Spatial Spillover Effect of Financial Flexibility on Investment in China’s Convention and Exhibition Listed Companies
Table 4
SDM regression results of direct and indirect effects of financial flexibility on investment.
Invest
Coef.
Std. Err.
z
SR Direct
FF
0.0199∗∗
0.0098
2.03
0.0420
lnsize
0.0424∗∗∗
0.0106
4.02
0.0000
Tan
0.0714
0.0574
1.25
0.2130
CF
0.0000
0.0000
0.01
0.9880
Invest
0.5000∗∗∗
9.30E − 07
540000
0.0000
SR Indirect
FF
−0.0199∗∗
0.0098
−2.03
0.0420
lnsize
−0.0424∗∗∗
0.0106
−4.02
0.0000
Tan
−0.0714
0.0574
−1.25
0.2130
CF
0.0000
0.0000
−0.01
0.9880
Invest
0.5000∗∗∗
0.0000
540000
0.0000
LR Direct
FF
0.0160∗∗
0.0079
2.03
0.0420
lnsize
0.0341∗∗∗
0.0085
4.02
0.0000
Tan
0.0573
0.0461
1.25
0.2130
CF
0.0000
0.0000
0.01
0.9880
Invest
0.5000∗∗∗
0.0000
540000
0.0000
LR Indirect
FF
−0.0160∗∗∗
0.0079
−2.03
0.0420
lnsize
−0.0341∗∗∗
0.0085
−4.02
0.0000
Tan
−0.0573
0.0460
−1.25
0.2130
CF
0.0000
0.0000
−0.01
0.9880
Invest
0.5000∗∗∗
0.0000
540000
0.0000
Note. LR_Direct and LR_Indirect are the long-run direct effect and indirect effect of the variables. ,, and represent 10%, 5%, and 1% significance levels, respectively.
