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

Table 9

Regression results of .

Variables	⁢
pledgeabilityit  × EFD(3)	−0.037; (−2.46)	−0.028; (−2.41)
pledgeabilityit   × EFD(2)			−0.059; (−3.74)	−0.076; (−3.37)
pledgeabilityit   × EFD(1)					−0.4673; (−4.37)	−0.3726; (−3.61)
		−0.782; (−3.74)		−0.815; (−4.10)		−1.123; (−3.54)
		−0.345; (−1.93)		−0.399; (−2.37)		−0.476; (−3.13)
Debt structure		0.717; (2.47)		0.730; (2.51)		0.365; (2.58)
IFA		0.396; (1.33)		0.479; (1.44)		−0.563; (−1.79)
IP		−0.779; (−3.80)		−0.812; (−3.08)		−1.041; (−4.23)
Industry	Yes	Yes	Yes	Yes	Yes	Yes
Year	Yes	Yes	Yes	Yes	Yes	Yes
-sq: within	0.516	0.612	0.590	0.627	0.482	0.519
Rho	0.627	0.665	0.682	0.703	0.559	0.6384
chi^2	178.66	226.17	351.06	211.84	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.