Variables

(1)

(2)

∆Cash

∆Cash

CF

0.4287***

0.4312***

(0.0000)

(0.0000)

Fin*CF

−0.2291**

(0.0440)

Growth

−0.0124***

−0.0124***

(0.0010)

(0.0010)

Exp

−0.0844***

−0.0841***

(0.0000)

(0.0000)

Nwc

0.4958***

0.4959***

(0.0000)

(0.0000)

SDebt

0.2960***

0.2960***

(0.0000)

(0.0000)

Size

0.0117***

0.0116***

(0.0010)

(0.0010)

Constant

−0.2867***

−0.2849***

(0.0000)

(0.0000)

Observations

12,551

12,551

Adj-R2

0.5516

0.5474

Year

Yes

Yes

Industry

Yes

Yes