Economic Policy Uncertainty, Managerial Ability, and the Peer Effect of Corporate Investment
Table 7
Addition of the financial characteristic control variables of the peer enterprises.
Existence test
Managers’ ability is strong
Managers’ ability is weak
Variables
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
INV1
INV1
INV2
INV2
INV1
INV1
INV2
INV2
INV1
INV1
INV2
INV2
0.252
0.254
0.273
0.232
0.187
0.172
(5.02)
(3.59)
(3.86)
(2.32)
(2.78)
(1.72)
0.015
0.001
0.011
(2.95)
(0.05)
(1.92)
0.243
0.229
0.266
0.224
0.166
0.170
(5.29)
(3.60)
(4.09)
(2.42)
(2.65)
(1.91)
0.012
0.005
0.008
(0.80)
(0.21)
(2.34)
EPU
−0.002
−0.002
−0.003
−0.003
−0.001
−0.001
(−2.86)
(−2.86)
(2.30)
(−2.48)
(−1.77)
(−1.79)
Tangible
−0.131
−0.131
−0.134
−0.133
−0.122
−0.121
−0.120
−0.119
−0.147
−0.147
−0.152
−0.151
(−13.48)
(−13.45)
(−14.18)
(−14.15)
(−7.16)
(−7.13)
(−7.38)
(−7.35)
(−12.13)
(−12.10)
(−12.56)
(−12.52)
Growth
0.000
0.001
0.000
0.000
−0.002
−0.002
−0.002
−0.002
0.003
0.003
0.003
0.003
(0.26)
(0.41)
(0.05)
(0.22)
(−1.08)
(−0.85)
(−1.28)
(−1.01)
(1.74)
(1.77)
(1.58)
(1.61)
Lev
−0.017
−0.017
−0.013
−0.013
−0.006
−0.007
−0.003
−0.003
−0.020
−0.020
−0.018
−0.018
(−2.25)
(−2.30)
(−1.83)
(−1.90)
(−0.52)
(−0.56)
(−0.26)
(−0.30)
(−2.08)
(−2.09)
(−1.85)
(−1.88)
Size
−0.019
−0.019
−0.020
−0.021
−0.016
−0.018
−0.019
−0.020
−0.028
−0.028
−0.029
−0.029
(−8.49)
(−8.66)
(−9.48)
(−9.69)
(−4.60)
(−4.95)
(−5.41)
(−5.80)
(−10.24)
(−10.29)
(−10.56)
(−10.61)
Ocf
0.029
0.027
0.027
0.025
0.022
0.019
0.020
0.017
0.018
0.017
0.022
0.021
(3.43)
(3.17)
(3.26)
(2.97)
(1.86)
(1.63)
(1.67)
(1.43)
(1.48)
(1.42)
(1.85)
(1.77)
Cash
0.014
0.014
0.014
0.014
0.021
0.020
0.020
0.020
−0.003
−0.003
−0.001
−0.001
(2.23)
(2.21)
(2.39)
(2.36)
(2.07)
(2.07)
(2.11)
(2.11)
(−0.34)
(−0.35)
(−0.17)
(−0.17)
Tobin Q
0.002
0.003
0.003
0.003
0.004
0.004
0.004
0.004
0.001
0.001
0.001
0.001
(4.30)
(4.52)
(4.88)
(5.15)
(3.77)
(3.98)
(4.15)
(4.38)
(1.05)
(1.13)
(1.72)
(1.80)
Roa
0.099
0.101
0.081
0.083
0.081
0.083
0.067
0.069
0.117
0.117
0.096
0.096
(9.26)
(9.44)
(7.84)
(8.03)
(4.89)
(5.06)
(4.15)
(4.31)
(8.26)
(8.29)
(7.02)
(7.04)
First
0.031
0.033
0.028
0.030
0.057
0.061
0.050
0.054
0.001
0.002
0.000
0.001
(2.26)
(2.37)
(2.14)
(2.29)
(2.35)
(2.48)
(2.15)
(2.29)
(0.09)
(0.12)
(0.02)
(0.07)
Duality
0.004
0.004
0.004
0.004
0.006
0.007
0.005
0.006
0.001
0.001
0.001
0.001
(2.30)
(2.35)
(2.32)
(2.38)
(2.16)
(2.33)
(1.94)
(2.10)
(0.58)
(0.56)
(0.44)
(0.43)
Tangiblepeer
0.076
0.110
0.081
0.120
0.082
0.137
0.077
0.138
0.062
0.072
0.083
0.096
(2.51)
(3.54)
(2.77)
(3.91)
(1.85)
(3.01)
(1.83)
(3.13)
(1.67)
(1.86)
(2.24)
(2.42)
Growthpeer
0.000
0.001
0.000
0.001
0.003
0.004
0.002
0.003
−0.003
−0.003
−0.003
−0.002
(0.37)
(0.92)
(0.21)
(0.82)
(1.58)
(2.08)
(1.23)
(1.82)
(−1.69)
(−1.57)
(−1.56)
(−1.41)
Levpeer
−0.024
−0.018
−0.020
−0.014
−0.042
−0.034
−0.032
−0.026
−0.046
−0.042
−0.052
−0.048
(−1.27)
(−0.94)
(−1.10)
(−0.75)
(−1.56)
(−1.27)
(−1.26)
(−1.01)
(−1.67)
(−1.51)
(−1.88)
(−1.72)
Sizepeer
0.001
−0.004
0.001
−0.004
0.005
0.000
0.005
−0.000
−0.012
−0.015
−0.004
−0.007
(0.01)
(−0.69)
(0.14)
(−0.73)
(0.70)
(0.01)
(0.74)
(−0.05)
(−1.42)
(−1.52)
(−0.46)
(−0.72)
Ocfpeer
−0.090
−0.206
−0.074
−0.207
−0.046
−0.239
−0.031
−0.244
−0.081
−0.115
−0.083
−0.125
(−2.14)
(−3.80)
(−1.76)
(−3.85)
(−0.75)
(−2.94)
(−0.52)
(−3.07)
(−1.29)
(−1.43)
(−1.30)
(−1.56)
Cashpeer
0.032
0.024
0.036
0.027
0.018
0.017
0.018
0.017
0.021
0.013
0.058
0.047
(1.11)
(0.82)
(1.30)
(0.98)
(0.45)
(0.44)
(0.46)
(0.45)
(0.48)
(0.29)
(1.38)
(1.08)
Tobin Qpeer
−0.001
−0.000
−0.001
−0.000
−0.001
0.000
−0.001
0.000
−0.001
−0.001
−0.001
−0.001
(−1.82)
(−0.25)
(−2.09)
(−0.25)
(−1.10)
(0.26)
(−1.45)
(0.11)
(−1.32)
(−0.89)
(−1.67)
(−1.06)
Roapeer
−0.052
−0.002
−0.045
0.012
−0.050
0.016
−0.032
0.042
−0.089
−0.071
−0.085
−0.060
(−1.43)
(−0.05)
(−1.33)
(0.34)
(−0.99)
(0.32)
(−0.69)
(0.90)
(−1.56)
(−1.24)
(−1.54)
(−1.06)
Firstpeer
−0.111
−0.103
−0.115
−0.107
−0.108
−0.111
−0.113
−0.116
−0.136
−0.132
−0.141
−0.132
(−5.07)
(−4.74)
(−5.44)
(−5.10)
(−3.63)
(−3.71)
(−3.96)
(−4.04)
(−3.73)
(−3.44)
(−3.96)
(−3.52)
Dualitypeer
−0.008
−0.018
−0.006
−0.018
−0.002
−0.012
−0.003
−0.014
0.003
−0.002
−0.005
−0.013
(−0.50)
(−1.16)
(−0.41)
(−1.17)
(−0.12)
(−0.57)
(−0.18)
(−0.68)
(0.14)
(−0.08)
(−0.21)
(−0.48)
Constant
0.500
0.593
0.518
0.627
0.311
0.444
0.363
0.505
1.017
1.072
0.852
0.909
(3.52)
(3.98)
(3.88)
(4.50)
(1.59)
(2.22)
(1.98)
(2.69)
(5.46)
(5.11)
(4.58)
(4.49)
Industry
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Year
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
N
15,940
15,940
16,522
16,522
7,616
7,616
7,950
7,950
8,324
8,324
8,572
8,572
R-squared
0.163
0.164
0.161
0.162
0.122
0.126
0.123
0.128
0.217
0.217
0.212
0.212
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.
