Variable

Predicted Sign

Dependent Variable: EXCESS_SFG

Intercept

?

−0.641

(−1.37)

−0.010

(−0.01)

−0.618

(−1.41)

CGS

+

0.039***

(2.89)

0.017

(0.64)

0.034***

(3.24)

NUMBER_GEO_SEGMENT

0.064

(0.76)

CGS*NUMBER_GEO_SEGMENT

+

0.006**

(2.41)

NEG_HERF_GEO_SALES

0.699

(1.15)

CGS*NEG_HERF_GEO_SALES

+

0.052****

(2.72)

FOR_SALES

8.487

(1.15)

CGS*FOR_SALES

+

0.567*

(1.69)

NUMBER_PRODUCT_SEGMENT

−0.015

(−0.59)

NEG_HERF_PRODUCT_SALES

−0.113

(−0.88)

DIV/TA

+

−1.106

(−1.37)

−1.189

(−1.45)

−1.238

(−1.54)

NI/NS

+

0.003

(0.73)

0.003

(0.71)

0.003

(0.63)

SIZE

−0.046**

(−2.54)

−0.043**

(−2.37)

−0.051***

(−2.93)

TOBIN’S_Q

+

0.027*

(1.95)

0.026*

(1.90)

0.026*

(1.91)

INVESTMENT

+

0.072***

(2.95)

0.073***

(3.01)

0.080***

(3.31)

YEAR FIXED EFFECTS

INDUSTRY FIXED EFFECTS

YES

YES

YES

YES

YES

YES

Adjusted R-square

0.209

0.209

0.204

Number of observations

579

579

579