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

Table 6

SDM_dlag regression results of direct and indirect effects of financial flexibility on investment.

Invest	Coef.	Std. Err.	z
SR Direct
FF	0.0259^∗	0.0141	1.83	0.0670
lnsize	0.0328^∗∗∗	0.0107	3.06	0.0020
Tan	0.0364	0.0472	0.77	0.4410
CF	0.0000	0.00175	0.01	0.9940
Invest	0.5000^∗∗∗	1.64E − 06	310000	0.0000
SR Indirect
FF	−0.0259^∗	0.0141	−1.83	0.0670
lnsize	−0.0328^∗∗∗	0.0107	−3.06	0.0020
Tan	−0.0364	0.0472	−0.77	0.4410
CF	0.0000	0.00175	−0.01	0.9940
Invest	0.5000^∗∗∗	1.64E − 06	310000	0.0000
LR Direct
FF	0.0259^∗	0.0141	1.83	0.0670
lnsize	0.03288^∗∗∗	0.0107	3.06	0.0020
Tan	0.0364	0.0472	0.77	0.4410
CF	1.35E − 05	0.00175	0.01	0.9940
Invest	0.5000^∗∗∗	1.64E − 06	310000	0.0000
LR Indirect
FF	0.0259^∗	0.0141	1.83	0.0670
lnsize	0.0328^∗∗∗	0.0107	3.06	0.0020
Tan	0.0364	0.0472	0.77	0.4410
CF	0.0000	0.00175	0.01	0.9940
Invest	0.5000^∗∗∗	1.64E − 06	310000	0.0000

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