Spatial Spillover Effect of Financial Flexibility on Investment in China’s Convention and Exhibition Listed Companies

Table 3

SDM regression results for financial flexibility and investment.

Invest	Coef.	Std. Err.	z
Main
Invest. L1.	−0.2460^∗∗∗	0.0690	−3.56	0.0000
invest L1.	0.3330^∗∗∗	0.0778	4.28	0.0000
FF	0.0377^∗	0.0204	1.84	0.065
ln size	0.0854^∗∗∗	0.0211	4.05	0.0000
Tan	0.1470	0.1160	1.27	0.2050
CF	0.0000	2.16E − 10	0.04	0.9640
Invest	19338	—	—	—
FF	−0.0226	0.0529	−0.43	0.669
Spatial
Rho	19337^∗∗∗	0.0358	540000	0.0000
R^2	0.857

Note. Main is explanatory variables without the Durbin terms, represents the weight matrix for the spatially lagged dependent and independent variables, Spatial means the existence of spatial effect, Coef. is the coefficient of the explanatory variable, Z is the critical value of the Z-test, and R² signifies the fitness of the whole model. All these symbols are the same for all tables. , , and represent 10%, 5%, and 1% significance levels, respectively.