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

Table 5

SDM_dlag regression results for financial flexibility on investment.

Invest	Coef.	Std. Err.	z
Main
invest L1.	0.0590	0.0474	1.25	0.2130
FF	0.0533^∗	0.0286	1.87	0.0620
lnsize	0.0638^∗∗∗	0.0217	2.94	0.0030
Tan	0.0713	0.0931	0.77	0.4440
CF	0.0000	0.0000	0.01	0.9950
Invest	12707	—	—	—
FF	−0.0477	0.0668	−0.71	0.4750
Spatial
Rho	12706	0.0306	410000	0.0000
Variance
Sigma2	0.0008^∗∗	0.0004	2.02	0.0430
R^2	0.872

, , and represent 10%, 5%, and 1% significance levels, respectively.