| 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 |