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

Table 5

Regression analysis results of internal capital allocation efficiency and diversification degree.

	Model 1	Model 2	Model 3
Invest	−0.353^∗∗∗	−0.119^∗∗	−0.118^∗∗
	(−5.606)	(−2.131)	(−2.094)
Deficiency	0.034^∗∗∗	0.018^∗∗∗	0.018^∗∗∗
	(6.072)	(3.655)	(3.608)
Mstock	−0.123^∗∗	−0.086^∗	−0.093^∗
	(−2.271)	(−1.683)	(−1.831)
Tobin’s Qt −1	0.073^∗∗∗	0.012^∗	0.011^∗
	(12.792)	(1.828)	(1.792)
CR1	−0.149^∗∗∗	−0.024	−0.019
	(−2.626)	(−0.561)	(−0.463)
FCFFt −1	0.003^∗∗∗	0.005^∗	−0.008
	(6.747)	(1.946)	(−1.502)
Size		0.03^∗∗∗	0.036^∗∗∗
		(4.066)	(4.087)
Lev		0.021^∗∗	0.022^∗∗
		(2.038)	(2.221)
ROA		−0.065^∗∗	−0.064^∗∗
		(−2.494)	(−2.433)
Tenure		0.003	0.004
		(0.425)	(0.500)
Firmrisk		0.110^∗	0.101^∗
		(1.887)	(1.724)
CEOsuc		0.003	0.003
		(0.532)	(0.586)
List		0.004^∗	0.003^∗
		(1.942)	(1.735)
State		0.019	0.019
		(0.833)	(0.832)
FCFFt −1 • CR1			0.288^∗∗∗
			(2.696)
FCFFt −1 • Mstock			−0.131
			(−1.217)
Cons	0.214^∗∗∗	−0.619^∗∗∗	−0.620^∗∗∗
	(21.657)	(−3.377)	(−3.386)
Year	No	Yes	Yes
Industry	No	Yes	Yes
N	9012	9012	9012
r2	0.05	0.277	0.277

Note.^∗∗∗, ^∗∗, and ^∗ denote significance at the 1%, 5%, and 10% levels, respectively.