Political Connections, Debt Restructuring, and Enterprise Investment: Evidence from China

Table 5

Political connections, debt restructuring, and enterprise investment.

	GI
	(1)	(2)	(3)	(4)	(5)	(6)
	INV	ABSINV	INV	ABSINV	EXINV	UNINV
DRD × TIME × GI	−0.006	−0.027	0.004	−0.020	−0.032	−0.018
	(−0.41)	(−3.01)	(0.35)	(−4.86)	(−1.95)	(−2.58)
DRD × TIME	−0.012	0.009	−0.013	−0.006	−0.011	0.001
	(−2.22)	(1.57)	(−2.86)	(−1.05)	(−1.32)	(0.30)
DRD × GI	0.010	0.021	0.007	0.024	0.036	0.016
	(0.85)	(7.97)	(0.56)	(17.03)	(4.57)	(2.69)
TIME × GI	0.014	−0.000	0.011	0.002	0.001	−0.002
	(2.00)	(−0.01)	(1.49)	(0.79)	(0.24)	(−0.52)
LEV			−0.014	0.015	0.052	−0.003
			(−1.84)	(2.49)	(2.14)	(−0.58)
CF			0.070	0.029	0.069	0.016
			(1.56)	(1.11)	(0.81)	(2.43)
Q			0.005	0.006	0.012	0.004
			(2.53)	(3.87)	(5.54)	(9.87)
AGE			−0.012	−0.004	−0.003	−0.004
			(−9.83)	(−1.62)	(−0.38)	(−2.92)
SIZE			0.005	−0.006	−0.013	−0.010
			(2.67)	(−3.20)	(−5.40)	(−14.58)
CSTR			0.001	0.001	−0.000	0.000
			(1.67)	(0.98)	(−0.11)	(1.22)
ESH			−0.027	−0.028	−0.003	−0.017
			(−0.98)	(−1.16)	(−0.04)	(−2.73)
RID			−0.000	0.028	−0.012	0.024
			(−0.01)	(0.98)	(−0.22)	(1.22)
BOARD			−0.003	−0.001	−0.004	0.000
			(−2.75)	(−3.54)	(−2.94)	(0.67)
Year effect	Yes	Yes	Yes	Yes	Yes	Yes
Industry effect	Yes	Yes	Yes	Yes	Yes	Yes
Obs.	1527	1527	1527	1527	548	979
R^2	0.050	0.068	0.082	0.151	0.259	0.380
F value	20.938	22.957	19.680	11.356	48.923	29.950
value	0.0001	0.0001	0.0001	0.001	0.0001	0.0001

Note. The t statistics appear in parentheses. , , and Statistical significance at the 10%, 5%, and 1% levels, respectively.