| VARIABLES | AbsINV | OverINV | UnderINV |
| ICQ | −0.002*** | −0.002*** | −0.002*** |
|
| (−6.99) | (−3.09) | (−9.38) |
| Top1 | −0.000 | 0.000 | 0.000 |
|
| (−0.89) | (0.13) | (0.06) |
| Lev | 0.002 | 0.005 | −0.004* |
|
| (0.94) | (1.01) | (−1.83) |
| Fcf | −0.005 | 0.017 | −0.020*** |
|
| (−0.90) | (1.42) | (−3.85) |
| Size | −0.002*** | −0.002*** | −0.002*** |
|
| (−5.61) | (−2.98) | (−6.69) |
| Growth | 0.002*** | 0.002*** | 0.001*** |
|
| (6.81) | (5.01) | (4.11) |
| Roa | 0.048*** | 0.032* | 0.040*** |
|
| (5.77) | (1.68) | (5.37) |
| Constant | 0.086*** | 0.092*** | 0.090*** |
|
| (12.61) | (6.55) | (14.25) |
| Observations | 9,524 | 3,816 | 5,708 |
| R-squared | 0.067 | 0.077 | 0.094 |
| F test | 0 | 0 | 0 |
| r2_a | 0.0634 | 0.0685 | 0.0883 |
| F | 19.43 | 9.012 | 16.78 |