From: Debt choice, growth opportunities and corporate investment: evidence from China
Dependent Variable: Investment | ||||||
---|---|---|---|---|---|---|
(1) | (2) | (3) | (4) | (5) | (6) | |
High Growth | Low Growth | High Growth | Low Growth | |||
Variables | DIFF GMM | SYS GMM | ||||
INVSTt-1 | 0.0200** | 0.0235*** | 0.0233*** | 0.0164** | 0.0199** | 0.0196** |
(0.0151) | (0.0149) | (0.0150) | (0.0144) | (0.0143) | (0.0144) | |
LEV t-1 | −0.214 | − 0.296** | − 0.286** | − 0.235* | − 0.318** | − 0.309** |
(0.142) | (0.141) | (0.143) | (0.139) | (0.138) | (0.140) | |
GTH t-1 | 0.103*** | 0.103*** | ||||
(0.0126) | (0.0125) | |||||
LEV t-1* HGTH t-1 | 0.291*** | 0.301*** | ||||
(0.0408) | (0.0402) | |||||
LEV t-1* LGTH t-1 | −0.293*** | −0.299*** | ||||
(0.0395) | (0.0390) | |||||
ROA t-1 | −0.0911*** | −0.0904*** | − 0.0924*** | −0.0953*** | − 0.0938*** | − 0.0959*** |
(0.0283) | (0.0291) | (0.0290) | (0.0278) | (0.0286) | (0.0286) | |
TG t-1 | −4.207*** | −4.144*** | −4.154*** | −4.158*** | − 4.089*** | − 4.101*** |
(0.165) | (0.170) | (0.169) | (0.162) | (0.166) | (0.165) | |
CFLOW t-1 | 0.373*** | 0.478*** | 0.460*** | 0.385*** | 0.489*** | 0.472*** |
(0.122) | (0.122) | (0.122) | (0.119) | (0.120) | (0.120) | |
CASH t-1 | −0.803*** | − 0.840*** | − 0.858*** | − 0.804*** | − 0.844*** | − 0.864*** |
(0.163) | (0.165) | (0.165) | (0.161) | (0.163) | (0.163) | |
BSIZE t-1 | −0.00476 | −0.00206 | − 0.00222 | −0.00700 | − 0.00438 | −0.00441 |
(0.0107) | (0.0105) | (0.0105) | (0.0105) | (0.0103) | (0.0103) | |
CEODUA t-1 | 0.0185 | 0.00369 | 0.00536 | 0.0172 | 0.00189 | 0.00358 |
(0.0324) | (0.0330) | (0.0330) | (0.0318) | (0.0324) | (0.0324) | |
INDBOARD t-1 | −0.0393 | −0.0500 | −0.0231 | − 0.0604 | − 0.0728 | −0.0445 |
(0.209) | (0.208) | (0.208) | (0.206) | (0.205) | (0.206) | |
Constant | 1.478*** | 1.582*** | 1.736*** | 1.508*** | 1.610*** | 1.767*** |
(0.182) | (0.179) | (0.180) | (0.177) | (0.174) | (0.175) | |
Year | Yes | Yes | Yes | Yes | Yes | Yes |
Observations | 7684 | 7684 | 7684 | 7684 | 7684 | 7684 |
AR (1) | −12.79*** | −12.97*** | −13.00*** | −12.82*** | −13.04*** | −13.06*** |
AR (2) | 0.51 | 0.52 | 0.47 | 0.43 | 0.43 | 0.38 |
Sargan (p-value) | 0.43 | 0.13 | 0.27 | 0.61 | 0.20 | 0.41 |