| Variables | (1) | (2) |
| ∆Cash | ∆Cash | |
| CF | 0.3203*** | 0.3112*** |
|
| (0.0000) | (0.0000) |
| Fin*CF |
| −0.1348** |
|
|
| (0.0000) |
| Growth | −0.0104*** | −0.0102*** |
|
| (0.0000) | (0.0000) |
| Exp | −0.0889*** | −0.08592*** |
|
| (0.0000) | (0.0000) |
| Nwc | 0.4754*** | 0.4725*** |
|
| (0.0000) | (0.0000) |
| SDebt | 0.2716*** | 0.2679*** |
|
| (0.0000) | (0.0000) |
| Size | 0.0024*** | 0.0021*** |
|
| (0.0000) | (0.0000) |
| Constant | −0.0709*** | −0.0673*** |
|
| (0.0000) | (0.0000) |
| Observations | 12,551 | 12,551 |
| Adj-R2 | 0.5472 | 0.5186 |
| Year | Yes | Yes |
| Industry | Yes | Yes |