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