Variables

UI

OI

AI

(1)

(2)

(3)

(4)

(5)

Fin

−0.0158***

−0.0055***

−0.0017

0.0034

−0.0027***

(0.0000)

(0.0000)

(0.6720)

(0.1870)

(0.0000)

Lev

−0.0283***

−0.0179

−0.0232***

(0.0010)

(0.1750)

(0.0010)

Size

−0.0039**

−0.0226***

−0.0087***

(0.0150)

(0.0000)

(0.0000)

ROA

0.0086***

0.1160

0.0330***

(0.0030)

(0.0000)

(0.0010)

Growth

0.0037***

0.0016

0.0048***

(0.0000)

(0. 2290)

(0.0000)

FCF

0.0081***

0.0138

0.0105***

(0.0020)

(0.3520)

(0.0020)

Age

−0.0014**

0.0012**

−0.0003**

(0.0216)

(0.0060)

(0.0216)

Constant

0.0426***

0.1498***

0.0526***

0.5587***

0.2553***

(0.0000)

(0.0000)

(0.0000)

(0.0000)

(0.0000)

Year

Yes

Yes

Yes

Industry

Yes

Yes

Yes

Observation

6,863

6,863

5687

5687

12,551