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Table 5. 
Impact of government investment on firm investment: Basic results
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 
R2 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 
R2 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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