Empirical Analysis of Supplier Inefficient Investment at Customer Risks Based on Supply Chain Data

Table 4

Basic regression result.

Regression model	InvestEfft + 1	UnderInvestt + 1	OverInvestt + 1
	(1)	(2)	(3)
khRiskt	0.046	0.062	0.026
	(1.948)	(1.970)	(0.724)
Sizet	−0.008	−0.021	−0.004
	(−3.729)	(−5.105)	(−1.825)
Levt	0.014	≥−0.001	0.010
	(1.085)	(−0.025)	(0.561)
Casht	0.020	0.058	≤0.001
	(1.247)	(2.462)	(0.006)
Aget	0.006	0.007	0.001
	(1.135)	(1.147)	(0.095)
Ocft	0.015	−0.039	0.026
	(0.581)	(−1.184)	(0.670)
Tact	−0.007	−0.003	−0.008
	(−1.286)	(−0.411)	(−1.085)
Sharet	0.064	−0.075	0.098
	(0.982)	(−0.748)	(1.190)
ROAt	0.077	0.047	0.069
	(2.054)	(0.983)	(1.084)
khSizet	≥−0.001	−0.001	0.001
	(−0.044)	(−0.806)	(0.483)
khLevt	−0.001	0.010	−0.006
	(−0.046)	(0.570)	(−0.369)
khAget	0.002	−0.003	0.002
	(0.375)	(−0.648)	(0.229)
khOcft	−0.025	−0.035	−0.037
	(−0.997)	(−1.007)	(−0.934)
Cons	0.291	0.370	0.300
	(3.476)	(4.938)	(5.114)
Year	Control	Control	Control
Industry	Control	Control	Control
N	776	332	444
R-squared	0.095	0.250	0.087

Note. The symbols “”, “”, and “” indicate 1%, 5%, and 10% of the significance level. The numerical value in the bracket is the T statistic of the corresponding coefficient.