| Cash | −0.444*** |
|
| (−8.30) |
| Outshare | −0.000 |
|
| (−0.11) |
| ROI | 0.104 |
|
| (0.42) |
| SA | 0.022 |
|
| (0.78) |
| Turnover | 0.009*** |
|
| (2.93) |
| Capital | −0.646*** |
|
| (−14.25) |
| Sdret | 11.645*** |
|
| (5.18) |
| Indd | 0.002* |
|
| (1.87) |
| Constant | 0.525*** |
|
| (4.41) |
| Year & Industry | Yes |
| Cluster | Yes |
| R-squared | 0.11 |
| N | 20,093 |