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 |