Table 6 Findings of Investment equation in SOEs and NSOEs

INVST_t-1

0.0230**

0.0226**

0.0224**

0.0199**

(0.0175)

(0.0178)

(0.0204)

(0.0205)

LEV _t-1

−0.150*

−0.504***

− 0.335*

− 0.858***

(0.193)

(0.186)

(0.177)

(0.191)

GTH _t-1

0.159***

0.0928***

(0.0194)

(0.0169)

LEV _t-1* GTH _t-1

0.322***

0.200***

(0.0362)

(0.0332)

ROA _t-1

−0.483**

−0.519**

−1.293***

−1.266***

(0.244)

(0.234)

(0.324)

(0.328)

TG _t-1

−3.675***

−3.649***

−4.766***

−4.760***

(0.184)

(0.180)

(0.280)

(0.276)

CFLOW _t-1

0.303*

0.315**

0.423***

0.424***

(0.162)

(0.160)

(0.163)

(0.160)

CASH _t-1

−0.746***

−0.707***

−0.921***

− 0.923***

(0.239)

(0.238)

(0.199)

(0.198)

BSIZE _t-1

0.00773

0.00675

−0.0161

− 0.0159

(0.0113)

(0.0112)

(0.0184)

(0.0188)

CEODUA _t-1

0.0358

0.0226

−0.0261

− 0.0204

(0.0339)

(0.0338)

(0.0470)

(0.0478)

INDBOARD _t-1

−0.408

− 0.445*

0.203

0.203

(0.268)

(0.264)

(0.292)

(0.292)

Constant

1.063***

1.439***

1.630***

1.887***

(0.226)

(0.217)

(0.268)

(0.268)

Year

Yes

Yes

Yes

Yes

Observations

4239

4239

3445

3445

AR (1)

−9.18***

−9.15***

−8.73***

−8.72***

AR (2)

1.35

1.45

−0.20

−0.21

Sargan (p-value)

0.23

0.30

0.35

0.51