| (1) | (2) | (3) | (4) | (5) | (6) |
Variable | Investment | Debt | Investment | Investment | Debt | Investment |
Revalue 1 | 1.605*** | 0.308*** | 0.145*** | 0.967*** | 0.183*** | 0.0828** |
| (4.52) | (5.40) | (2.75) | (4.13) | (4.95) | (2.38) |
Debt |
|
| 0.102*** |
|
| 0.103*** |
|
|
| (7.51) |
|
| (7.58) |
roa | 0.557 | −0.0255 | −0.524* | 0.793 | 0.0263 | −0.501 |
| (0.31) | (−0.08) | (−1.67) | (0.45) | (0.08) | (−1.61) |
tobinq | −0.184* | −0.000963 | 0.0153 | −0.180* | −0.0000873 | 0.0159 |
| (−1.86) | (−0.06) | (0.95) | (−1.82) | (−0.01) | (0.98) |
Size | 0.579** | 0.156*** | 0.115*** | 0.564** | 0.153*** | 0.113*** |
| (2.03) | (4.30) | (3.23) | (1.97) | (4.19) | (3.17) |
GYG | 0.604 | 0.258** | 0.155* | 0.636 | 0.265*** | 0.158* |
| (1.18) | (2.57) | (1.76) | (1.24) | (2.61) | (1.79) |
First | 2.526** | −0.0210 | −0.256 | 2.614** | −0.00463 | −0.250 |
| (2.28) | (−0.12) | (−1.61) | (2.35) | (−0.03) | (−1.56) |
Age | −0.219*** | −0.0399*** | −0.0210** | −0.191*** | −0.0341*** | −0.0178* |
| (−3.57) | (−4.12) | (−2.20) | (−3.15) | (−3.52) | (−1.91) |
Cashflow |
| 0.241*** | 0.211*** |
| 0.243*** | 0.212*** |
|
| (5.39) | (5.73) |
| (5.42) | (5.76) |
Leverage |
| −0.102 | −0.637*** |
| −0.0930 | −0.636*** |
|
| (−0.66) | (−4.11) |
| (−0.60) | (−4.10) |
_cons | −8.654 | −2.516*** | −1.678** | −8.600 | −2.501*** | −1.665** |
| (−1.55) | (−3.44) | (−2.44) | (−1.53) | (−3.41) | (−2.41) |
Firm | Yes | Yes | Yes | Yes | Yes | Yes |
Year | Yes | Yes | Yes | Yes | Yes | Yes |
N | 4718 | 4718 | 4718 | 4718 | 4718 | 4718 |
r2 | 0.0653 | 0.114 | 0.264 | 0.0591 | 0.110 | 0.263 |