393 | −0.0717 | −0.0604 | −0.0900 |
(0.209) | (0.207) | (0.206) | (0.204) | |
Constant | 1.478*** | 1.773*** | 1.508*** | 1.798*** |
(0.182) | (0.182) | (0.177) | (0.177) | |
Year | Yes | Yes | Yes | Yes |
Observations | 7684 | 7684 | 7684 | 7684 |
AR (1) | −12.79*** | − 12.83*** | − 12.82*** | − 12.86*** |
AR (2) | 0.51 | 0.55 | 0.43 | 0.45 |
Sargan (p-value) | 0.43 | 0.43 | 0.61 | 0.63 |