(1)

(2)

(3)

(4)

ΔCash

ΔCash

ΔCash

ΔCash

CF

0.482^***

0.473^***

0.485^***

0.503^***

(7.15)

(7.36)

(7.08)

(6.69)

CF × DIFI

−0.051^**

(−2.18)

Size

−0.017^***

−0.017^***

−0.017^***

−0.017^***

(−2.62)

(−2.62)

(−2.62)

(−2.62)

Growth

0.062^***

0.062^***

0.062^***

0.062^***

(3.19)

(3.19)

(3.19)

(3.20)

ΔNwc

0.437^***

0.437^***

0.437^***

0.437^***

(17.13)

(17.13)

(17.10)

(17.17)

Expend

−0.128^***

−0.128^***

−0.127^***

−0.129^***

(−2.91)

(−2.91)

(−2.89)

(−2.94)

ΔSd

0.234^***

0.234^***

0.234^***

0.234^***

(8.52)

(8.52)

(8.51)

(8.56)

CF × Cove

−0.052^**

(−2.16)

CF × Dep

−0.051^**

(−2.18)

CF × Dig

−0.049^**

(−2.21)

N

4577

4577

4577

4577

AR(1)

0.000

0.000

0.000

0.000

AR(2)

0.424

0.424

0.422

0.424

Hansen

0.054

0.053

0.055

0.057