Variables | UI | OI | AI | ||
(1) | (2) | (3) | (4) | (5) | |
Fin | −0.0158*** | −0.0055*** | −0.0017 | 0.0034 | −0.0027*** |
(0.0000) | (0.0000) | (0.6720) | (0.1870) | (0.0000) | |
Lev |
| −0.0283*** |
| −0.0179 | −0.0232*** |
| (0.0010) |
| (0.1750) | (0.0010) | |
Size |
| −0.0039** |
| −0.0226*** | −0.0087*** |
| (0.0150) |
| (0.0000) | (0.0000) | |
ROA |
| 0.0086*** |
| 0.1160 | 0.0330*** |
| (0.0030) |
| (0.0000) | (0.0010) | |
Growth |
| 0.0037*** |
| 0.0016 | 0.0048*** |
| (0.0000) |
| (0. 2290) | (0.0000) | |
FCF |
| 0.0081*** |
| 0.0138 | 0.0105*** |
| (0.0020) |
| (0.3520) | (0.0020) | |
Age |
| −0.0014** |
| 0.0012** | −0.0003** |
| (0.0216) |
| (0.0060) | (0.0216) | |
Constant | 0.0426*** | 0.1498*** | 0.0526*** | 0.5587*** | 0.2553*** |
| (0.0000) | (0.0000) | (0.0000) | (0.0000) | (0.0000) |
Year |
| Yes |
| Yes | Yes |
Industry |
| Yes |
| Yes | Yes |
Observation | 6,863 | 6,863 | 5687 | 5687 | 12,551 |