=========================================================================================
Dependent variable: invest
                          xtdpthresh FD   xtdpthresh FOD  xtdpthresh kink     xthenreg
-----------------------------------------------------------------------------------------
Lower regime
L.invest                      0.306          0.197**          0.257***        0.083***
                             (0.305)         (0.090)          (0.065)         (0.026)
cashflow                      0.036           0.028           -0.029**        -0.020**
                             (0.057)         (0.038)          (0.014)         (0.008)
tobin_q                       -0.001          0.003            0.001         -0.001***
                             (0.002)         (0.002)          (0.001)         (0.000)
debt                          0.858           -0.268         -0.215***        1.070***
                             (0.593)         (0.164)          (0.056)         (0.216)
Change at the threshold
_cons                         -0.037          0.181                          -0.055***
                             (0.192)         (0.153)                          (0.018)
L.invest                      -0.082          0.076                           0.192***
                             (0.716)         (0.460)                          (0.043)
cashflow                      -0.122          0.153                           0.158***
                             (0.262)         (0.162)                          (0.026)
tobin_q                       -0.002          0.007                           0.001**
                             (0.005)         (0.006)                          (0.000)
debt                          -0.676          -0.005          0.265***       -1.098***
                             (0.679)         (0.214)          (0.072)         (0.219)
Upper regime
L.invest                      0.224           0.273                           0.275***
                             (0.446)         (0.443)                          (0.029)
cashflow                      -0.086          0.182                           0.138***
                             (0.231)         (0.145)                          (0.022)
tobin_q                       -0.003          0.010                            0.000
                             (0.006)         (0.008)                          (0.000)
debt                          0.182          -0.273**          0.051           -0.028
                             (0.159)         (0.118)          (0.055)         (0.018)
-----------------------------------------------------------------------------------------
Observations                   6780            6780             6780             -
Units                          565             565              565             565
Instruments                     25              25               25              90
Hansen J (p-value)            0.876           0.533            0.000             -
AR(1) (p-value)               0.000           0.001            0.000             -
AR(2) (p-value)               0.262           0.734            0.770             -
Linearity test (p-value)      0.007           0.017            0.110             -
Threshold γ̂                  0.256           0.476            0.401           0.119
Threshold 95 % interval   [0.006, 0.421]  [0.031, 0.537]   [0.293, 0.604]  [0.088, 0.149]
Transformation                  FD             FOD               FD              FD
Threshold effect               jump            jump             kink            jump
Estimator                    two-step        two-step         two-step           -
=========================================================================================
*p<0.1; **p<0.05; ***p<0.01
Standard errors in parentheses.
Threshold interval: grid bootstrap (xtdpthresh) or asymptotic (xthenreg).
