(1)

(2)

(3)

VARIABLES

Inveffi2

OverInv2

UnderInv2

GAI

0.0005^*

0.0002

0.0004^**

(1.90)

(0.36)

(2.25)

Size

−0.0015^***

−0.0020^***

−0.0030^***

(−5.01)

(−2.81)

(−13.35)

FirmAge

−0.0108^***

−0.0181^***

−0.0066^***

(−9.76)

(−6.62)

(−7.88)

Lev

−0.0023

0.0086^*

−0.0102^***

(−1.19)

(1.72)

(−7.00)

FCF

−0.0001^***

−0.0002^***

0.0000

(−7.52)

(−5.51)

(1.32)

Board

−0.0028^*

−0.0001

−0.0028^**

(−1.71)

(−0.03)

(−2.26)

CEOGender

−0.0028^**

−0.0047^*

−0.0012

(−2.42)

(−1.66)

(−1.36)

CEOAge

−0.0103^***

−0.0107^**

−0.0100^***

(−4.61)

(−1.97)

(−5.84)

Constant

0.1299^***

0.1548^***

0.1238^***

(12.98)

(6.41)

(15.52)

Observations

21,388

8046

13,342

R-squared

0.061

0.077

0.112