|
| (1) | (2) | (3) |
| VARIABLES | Inveffi | OverInv | UnderInv |
| GAI | 0.001*** | 0.001 | 0.002*** |
| (3.46) | (1.52) | (3.46) | |
| Size | 0.002*** | 0.003*** | 0.001 |
| (3.70) | (3.06) | (1.38) | |
| FirmAge | −0.002 | −0.006 | −0.001 |
| (−1.04) | (−1.57) | (−0.47) | |
| Lev | 0.002 | 0.015** | −0.011*** |
| (0.46) | (2.19) | (−3.06) | |
| FCF | −0.000 | 0.000 | −0.000*** |
| (−0.87) | (0.66) | (−4.13) | |
| Board | −0.006** | −0.008 | −0.008*** |
| (−2.05) | (−1.44) | (−2.72) | |
| CEOGender | −0.002 | −0.004 | 0.001 |
| (−1.12) | (−1.10) | (0.30) | |
| CEOAge | −0.010*** | −0.010 | −0.011*** |
| (−2.63) | (−1.36) | (−2.80) | |
| Constant | 0.122*** | 0.145*** | 0.130*** |
| (6.88) | (4.22) | (7.12) | |
| Observations | 21,090 | 9296 | 11,794 |
| R-squared | 0.069 | 0.061 | 0.105 |
| Year Effect | YES | YES | YES |
| Industry Effect | YES | YES | YES |
| r2_a | 0.0652 | 0.0522 | 0.0979 |