Economic Policy Uncertainty, Managerial Ability, and the Peer Effect of Corporate Investment

Table 3

Economic policy uncertainty and peer effect of firm investment.

Variables	(1)	(2)	(3)	(4)	(5)	(6)
	INV1	INV1	INV1	INV2	INV2	INV2
	0.754	0.301	0.418
	(23.57)	(7.70)	(7.04)
			−0.044
			(−2.84)
				0.727	0.285	0.394
				(23.02)	(7.57)	(7.01)
						−0.041
						(−2.79)
EPU			0.002			0.002
			(3.06)			(3.17)
Tangible		−0.130	−0.128		−0.132	−0.130
		(−13.16)	(−13.07)		(−13.83)	(−13.70)
Growth		0.001	0.001		0.001	0.001
		(0.82)	(0.82)		(0.62)	(0.68)
Lev		−0.013	−0.014		−0.009	−0.010
		(−1.78)	(−1.86)		(−1.31)	(−1.39)
Size		−0.021	−0.021		−0.022	−0.023
		(−10.03)	(−9.40)		(−11.31)	(−10.66)
Ocf		0.028	0.027		0.026	0.024
		(3.25)	(3.10)		(3.15)	(2.92)
Cash		0.016	0.016		0.016	0.017
		(2.52)	(2.57)		(2.70)	(2.79)
Tobin Q		0.002	0.002		0.003	0.003
		(4.38)	(4.51)		(4.99)	(5.16)
Roa		0.104	0.105		0.086	0.087
		(9.71)	(9.83)		(8.35)	(8.52)
First		0.034	0.035		0.032	0.033
		(2.52)	(2.49)		(2.41)	(2.45)
Duality		0.004	0.004		0.004	0.004
		(2.27)	(2.25)		(2.30)	(2.30)
Constant	0.019	0.507	0.498	0.019	0.546	0.542
	(11.38)	(10.35)	(9.75)	(10.54)	(11.61)	(10.99)
Industry	Yes	Yes	Yes	Yes	Yes	Yes
Year	Yes	Yes	Yes	Yes	Yes	Yes
N	19,780	15,941	15,941	20,544	16,523	16,523
R-squared	0.063	0.157	0.158	0.057	0.155	0.156

Note. The values in the table are regression coefficients of variables, and the values in parentheses are T values of regression coefficients. ^∗, ^∗∗, and ^∗∗∗ mean significant at the significance level of 10%, 5%, and 1%, respectively.