DIV/TA

+

−0.090

(−0.33)

−0.066

(−0.24)

−0.096

(−0.35)

NI/NS

+

−0.0002

(−0.08)

0.0003

(0.17)

−0.0003

(−0.14)

SIZE

−

−0.011

(−1.42)

−0.003

(−0.35)

−0.011

(−1.39)

TOBIN’S_Q

+

0.029***

(4.70)

0.029***

(4.71)

0.029***

(4.67)

INVESTMENT

+

0.118***

(10.35)

0.118***

(10.35)

0.121***

(10.64)

YEAR FIXED EFFECTS

INDUSTRY FIXED EFFECTS

YES

YES

YES

YES

YES

YES

Adjusted R-square

0.133

0.137

0.134

Number of observations

3703

3703

3703