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

Table 8

Regression results of .

Variables	⁢
liquidityit  × EFD(3)	0.003; (2.34)	0.0017; (2.29)
liquidityit  × EFD(2)			−0.0016; (−2.48)	−0.0011; (−2.41)
liquidityit  × EFD(1)					−0.3973; (−4.37)	−0.3318; (−3.92)
		−0.346; (−3.25)		−0.388; (−3.59)		−0.712; (−4.17)
		−0.0613; (−1.88)		−0.173; (−1.92)		−0.337; (−2.53)
Debt structure		0.526; (3.77)		0.673; (2.53)		0.706; (2.62)
IFA		0.1176; (1.26)		0.2396; (1.42)		0.489; (1.33)
IP		−1.004; (−4.13)		−0.952; (−3.13)		−0.894; (−3.97)
Industry	Yes	Yes	Yes	Yes	Yes	Yes
Year	Yes	Yes	Yes	Yes	Yes	Yes
-sq: within	0.436	0.497	0.46	0.532	0.482	0.519
Rho	0.568	0.608	0.577	0.635	0.559	0.6384
chi^2	275.77	316.39	189.55	289.33	179.84	211.02
Hausman	0.0000	0.0000	0.0000	0.0000	0.0000	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.