| Model 4 | Model 5 | ||||
Under-investment | Over-investment | |||||
(1) | (2) | (1) | (2) | (1) | (2) | |
Intercept | −0.167*** (−12.748) | −0.137*** (−10.122) | −0.080* (−1.682) | 0.025 (0.497) | −0.164*** (−6.652) | −0.092*** (−3.602) |
AQ | 0.035*** (3.656) | 0.035*** (3.698) | −0.093*** (−2.631) | −0.085** (−2.430) | 0.140*** (3.940) | 0.132*** (3.749) |
AQ*Partition |
|
|
|
| −0.376*** (−5.639) | −0.346*** (−5.239) |
Partition |
|
|
|
| 0.037 (5.872) | 0.031*** (4.924) |
Salesgrow | 0.003** (2.400) | 0.002** (2.063) | 0.012*** (3.909) | 0.010*** (3.300) | 0.009*** (5.235) | 0.008*** (4.674) |
Size | 0.009*** (14.963) | 0.007*** (11.508) | 0.008*** (3.670) | 0.002 (0.791) | 0.008*** (7.462) | 0.005*** (3.991) |
Age | −0.001*** (−5.800) | −0.001*** (−5.144) | −0.003*** (−2.896) | −0.002** (−2.106) | −0.001** (−2.521) | 0.000* (−1.933) |
Institutions |
| 0.104*** (8.763) |
| 0.240*** (6.650) |
| 0.224*** (10.743) |
Cont |
| 0.000 (0.274) |
| 0.003 (0.596) |
| 0.000 (−0.324) |
Sh1 |
| 0.014*** (3.503) |
| 0.041*** (2.853) |
| 0.018** (2.360) |
F | 32.942 | 33.547 | 23.121 | 23.219 | 27.322 | 29.090 |
Adj-R2 | 0.235 | 0.258 | 0.265 | 0.287 | 0.149 | 0.171 |
OBS | 2910 | 2910 | 1599 | 1599 | 4509 | 4509 |