variables

complete sample

exploratory phase

development phase

deficient cash flow

favorable cash flow

deficient cash flow

favorable cash flow

R&Dt

0.0303

0.0213

0.0267

0.0379

0.0420

CFt

0.0371

−0.0417

0.0689

−0.0430

0.0594

CF_Gt

0.0295

−0.0485

0.0617

−0.0505

0.0509

Govt

0.0075

0.0068

0.0072

0.0074

0.0085

Debtt

0.0303

0.0489

0.0227

0.0583

0.0217

Equt

0.0071

0.0077

0.0057

0.0075

0.0087

Cashcht

−0.0551

−0.0734

−0.0520

−0.0688

−0.0448

Qt−1

1.7422

1.6173

1.6900

1.7591

1.8873

St

0.2416

0.2450

0.2306

0.1949

0.2750

Levt

0.2284

0.2476

0.2310

0.2812

0.1938

Sample amount

729

113

331

78

207