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

Table 6

Strength of political connection, debt restructuring, and enterprise investment.

	MI1
	(1)	(2)	(3)	(4)	(5)	(6)
	INV	ABSINV	INV	ABSINV	EXINV	UNINV
DRD × TIME × MI1	−0.091	−0.063	−0.084	−0.051	−0.062	−0.019
	(−5.11)	(−7.10)	(−4.93)	(−6.05)	(−3.70)	(−2.08)
DRD × TIME	0.062	0.034	0.052	0.022	−0.004	0.014
	(4.88)	(6.97)	(4.15)	(3.78)	(−0.51)	(2.33)
DRD × MI1	0.028	0.030	0.020	0.017	0.025	−0.001
	(2.24)	(2.82)	(1.43)	(1.89)	(1.18)	(−0.23)
TIME × MI1	0.030	0.004	0.028	0.003	−0.000	0.006
	(2.84)	(0.38)	(2.73)	(0.36)	(−0.05)	(2.16)
LEV			−0.005	−0.000	0.048	−0.004
			(−0.28)	(−0.01)	(2.04)	(−0.49)
CF			0.051	0.018	0.062	0.023
			(1.10)	(1.31)	(0.69)	(2.32)
Q			0.006	0.008	0.012	0.005
			(2.88)	(4.66)	(5.81)	(7.38)
AGE			−0.050	−0.026	−0.003	0.010
			(−5.81)	(−3.58)	(−0.49)	(3.46)
SIZE			−0.004	−0.012	−0.013	−0.010
			(−0.60)	(−1.83)	(−5.57)	(−6.33)
CSTR			−0.002	−0.001	−0.000	0.001
			(−1.58)	(−0.69)	(−0.03)	(1.58)
ESH			0.021	−0.139	−0.000	−0.153
			(0.17)	(−2.79)	(−0.00)	(−2.21)
RID			−0.036	0.040	−0.009	0.032
			(−0.75)	(0.73)	(−0.15)	(1.29)
BOARD			−0.003	−0.001	−0.004∗∗	0.001
			(−1.38)	(−0.45)	(−2.95)	(1.31)
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	0.058	0.061	0.092	0.167	0.260	0.266
F value	25.781	191.327	65.282	1318.311	81.289	136.574
value	0.0001	0.0001	0.0001	0.0001	0.0001	0.0001

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