(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