VARIABLES

AbsINV

OverINV

UnderINV

ICQ

−0.002***

−0.002***

−0.002***

(−6.18)

(−3.26)

(−6.72)

Top1

−0.000

0.000

0.000

(−0.43)

(0.13)

(0.65)

Lev

−0.003

−0.008

−0.005**

(−1.06)

(−1.60)

(−2.34)

Fcf

0.028***

0.050***

0.016***

(4.65)

(4.23)

(2.75)

Size

−0.003***

−0.005***

−0.002***

(−10.33)

(−7.26)

(−7.81)

Growth

0.000

0.000

0.001**

(1.41)

(0.62)

(2.07)

Roa

−0.032***

−0.027

−0.066***

(−3.59)

(−1.41)

(−8.06)

Constant

0.125***

0.164***

0.099***

(17.29)

(11.25)

(14.60)

Observations

8,383

3,360

5,023

R-squared

0.077

0.098

0.108

F test

0

0

0

r2_a

0.0734

0.0883

0.102

F

20.53

10.57

17.78