CGS

+

0.035***

(2.71)

0.021

(0.82)

0.028***

(2.74)

NUMBER_GEO_SEGMENT

−

0.104

(1.27)

CGS*NUMBER_GEO_SEGMENT

+

0.007***

(2.77)

NEG_HERF_GEO_SALES

−

0.711

(1.21)

CGS*NEG_HERF_GEO_SALES

+

0.049***

(2.70)

FOR_SALES

−

8.423

(1.18)

CGS*FOR_SALES

+

0.544*

(1.89)

NUMBER_PRODUCT_SEGMENT

−

−0.020

(−0.84)

NEG_HERF_PRODUCT_SALES

−

−0.132

(−1.07)

DIV/TA

+

0.080

(0.10)

0.030

(0.04)

0.018

(0.02)

NI/NS

+

0.005

(1.12)

0.005

(1.12)

0.004

(1.06)

SIZE

−

−0.030*

(−1.75)

−0.027

(−1.57)

−0.035**

(−2.08)

TOBIN’S_Q

+

0.038***

(2.87)

0.038***

(2.81)

0.038***

(2.83)

INVESTMENT

+

0.070***

(2.97)

0.071***

(3.01)

0.077***

(3.32)

YEAR FIXED EFFECTS INDUSTRY FIXED EFFECTS

YES

YES

YES

YES

YES

YES

Adjusted R-square

0.200

0.201

0.197

Number of observations

579

579

579