| VARIABLES | Invest |
| Invest 1 | 0.2864*** |
|
| (0.0138) |
| Growth 1 | −0.0115*** |
|
| (0.0020) |
| Size 1 | −0.0068*** |
|
| (0.0011) |
| Lev 1 | 0.0069 |
|
| (0.0069) |
| Cash 1 | 0.0229** |
|
| (0.0107) |
| Duration 1 | −0.0007*** |
|
| (0.0002) |
| Ret 1 | 0.0180*** |
|
| (0.0025) |
| Constant | 0.1937*** |
|
| (0.0247) |
| Observations | 5792 |
| R-squared | 0.1257 |