(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