Economic Policy Uncertainty, Managerial Ability, and the Peer Effect of Corporate Investment
Table 6
Peer effect of enterprise investment with different enterprise sizes.
Large enterprises (size > median)
Small enterprises (size ≤ median)
Variables
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
INV1
INV1
INV2
INV2
INV1
INV1
INV2
INV2
0.197
0.315
0.271
0.383
(4.12)
(4.13)
(4.67)
(4.00)
0.040
0.048
(2.01)
(1.73)
0.187
0.304
0.239
0.350
(4.10)
(4.25)
(4.36)
(3.94)
0.041
0.045
(2.19)
(1.82)
EPU
−0.003
−0.003
−0.001
−0.002
(−2.89)
(−3.05)
(−1.83)
(−1.96)
Tangible
−0.137
−0.135
−0.136
−0.134
−0.160
−0.161
−0.169
−0.169
(−9.31)
(−9.26)
(−9.49)
(−9.45)
(−12.16)
(−12.26)
(−13.79)
(−13.77)
Growth
−0.001
−0.001
−0.001
−0.001
0.002
0.001
0.001
0.001
(−0.69)
(−0.42)
(−0.83)
(−0.53)
(0.76)
(0.59)
(0.57)
(0.45)
Lev
−0.024
−0.023
−0.022
−0.020
−0.011
−0.011
−0.005
−0.006
(−2.41)
(−2.30)
(−2.25)
(−2.09)
(−0.91)
(−0.98)
(−0.50)
(−0.59)
Size
−0.030
−0.032
−0.031
−0.033
−0.034
−0.033
−0.037
−0.036
(−11.75)
(−11.09)
(−12.49)
(−11.80)
(−9.10)
(−8.56)
(−10.24)
(−9.78)
Ocf
0.024
0.018
0.028
0.022
−0.000
0.003
−0.007
−0.005
(2.24)
(1.72)
(2.71)
(2.17)
(−0.01)
(0.21)
(−0.56)
(−0.41)
Cash
0.005
0.006
0.004
0.006
0.013
0.012
0.014
0.013
(0.51)
(0.62)
(0.48)
(0.61)
(1.56)
(1.41)
(1.71)
(1.63)
Tobin Q
0.004
0.005
0.004
0.004
0.000
0.000
0.001
0.001
(4.86)
(5.18)
(4.74)
(5.06)
(0.77)
(0.56)
(1.47)
(1.33)
Roa
0.097
0.101
0.082
0.086
0.091
0.088
0.069
0.067
(6.62)
(6.85)
(5.85)
(6.14)
(5.54)
(5.43)
(4.42)
(4.34)
First
0.024
0.028
0.022
0.027
0.011
0.005
0.009
0.005
(1.28)
(1.45)
(1.20)
(1.40)
(0.51)
(0.21)
(0.45)
(0.24)
Duality
0.002
0.002
0.002
0.002
0.004
0.004
0.004
0.004
(0.77)
(0.81)
(0.74)
(0.78)
(1.48)
(1.48)
(1.62)
(1.61)
Constant
0.754
0.778
0.782
0.808
0.785
0.751
0.845
0.816
(12.38)
(11.78)
(13.13)
(12.52)
(9.38)
(8.90)
(10.63)
(10.19)
Industry
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Year
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
N
9,217
9,217
9,412
9,412
6,724
6,724
7,111
7,111
R-squared
0.194
0.196
0.194
0.196
0.172
0.174
0.170
0.171
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.
