Mathematical Problems in Engineering

Review Article

Research of Microcosmic Affection Factors on Capital Misallocation: A Case of Chinese Listed Companies

Table 10

Robustness test of panel data .
Variables⁢
liquidityit  × EFD(3) 0.109 
(2.52)		0.0923 
(2.43)		    
liquidityit  × EFD(2)  −0.0352 
(−2.47)		−0.0209 
(−2.44)		  
liquidityit  × EFD(1)    −1.039 
(−3.65)		−0.867 
(−3.34)
 −0.557 
(−4.03)		 −0.519 
(−4.03)		 −0.673 
(−3.55)
 −0.225 
(−2.43)		 −0.316 
(−3.88)		 −0.619 
(−2.47)
Debt structure 0.432 
(3.34)		 0.597 
(2.46)		 0.576 
(2.52)
IFA 0.225 
(0.783)		 0.791 
(1.23)		 1.023 
(0.968)
IP −0.877 
(−3.54)		 −1.21 
(−3.74)		 −1.049 
(−4.21)
IndustryYesYesYesYesYesYes
YearYesYesYesYesYesYes
-sq: within 
Hausman		0.555 
0.0000		0.617 
0.0000		0.567 
0.0000		0.655 
0.0000		0.598 
0.0000		0.703 
0.0000
Note: (1) indicates statistical significance at the 0.01 level; indicates statistical significance at the 0.05 level; indicates statistical significance at the 0.10 level. (2) Brackets for t value. (3) EFD(3) is high level of external finance dependence, EFD(2) is intermediate level of external finance dependence, and EFD(1) is low level of external finance dependence.