Table 7 Findings of Investment equation in SOEs and NSOEs for high growth and low growth firms

INVST_t-1

0.0230**

0.0334**

0.0290**

0.0224**

0.0304**

0.0285**

(0.0175)

(0.0178)

(0.0178)

(0.0204)

(0.0203)

(0.0203)

LEV_t-1

0.150

−0.114

− 0.0838

− 0.335*

−0.385**

− 0.381**

(0.193)

(0.192)

(0.193)

(0.177)

(0.178)

(0.180)

GTH_t-1

0.159***

0.0928***

(0.0194)

(0.0169)

LEV _t-1*HGTH _t-1

0.312***

0.231***

(0.0592)

(0.0534)

LEV _t-1*LGTH _t-1

−0.253***

−0.251***

(0.0566)

(0.0546)

ROA _t-1

−0.483**

−0.290

− 0.471*

−1.293***

−1.213***

−1.257***

(0.244)

(0.269)

(0.262)

(0.324)

(0.327)

(0.326)

TG _t-1

−3.675***

−3.622***

−3.620***

−4.766***

−4.657***

−4.658***

(0.184)

(0.192)

(0.188)

(0.280)

(0.290)

(0.289)

CFLOW _t-1

0.303*

0.388**

0.326*

0.423***

0.590***

0.563***

(0.162)

(0.169)

(0.167)

(0.163)

(0.157)

(0.158)

CASH _t-1

−0.746***

−0.695***

− 0.811***

− 0.921***

− 0.931***

− 0.946***

(0.239)

(0.248)

(0.247)

(0.199)

(0.201)

(0.200)

BSIZE _t-1

0.00773

0.00973

7.57e-05

−0.0161

− 0.0100

− 0.00951

(0.0113)

(0.0113)

(0.0113)

(0.0184)

(0.0180)

(0.0179)

CEODUA _t-1

0.0358

0.0414

0.0281

−0.0261

− 0.0385

− 0.0347

(0.0339)

(0.0351)

(0.0352)

(0.0470)

(0.0483)

(0.0481)

INDBOARD _t-1

−0.408

− 0.393

− 0.453*

0.203

0.211

0.266

(0.268)

(0.266)

(0.265)

(0.292)

(0.292)

(0.294)

Constant

1.063***

1.329***

1.667***

1.630***

1.675***

1.777***

(0.226)

(0.220)

(0.229)

(0.268)

(0.262)

(0.259)

Year

Yes

Yes

Yes

Yes

Yes

Yes

Observations

4239

4239

4239

3445

3445

3445

AR (1)

−9.18***

−9.42***

−9.46***

−8.73***

−8.88***

−8.89***

AR (2)

1.35

1.47

1.37

−0.20

0.10

−0.17

Sargan (p-value)

0.23

0.42

0.59

0.35

0.186

0.29