Variable

Pred. Sign

Dependent Variable: EXCESS_IG

Intercept

?

−0.553*

(−1.71)

−0.658**

(−2.02)

−0.484

(−1.52)

DGSE

+

0.306***

(3.48)

0.085

(0.74)

0.183***

(2.80)

NUMBER_GEO_SEGMENT

0.012

(0.69)

DGSE*NUMBER_GEO_SEGMENT

+

0.060***

(2.67)

NEG_HERF_GEO_SALES

−0.125

(−0.74)

DGSE*NEG_HERF_GEO_SALES

+

0.249**

(2.33)

FOR_SALES

−0.707

(−0.53)

DGSE*FOR_SALES

+

2.410*

(1.94)

NUMBER_PRODUCT_SEGMENT

−0.006

(−0.49)

NEG_HERF_PRODUCT_SALES

−0.081

(−1.24)

DIV/TA

+

−0.067

(−0.25)

−0.057

(−0.21)

−0.071

(−0.26)

NI/NS

+

0.0001

(0.07)

0.001

(0.24)

0.0001

(0.04)

SIZE

−0.007

(−0.89)

−0.002

(−0.31)

−0.008

(−1.09)

TOBIN’S_Q

+

0.030***

(4.81)

0.029***

(4.76)

0.029***

(4.71)

INVESTMENT

+

0.118***

(10.35)

0.118***

(10.34)

0.120***

(10.60)

YEAR FIXED EFFECTS INDUSTRY FIXED EFFECTS

YES

YES

YES

YES

YES

YES

Adjusted R-square

0.136

0.138

0.136

Number of observations

3703

3703

3703