[Retracted] Exploring the Influence of Local Government Debt on Enterprise Investment through the Empirical Evidence at the Municipal Level

Table 10

Regression results of reducing the sample and reestimating firm underinvestment.

Variables	(1)	(2)	(3)	(4)
	Under_INV	Over_INV	Under_INV	Over_INV
Debt	0.128	0.025	0.008	0.006
	(1.85)	(0.32)	(2.58)	(0.54)
Adjusted R-squared	0.118	0.238	0.164	0.224
Individual effect	Yes	Yes	Yes	Yes
The annual effect	No	Yes	Yes	Yes
Control variable	Yes	Yes	Yes	Yes
F	8.567	9.234	225.6	16.58

Note. , , and are significant at the 1%, 5%, and 10% levels, respectively.