Under-investment

Over-investment

(1)

(2)

(1)

(2)

Intercept

−0.227^***

(−7.331)

−0.215^***

(−6.651)

0.305^***

(4.642)

0.369^***

(5.377)

AQ

0.112^***

(4.888)

0.113^***

(4.937)

−0.252^***

(−5.366)

−0.252^**

(−5.372)

Salesgrow

0.009^***

(4.105)

0.009^***

(3.893)

0.005

(1.155)

0.005

(0.997)

Size

0.008^***

(5.846)

0.007^***

(4.772)

−0.014^***

(−4.746)

−0.017^***

(−5.483)

Age

0.000

(−0.772)

0.000

(−0.205)

0.002

(1.604)

0.002

(1.588)

Institution

0.057^*

(1.787)

0.147^***

(3.088)

Cont

−0.003

(−0.999)

0.005

(0.817)

Sh1

0.026^**

(2.666)

0.006

(0.331)

F

9.991

9.366

13.139

12.188

Adj-R²

0.089

0.092

0.134

0.138

OBS

2477

2477

2032

2032