Table 3 Baseline test results of the effect of media report on enterprise investment inefficiency.

Media

−0.092^***

−0.092^***

(−5.60)

(−5.22)

P_Media

−0.096^***

−0.106^***

(−5.91)

(−6.08)

N_Media

−0.077^***

−0.067^***

(−4.88)

(−4.02)

Profitability

−1.172^*

−1.089^*

−1.254^**

(−1.91)

(−1.78)

(−2.05)

M_Expense

1.500^***

1.442^***

1.568^***

(3.72)

(3.57)

(3.89)

Growth

0.352^***

0.358^***

0.348^***

(6.44)

(6.57)

(6.35)

Cashflow

0.058

0.044

0.048

(0.20)

(0.16)

(0.17)

Return

0.211

0.261

0.162

(0.81)

(1.00)

(0.62)

Capital

3.615^***

3.697^***

3.532^***

(8.83)

(9.02)

(8.66)

Top5

0.211^*

0.207^*

0.192^*

(1.88)

(1.87)

(1.69)

M_Share

−0.002

−0.002

−0.002

(−1.28)

(−1.26)

(−1.15)

Board

−0.225^***

−0.206^**

−0.246^***

(−2.81)

(−2.58)

(−3.07)

Loss

0.051

0.053

0.043

(0.70)

(0.73)

(0.60)

Dual

0.015

0.009

0.015

(0.35)

(0.21)

(0.36)

FirmAge

−0.104

−0.114^*

−0.103

(−1.63)

(−1.79)

(−1.61)

Constant

−3.195^***

−2.834^***

−3.247^***

−2.855^***

−3.360^***

−2.979^***

(−36.44)

(−10.17)

(−43.74)

(−10.30)

(−49.60)

(−10.82)

Industry FE

YES

YES

YES

YES

YES

YES

Year FE

YES

YES

YES

YES

YES

YES

N

4534

4513

4534

4513

4534

4513

R-squared

0.038

0.074

0.038

0.076

0.036

0.072

Adj R-squared

0.034

0.068

0.034

0.070

0.032

0.066