Mathematical Problems in Engineering

Review Article

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

Table 11

Robustness test of panel data .
Variables⁢
pledgeabilityit  × EFD(3) −0.041 
(−2.50)		−0.037 
(−2.49)		    
pledgeabilityit   × EFD(2)  −0.212 
(−4.13)		−0.103 
(−4.01)		  
pledgeabilityit   × EFD(1)    −0.597 
(−3.79)		−0.556 
(−3.39)
 −0.563 
(−3.28)		 −0.703 
(−3.45)		 −0.903 
(−4.22)
 −0.419 
(−1.84)		 −0.417 
(−2.44)		 −0.391 
(−3.64)
Debt structure 0.635 
(2.51)		 0.663 
(2.47)		 0.441 
(1.88)
IFA 0.773 
(0.97)		 0.559 
(1.35)		 0.947 
(1.13)
IP −0.904 
(−4.96)		 −0.724 
(−2.48)		 −0.891 
(−3.99)
IndustryYesYesYesYesYesYes
YearYesYesYesYesYesYes
-sq: within
Hausman		0.571
0.0000		0.639
0.0000		0.607
0.0000		0.649
0.0000		0.530
0.0000		0.677
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.