Table 5.

Dependent variable: I/K . | (1) WLS . | (2) FE . | (3) WLS . | (4) FE . |
---|---|---|---|---|

g_investG | −0.016^{*} | −0.016^{*} | −0.029^{***} | −0.037^{***} |

(0.009) | (0.009) | (0.010) | (0.010) | |

zombie_initial^{*}g_investG | 0.100^{***} | 0.167^{***} | ||

(0.020) | (0.021) | |||

zombie_initial | −0.139^{***} | |||

(0.007) | ||||

Controls | Yes | Yes | Yes | Yes |

Year fixed effect | Yes | Yes | Yes | Yes |

Industry fixed effect | Yes | No | Yes | No |

Province fixed effect | Yes | No | Yes | No |

Firm fixed effect | No | Yes | No | Yes |

Observations | 579,672 | 579,672 | 579,672 | 579,672 |

R^{2} | 0.024 | 0.057 | 0.024 | 0.057 |

Dependent variable: I/K . | (1) WLS . | (2) FE . | (3) WLS . | (4) FE . |
---|---|---|---|---|

g_investG | −0.016^{*} | −0.016^{*} | −0.029^{***} | −0.037^{***} |

(0.009) | (0.009) | (0.010) | (0.010) | |

zombie_initial^{*}g_investG | 0.100^{***} | 0.167^{***} | ||

(0.020) | (0.021) | |||

zombie_initial | −0.139^{***} | |||

(0.007) | ||||

Controls | Yes | Yes | Yes | Yes |

Year fixed effect | Yes | Yes | Yes | Yes |

Industry fixed effect | Yes | No | Yes | No |

Province fixed effect | Yes | No | Yes | No |

Firm fixed effect | No | Yes | No | Yes |

Observations | 579,672 | 579,672 | 579,672 | 579,672 |

R^{2} | 0.024 | 0.057 | 0.024 | 0.057 |

**Source:** Authors’ estimation.

**Note:** Each column reports the coefficient estimates and their robust standard errors (in parentheses), all of which are displayed to three decimal places. All the coefficient estimates of control variables and fixed effect dummies are not reported. FE = fixed effects.

^{***}Statistically significant at the 1% level; ^{**}statistically significant at the 5% level; ^{*}statistically significant at the 10% level.

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