Variables

Model

Ⅰ

Ⅱ

Ⅲ

Intercept

0.059

0.074

0.058

(30.14)^***

(31.23)^***

(19.19)^***

FCF

0.129

0.0252

(6.39)^***

(7.98)^***

Tenure

−0.013

−0.00058

(−4.21)^***

(−0.15)

FCF*Tenure

−0.207

(−5.09)^***

Adjusted R²

0.0198

0.0085

0.0401