Important explaining variables

Complete sample

Exploratory phase

Development phase

Deficient cash flow

Favorable cash flow

Deficient cash flow

Favorable cash flow

CF_G_t

0.0237^***

−0.0043

0.0504^***

0.0959^*

0.0104

(3.50)

(−0.10)

(3.94)

(1.78)

(0.47)

Gov_t

0.1032

0.1123

0.0591

0.2767

0.0882

(1.63)

(0.43)

(0.58)

(0.87)

(0.81)

Debt_t

0.0199^***

−0.0197

0.0215^**

−0.0067

0.0294^**

(3.08)

(−0.98)

(2.06)

(−0.28)

(2.00)

Equ_t

0.1144^***

0.0157

0.1026^**

0.2320^*

0.1637^***

(4.29)

(0.25)

(2.46)

(1.98)

(3.16)

Cashch_t

−0.0075^*

−0.0227^*

−0.0019

−0.0278

−0.0063

(−1.82)

(−1.66)

(−0.28)

(−1.30)

(−0.74)

Sample amount

729

113

331

78

207

Adjustment R²

0.1168

0.1478

0.1638

0.3027

0.1849