| Variables | (1) | (2) |
| ∆Cash | ∆Cash | |
| CF | 0.4287*** | 0.4312*** |
|
| (0.0000) | (0.0000) |
| Fin*CF |
| −0.2291** |
|
|
| (0.0440) |
| Growth | −0.0124*** | −0.0124*** |
|
| (0.0010) | (0.0010) |
| Exp | −0.0844*** | −0.0841*** |
|
| (0.0000) | (0.0000) |
| Nwc | 0.4958*** | 0.4959*** |
|
| (0.0000) | (0.0000) |
| SDebt | 0.2960*** | 0.2960*** |
|
| (0.0000) | (0.0000) |
| Size | 0.0117*** | 0.0116*** |
|
| (0.0010) | (0.0010) |
| Constant | −0.2867*** | −0.2849*** |
|
| (0.0000) | (0.0000) |
| Observations | 12,551 | 12,551 |
| Adj-R2 | 0.5516 | 0.5474 |
| Year | Yes | Yes |
| Industry | Yes | Yes |