Table 8 Findings of Investment equation with an alternative proxy of investment
From: Debt choice, growth opportunities and corporate investment: evidence from China
Dependent Variable: INVST2 (an alternative proxy of investment) | ||||
|---|---|---|---|---|
(1) | (2) | (3) | (4) | |
Variables | DIFF GMM | DIFF GMM | SYS GMM | SYS GMM |
INVST2t-1 | 0.0596*** | 0.0621*** | 0.0631*** | 0.0653*** |
(0.0165) | (0.0165) | (0.0160) | (0.0160) | |
LEVt-1 | −0.0157* | − 0.0673*** | − 0.0205* | − 0.0718*** |
(0.0158) | (0.0157) | (0.0153) | (0.0153) | |
GTH t-1 | 0.00965*** | 0.00938*** | ||
(0.00137) | (0.00134) | |||
LEV t-1*GTH t-1 | 0.0217*** | 0.0217*** | ||
(0.00286) | (0.00277) | |||
ROA t-1 | −0.0911*** | −0.0921*** | −0.0953*** | −0.0968*** |
(0.0283) | (0.0282) | (0.0278) | (0.0278) | |
TG t-1 | −0.686*** | −0.687*** | − 0.663*** | −0.665*** |
(0.0250) | (0.0248) | (0.0234) | (0.0232) | |
CFLOWt-1 | 0.0570*** | 0.0559*** | 0.0546*** | 0.0532*** |
(0.0122) | (0.0121) | (0.0120) | (0.0119) | |
CASH t-1 | −0.132*** | − 0.131*** | − 0.130*** | − 0.129*** |
(0.0181) | (0.0179) | (0.0176) | (0.0174) | |
BSIZE t-1 | −0.00132 | −0.00133 | − 0.00166 | −0.00165 |
(0.00115) | (0.00116) | (0.00112) | (0.00113) | |
CEODUA t-1 | −0.00147 | −0.00133 | − 0.000950 | −0.000681 |
(0.00343) | (0.00343) | (0.00335) | (0.00335) | |
INDBOARD t-1 | −0.00885 | − 0.0138 | − 0.0115 | − 0.0161 |
(0.0267) | (0.0265) | (0.0264) | (0.0262) | |
Constant | 0.228*** | 0.257*** | 0.227*** | 0.256*** |
(0.0219) | (0.0210) | (0.0214) | (0.0205) | |
Year | Yes | Yes | Yes | Yes |
Observations | 5954 | 5954 | 7684 | 7684 |
AR (1) | −12.11*** | −11.98*** | −12.2*** | −12.07*** |
AR (2) | 0.12 | 0.18 | −0.52 | − 0.46 |
Sargan (p-value) | 0.33 | 0.32 | 0.16 | 0.15 |