Important explaining variables

Complete samples

Exploratory phase

Development phase

Deficient cash flow

Favorable cash flow

Deficient cash flow

Favorable cash flow

CF_G_t

0.0237^***

−0.0043

0.0504^***

0.0959^*

0.0104

(3.03)

(−0.11)

(3.16)

(1.78)

(0.40)

Gov_t

0.1032

0.1123

0.0591

0.2767

0.0882

(1.56)

(0.57)

(0.69)

(1.05)

(0.69)

Debt_t

0.0199^***

−0.0197

0.0215^**

−0.0067

0.0294^**

(3.50)

(−1.50)

(2.43)

(−0.25)

(2.56)

Equ_t

0.1144^***

0.0157

0.1026^**

02320^***

0.1637^**

(3.50)

(0.32)

(2.22)

(2.88)

(2.27)

Cashch_t

−0.0075^*

−0.0227^**

−0.0019

−0.0278

−0.0063

(−1.81)

(−2.53)

(−0.24)

(−1.44)

(−0.82)

Sample amount

729

113

331

78

207

Adjustment R²

0.1168

0.1478

0.1638

0.3027

0.1849