| VARIABLES | TobinQ | TobinQ |
| FINCE | −2.123* | −4.141* |
|
| (−1.73) | (−1.87) |
| lev | 3.981*** | 2.772** |
|
| (3.57) | (2.55) |
| SIZE | 0.828 | 5.952*** |
|
| (0.62) | (4.12) |
| Age | −0.126 | 0.240 |
|
| (−0.18) | (0.36) |
| Fixed | −5.280*** | −2.613*** |
|
| (−6.06) | (−2.79) |
| Growth | −0.005* | −0.007** |
|
| (−1.72) | (−2.43) |
| Sus | −0.636 | −0.293 |
|
| (−0.44) | (−0.21) |
| Rio |
| −4.071*** |
|
|
| (−2.59) |
| Flow |
| 0.262* |
|
|
| (1.11) |
| Constant | 45.884*** | −23.657* |
|
| (4.33) | (−1.73) |
| Observations | 1451 | 1451 |
| R-squared | 0.057 | 208 |
| Number of id | 208 | 0.121 |
| F test | 0 | 0 |
| r2_a | 0.108 | 0.379 |
| F | 8.235 | 11.27 |