(1)

(2)

(3)

Return

IC

Return

einvest

0.668^***

4.152^*

0.627^***

IC

(0.242)

(2.381)

(0.240)

0.010^***

(0.002)

Size

−0.014^**

−0.948^***

−0.004

(0.007)

(0.047)

(0.007)

GRO

0.102^***

1.013^***

0.092^***

(0.024)

(0.179)

(0.024)

ROA

1.030^***

0.522

1.025^***

(0.144)

(1.052)

(0.144)

Cash

0.141^*

−0.030

0.142^*

(0.081)

(0.617)

(0.081)

Lev

0.080^*

0.815^**

0.072

(0.048)

(0.344)

(0.048)

Nature

−0.027^*

−0.132

−0.026^*

(0.014)

(0.110)

(0.014)

_cons

0.277^**

21.324^***

0.065

(0.121)

(0.830)

(0.132)

N

3384.000

3384.000

3384.000

r2

0.186

0.357

0.191

r2_a

0.178

0.351

0.183

year

Yes

Yes

Yes

Industry

Yes

Yes

Yes