Research Article
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 |
| R2 | 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 |
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Note. The t statistics appear in parentheses. , , and Statistical significance at the 10%, 5%, and 1% levels, respectively. |