[Retracted] Relationship between Capital Allocation Efficiency and Diversification Strategy from the Perspective of Internal Control

Table 4

Regression analysis of internal control quality and capital allocation efficiency.

Variables	Model 1	Model 2
Tobin’s Qt − 1	0.002	0.015^∗∗∗
	(1.330)	(6.312)
ICI	0.030^∗∗∗	0.007^∗
	(6.782)	(1.675)
Tobin’s Qi, t − 1 •ICIi, t	0.007^∗∗∗	0.007^∗∗∗
	(2.781)	(2.807)
FCFFt − 1		0.002
		(1.475)
Size		0.004^∗
		(1.905)
Lev		−0.007^∗
		(−1.649)
ROA		0.035^∗
		(1.853)
Growth		0.001
		(0.609)
List		−0.008^∗∗∗
		(−16.345)
State		−0.004
		(−0.774)
Cons	0.062^∗∗∗	0.0470
	(33.09)	(1.038)
Year	No	Yes
Industry	No	Yes
N	9012	9012
r2	0.008	0.094

Note. (1) ^∗∗∗, ^∗∗, and ^∗ are significant at the 1%, 5%, and 10% levels, respectively. (2) Data in brackets are t values, adjusted by white heteroscedasticity and processed by cluster at the company level.