(1)

(2)

(3)

VARIABLES

Inveffi_Dummy

OverInv_Dummy

UnderInv_Dummy

GAI

0.030^***

0.005

0.021^***

(4.05)

(0.62)

(2.79)

Size

−0.003

−0.022^**

0.012

(−0.31)

(−2.22)

(1.29)

FirmAge

−0.049

−0.088^**

0.025

(−1.45)

(−2.45)

(0.74)

Lev

−0.099^*

−0.119^*

−0.045

(−1.68)

(−1.95)

(−0.76)

FCF

−0.000

−0.001^***

0.001^*

(−0.80)

(−2.66)

(1.94)

Board

−0.066

−0.049

−0.054

(−1.32)

(−0.93)

(−1.08)

CEOGender

−0.052

0.004

−0.052

(−1.38)

(0.11)

(−1.37)

CEOAge

−0.164^**

−0.047

−0.136^*

(−2.37)

(−0.63)

(−1.95)

Constant

0.721^**

1.755^***

0.601^*

(2.27)

(5.08)

(1.89)

Observations

20,695

9129

11,568

Year Effect

YES

YES

YES

Industry Effect

YES

YES

YES

Pseudo R-squared

0.00634

0.0146

0.0108