Table 6.
Estimated results of long-term investment heterogeneity.
| (1) |
(2) |
(3) |
(4) |
|
|---|---|---|---|---|
| Variables | CS | rCS | CS | rCS |
| RED (Low) | −0.5177 | −0.5026 | ||
| (0.6441) | (0.7172) | |||
| RED (High) | −2.5739*** | −2.8043*** | ||
| (0.4432) | (0.4396) | |||
| rRED (Low) | −1.6045*** | −1.4031*** | ||
| (0.5047) | (0.3430) | |||
| rRED (High) | −2.5887*** | −2.5969*** | ||
| (0.6907) | (0.6027) | |||
| Industry FE | YES | YES | YES | YES |
| Industry Covid | YES | YES | YES | YES |
| Year FE | YES | YES | YES | YES |
| Control variables | YES | YES | YES | YES |
| Observations | 33,016 | 33,016 | 33,016 | 33,016 |
| R-squared | 0.2027 | 0.1121 | 0.2033 | 0.1127 |
| N | 3613 | 3613 | 3613 | 3613 |
Notes: This table reports the estimated results for long-term investment heterogeneity. The standard deviations are shown in parentheses. *, **, and *** denote statistical significance at the 10%, 5%, and 1% level, respectively.