Variable

Predicted Sign

Dependent Variable: EXCESS_SFG

Intercept

?

−0.312

(−0.95)

−0.904***

(−2.69)

−0.368

(−1.13)

NUMBER_GEO_SEGMENT

−

−0.050***

(−5.22)

NEG_HERF_GEO_SALES

−

−0.468***

(−6.84)

FOR_SALES

−

−3.963***

(−5.72)

NUMBER_PRODUCT_SEGMENT

−

−0.002

(−0.19)

NEG_HERF_PRODUCT_SALES

−

−0.059

(−0.86)

DIV/TA

+

0.206

(0.71)

0.234

(0.81)

0.199

(0.69)

NI/NS

+

0.0005

(0.22)

0.001

(0.49)

0.0003

(0.15)

SIZE

−

−0.028***

(−3.42)

−0.019**

(−2.21)

−0.027***

(−3.37)

TOBIN’S_Q

+

0.029***

(4.43)

0.029***

(4.45)

0.029***

(4.38)

INVESTMENT

+

0.133***

(11.05)

0.132***

(11.07)

0.135***

(11.33)

YEAR FIXED EFFECTS

INDUSTRY FIXED EFFECTS

YES

YES

YES

YES

YES

YES

Adjusted R-square

0.147

0.152

0.148

Number of observations

3703

3703

3703