(1)

(2)

(3)

(4)

(5)

(6)

VARIABLES

Inveffi

OverInv

UnderInv

Inveffi

OverInv

UnderInv

GAI

0.001

0.001

0.001

0.002^***

0.001

0.002^***

(1.02)

(0.42)

(1.35)

(3.02)

(1.20)

(3.03)

Size

0.003^***

0.003^**

0.002^***

0.002^***

0.004^**

−0.000

(3.43)

(2.09)

(2.63)

(2.61)

(2.51)

(−0.05)

FirmAge

−0.002

−0.003

−0.003

−0.000

−0.004

0.001

(−0.58)

(−0.45)

(−0.89)

(−0.20)

(−0.87)

(0.55)

Lev

−0.002

0.016

−0.018^***

0.011^**

0.025^**

−0.002

(−0.42)

(1.51)

(−3.05)

(2.33)

(2.51)

(−0.43)

FCF

−0.000

0.000

−0.000^***

−0.000

−0.000

−0.000^*

(−0.27)

(1.08)

(−3.25)

(−0.33)

(−0.05)

(−1.95)

Board

0.001

0.004

−0.005

−0.008^**

−0.012

−0.006

(0.31)

(0.53)

(−0.97)

(−2.04)

(−1.47)

(−1.62)

CEOGender

0.001

−0.005

0.004

−0.004

−0.005

−0.002

(0.16)

(−0.71)

(1.28)

(−1.64)

(−1.09)

(−0.86)

CEOAge

−0.010

−0.020

−0.005

−0.007^*

−0.003

−0.011^**

(−1.29)

(−1.43)

(−0.58)

(−1.68)

(−0.35)

(−2.56)

Constant

0.110^***

0.164^**

0.101^***

0.099^***

0.093^**

0.124^***

(3.17)

(2.53)

(2.71)

(4.54)

(2.07)

(5.68)

Observations

8808

4176

4632

11,889

4953

6936

R-squared

0.107

0.100

0.146

0.059

0.062

0.098

Year Effect

YES

YES

YES

YES

YES

YES

Industry Effect

YES

YES

YES

YES

YES

YES

r2_a

0.0986

0.0822

0.131

0.0527

0.0457

0.0867