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

Table 7

The results of robustness checks.

	MI1
	(1)	(2)	(3)	(4)	(5)	(6)
	INV	ABSINV	INV	ABSINV	EXINV	UNINV
DRD × TIME × MI1	0.053	0.053	0.045	0.047	0.034	0.019
	(3.22)	(4.32)	(3.07)	(3.82)	(2.37)	(2.41)
DRD × TIME	0.021	0.000	0.015	−0.008	−0.015	−0.015∗
	(1.72)	(0.05)	(1.20)	(−1.05)	(−1.49)	(−1.95)
DRD × MI1	−0.042	−0.034	−0.035	−0.026	−0.030	0.001
	(−2.37)	(−1.85)	(−2.41)	(−2.02)	(−6.83)	(0.17)
TIME × MI1	−0.001	0.001	0.001	−0.000	0.010	−0.000
	(−0.06)	(0.09)	(0.11)	(−0.02)	(1.26)	(−0.03)
LEV			−0.001	0.003	0.040	−0.012
			(−0.06)	(0.31)	(2.10)	(−1.56)
CF			0.048	0.014	0.044	0.014
			(1.09)	(1.10)	(0.54)	(1.31)
Q			0.005	0.008	0.013	0.005
			(2.28)	(4.39)	(6.45)	(7.30)
AGE			−0.053	−0.027	−0.003	−0.001
			(−6.01)	(−3.90)	(−0.41)	(−0.14)
SIZE			−0.005	−0.013	−0.014	−0.009
			(−0.70)	(−1.94)	(−5.94)	(−5.28)
CSTR			−0.002	−0.000	−0.000	0.001
			(−1.70)	(−0.47)	(−0.06)	(1.31)
ESH			−0.036	−0.170	−0.006	−0.137
			(−0.27)	(−3.09)	(−0.09)	(−2.42)
RID			−0.035	0.040	0.016	0.026
			(−0.77)	(0.73)	(0.23)	(1.03)
BOARD			−0.003	−0.001	−0.003	0.001
			(−1.19)	(−0.33)	(−3.58)	(2.14)
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	0.057	0.067	0.089	0.170	0.207	0.328
F value	20.403	972.847	14.834	58.839	15.760	47.198
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.