Economic Policy Uncertainty, Managerial Ability, and the Peer Effect of Corporate Investment
Table 5
Peer effect of enterprise investment with different property rights.
State-owned enterprises
Non-state-owned enterprises
Variables
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
INV1
INV1
INV2
INV2
INV1
INV1
INV2
INV2
0.389
0.557
0.215
0.287
(7.15)
(6.61)
(4.09)
(3.50)
−0.027
0.063
(−1.26)
(2.65)
0.386
0.518
0.194
0.276
(7.21)
(6.25)
(3.90)
(3.66)
0.031
0.051
(1.53)
(2.25)
EPU
−0.001
−0.002
−0.004
−0.003
(−1.75)
(−1.84)
(−3.37)
(−2.80)
Tangible
−0.105
−0.103
−0.114
−0.112
−0.146
−0.145
−0.145
−0.144
(−6.68)
(−6.59)
(−7.48)
(−7.41)
(−11.50)
(−11.46)
(−11.76)
(−11.66)
Growth
0.003
0.003
0.003
0.003
−0.001
−0.001
−0.001
−0.001
(1.37)
(1.50)
(1.49)
(1.60)
(−0.39)
(−0.42)
(−0.66)
(−0.57)
Lev
−0.030
−0.029
−0.030
−0.030
−0.006
−0.006
−0.001
−0.001
(−2.57)
(−2.55)
(−2.69)
(−2.69)
(−0.63)
(−0.66)
(−0.13)
(−0.16)
Size
−0.021
−0.023
−0.023
−0.024
−0.022
−0.022
−0.024
−0.024
(−6.72)
(−6.74)
(−7.57)
(−7.35)
(−8.22)
(−7.72)
(−9.13)
(−8.77)
Ocf
0.022
0.018
0.025
0.022
0.032
0.032
0.027
0.026
(1.71)
(1.42)
(1.99)
(1.75)
(2.85)
(2.81)
(2.53)
(2.33)
Cash
0.009
0.010
0.008
0.008
0.019
0.019
0.020
0.020
(0.82)
(0.89)
(0.68)
(0.72)
(2.50)
(2.48)
(2.74)
(2.82)
Tobin Q
0.003
0.003
0.003
0.003
0.002
0.002
0.002
0.002
(2.74)
(2.99)
(3.13)
(3.30)
(3.33)
(3.33)
(3.80)
(3.93)
Roa
0.068
0.065
0.044
0.042
0.115
0.115
0.099
0.102
(3.71)
(3.61)
(2.43)
(2.35)
(8.77)
(8.82)
(7.99)
(8.16)
First
0.047
0.049
0.045
0.047
0.037
0.036
0.033
0.034
(2.16)
(2.20)
(2.11)
(2.16)
(1.89)
(1.83)
(1.74)
(1.79)
Duality
−0.000
−0.000
−0.001
−0.001
0.005
0.005
0.005
0.005
(−0.05)
(−0.07)
(−0.33)
(−0.34)
(2.23)
(2.23)
(2.43)
(2.42)
Constant
0.522
0.542
0.568
0.585
0.537
0.526
0.571
0.569
(7.02)
(6.97)
(7.94)
(7.67)
(8.43)
(8.00)
(9.32)
(8.99)
Industry
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Year
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
N
5,308
5,308
5,456
5,456
10,633
10,633
11,067
11,067
R-squared
0.168
0.172
0.173
0.176
0.158
0.158
0.153
0.153
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.
