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

Table 6

Regression analysis of capital allocation efficiency and diversification degree under different levels of internal control.

Variable	Low	In	High
	−0.04	0.022	−0.013
	(−1.041)	(0.266)	(−1.636)
	0.650^∗∗	0.08	0.234^∗
	(2.445)	(0.208)	(1.687)
	0.027	0.066	−0.194
	(0.086)	(0.217)	(−1.581)
Invest	−0.117	0.085	−0.177^∗∗
	(−1.059)	(0.560)	(−2.431)
	−0.003	0.026^∗	0.014
	(−0.196)	(1.837)	(1.625)
Mstock	−0.208^∗	−0.225	−0.037
	(−1.906)	(−1.249)	(−0.625)
CR1	0.082	0.200^∗	−0.139^∗∗
	(1.602)	(1.721)	(−2.358)
	0.005	0.023^∗∗	0.022^∗∗∗
	(0.439)	(2.145)	(3.496)
Size	0.016	0.024	0.048^∗∗∗
	(0.767)	(1.236)	(4.392)
Lev	0.063	0.023	0.023^∗∗
	(1.119)	(0.447)	(2.542)
ROA	−0.099^∗∗	−0.098	−0.059
	(−2.126)	(−0.527)	(−1.578)
Tenure	0.025^∗	−0.017	−0.003
	(1.762)	(−0.855)	(−0.264)
Firmrisk	0.129	−0.0200	−0.061
	(1.324)	(−0.069)	(−0.594)
CEOsuc	0.001	0.003	0.004
	(−0.031)	(0.347)	(0.684)
List	0.006	0.004	0.001
	(1.264)	(0.973)	(0.526)
State	−0.025	0.061	0.032
	(−0.655)	(1.417)	(0.872)
Cons	−0.212	−0.447	−0.837^∗∗∗
	(−0.507)	(−1.032)	(−3.698)
Year	No	Yes	Yes
Industry	No	Yes	Yes
N	1803	1803	5406
	0.273	0.288	0.281

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